Judgment in Mercuria v Citi case arrives; does not mark end of dispute

A judgment has been made in the UK High Court in the dispute between Citibank and Mercuria Energy over missing metal in Qingdao – but this may not be the end of the story.

The case, which first came to court in December 2014, hinged on exposure to $270 million from financing deals linked to missing cargoes of base metals in warehouses in Qingdao and Penglai, and which company should be liable for it, and the question has not yet been fully answered, Metal Bulletin understands.
The key issue, according to Mercuria, was whether Citi was entitled to payment of the $270 million from Mercuria in relation to warehouse receipts delivered by Citi on July 22 last year.

Mercuria put out a statement saying the court had found in its favour and...


Claire Hack

May 22, 2015

16:03 GMT