UK Supreme Court rejects NZ Super Fund's joint debt recovery claim

Wed, 04 Jul 2018

By Margreet Dietz July 5 (BusinessDesk) - The New Zealand Superannuation Fund's manager said the UK Supreme Court has rejected its attempts to pursue a debt recovery claim, made with others, against Portugal's Novo Banco in the UK, in part because the liability claim is not recognised in Portugal. The case relates to a $199 million loan New Zealand’s national pension fund made to Banco Espirito Santo of Portugal by buying bonds in a Goldman Sachs entity, called Oak Finance and written under UK law. Shortly after, BES collapsed amid fraud...

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