Standard Chartered sues Land Bank to recover debt

Standard Chartered is suing South Africa’s Land Bank to recover some of its debt, Land Bank said on Tuesday, after the state-owned agricultural lender defaulted on R50 billion ($2.97 billion) worth of debt in April.

“On 18 August 2020, Standard Chartered Bank served an application out of court on the Land Bank to recover certain debt from the Land Bank,” it said, adding it would oppose the application.

Standard Chartered did not immediately respond to a request for comment.