DUBLIN, Nov 29 (Reuters) – SMBC Aviation Capital has joined many of the world’s largest plane lessors in pursuing insurance coverage claims by means of the courts over jets it owns which might be caught in Russia, an Irish Excessive Court docket submitting confirmed.
Irish-headquartered SMBC recorded an impairment of $1.6 billion earlier this yr to cowl the total monetary affect of getting 34 jets caught in Russia after European Union sanctions that pressured the termination of all Russian leases.
The submitting, issued towards Lloyd’s of London (SOLYD.UL) on Nov. 28, didn’t embrace particulars on the dimensions of the declare by SMBC, which is owned by a consortium together with Japan’s Sumitomo Corp (8053.T) and Sumitomo Mitsui Monetary Group (8316.T).
“SMBC Aviation Capital confirms it has commenced litigation within the Irish courts towards the insurers of plane misplaced in Russia. Applicable insurance coverage is in place and we count on to be paid in accordance with our insurance coverage insurance policies,” SMBC stated in an announcement.
A spokesperson for Lloyd’s of London stated it was not at liberty to share data on any particular declare, coverage or policyholder.
SMBC is about to change into the world’s second largest plane lessor by variety of plane when it completes a $6.7 billion acquisition of smaller rival Goshawk Aviation shortly.
The proceedings are the fourth to be initiated within the Irish courts following filings by main lessors Avolon, BOC Aviation Ltd (2588.HK) and CDB Aviation.
Lessors are suing dozens of insurers world wide for round $6.5 billion, together with a $3.5 billion lawsuit filed by the world’s greatest plane lessor, AerCap Holdings NV (AER.N), at London’s Excessive Court docket associated to greater than 100 seized planes.
Reporting by Padraic Halpin
Modifying by Mark Potter
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