ICBC sued for US$170m

Dutch bank ING is suing China's largest bank Industrial and Commercial Bank of China (1398) for losses sustained in a batch of copper deals and seeking US$170 million (HK$1.33 billion) in damages, the Financial Times reported.

ING alleged the Chinese bank breached contract terms because it released export documents for copper transactions without collecting payment, the report said, citing a Hong Kong court filing. The Hong Kong High Court held a hearing on the case on April 12, according to the report.

The alleged contract breach led to ING booking losses on metals sold to Maike Metals International by Triway International, a fully-owned unit of Maike based in Hong Kong, according to the report. Maike, China's biggest copper trader, had banked with ICBC while Triway was with ING, the report said.

Triway didn't receive payment and ING had been financing its deals, the report added.