Deutsche Bank said it has taken legal action against Asia Pacific Broadband Telecom Co (APBT, 亞太固網) and its subsidiary after the telecom firm -- which has been taken over by the government -- questioned the legality of a loan arranged by the German lender.
"Deutsche Bank, as facility agent acting on behalf of lenders to Asia Pacific Broadband Wireless Communications Inc [APBW], has commenced legal proceedings in London against APBW as the Borrower and APBT as the guarantor to recover outstanding debts under a credit agreement," bank spokesman Michael West said in a statement yesterday.
APBW and APBT are subsidiaries of the debt-ridden Rebar Asia Pacific Group (力霸亞太企業集團).
The lenders had been compelled to take action following breaches of the credit agreement and the refusal of APBW and APBT management to begin meaningful negotiations with the facility agent and lenders, the spokesman said.
The bank seeks to achieve a stable and positive long term outcome to this matter and assures APBW subscribers and suppliers that it has no intention of disrupting services to subscribers, West said.
The bank's move follows accusations by two lawmakers that linked it to the Rebar Group's embezzlement scandal.
Acting APBT chairman Springfield Lai (
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