Belgium will not have to pay damages to the Chinese insurer Ping An. The insurer was suing Belgium for 2 billion euros, via an international referee court. It was trying to claim compensation for damages suffered due to the breakdown of Fortis, the De Morgen said on Monday. The claim was refused. Ping An invested in Fortis 8 years ago. The bank was looking for funds after being bought by ABN Amro. When Fortis imploded, the Chinese insurer lost its investment. The Chinese company hoped to get compensation from Belgium, and took the State to a tribunal. The company was Fortis’ biggest shareholder, and voted against the sale of the bank’s different units in 2009.
Maria Novak (Source: Belga)