HSBC initiates legal proceedings against El Salvador claiming breach of treaty with UK By Reuters

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© Reuters. FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid//File Photo

(Reuters) – HSBC Holdings (LON:) said the banking group has initiated legal proceedings against El Salvador for what the company called a breach of the nation’s investment treaty with the UK.

“HSBC Latin American Holdings initiated legal proceedings against the Republic of El Salvador for breach of its investment treaty with the United Kingdom, and seeks to recover at least $49.3 million in damages that the bank alleges were wrongly awarded against it by the Supreme Court of El Salvador”, the company said in a statement late on Wednesday https://bwnews.pr/3y1Fp2l.

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