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Grenada wins court judgment in Taiwan debt dispute

Grenada wins court judgment in Taiwan debt dispute

A U.S. court has overturned an order allowing a Taiwanese bank to siphon payments owed to Grenada by airlines and shipping companies.
U.S. District Court Judge Harold Baer has agreed to vacate restraining notices by Taiwan's Export-Import Bank that affected Grenada's air and sea ports.
For nine months, the bank has been taking back the roughly $30 million it says it owes Grenada for loans granted before the Caribbean island abruptly switched diplomatic recognition from Taipei to Beijing in 2005.
Grenada Port Authority General Manager Ambrose Phillip said Thursday he is "relieved because this has had a significant and adverse reaction on our cash flow."
The 15-nation Caribbean Community bloc had complained that the Taiwanese bank's efforts to seize the owed money amounted to "economic strangulation" of Grenada.


Updated : 2021-04-12 22:16 GMT+08:00