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| Date |
20/09/1999 |
| Companies
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BANCO SANTANDER CENTRAL HISPANO - |
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BSCH sues over failed Japanese property acquisition |
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Banco Santander and Central Hispano has started legal proceedings against Mitsui Fudosan regarding the handling of its attempt to purchase the Long-term Credit Bank's former headquarters building. The property company representing BSCH in the matter dropped the bank as a client and purchased the property itself. The proceedings allege that Mitsui Fudosan only did this after they had been told unofficially that the BSCH bid, much lower than Mitsui Fudosan had advised, was about to be accepted.
Much of the dealings in Japan are done on the basis of the understandings and traditions in the business culture. Many of the most important deals are backed by the relationships of the various keiretsu (trading houses) to each other. Japanese case law is limited because traditionally these matters never went to court. Wide publicity has been given the case not only because of the court proceedings but also because the legal team are stating publicly that Mitsui Fudosan would never have acted in this manner to another member of a Japanese keiretsu.
Japanese law is similar to various other countries in that BSCH will have to prove loss to the amount of the damages sought, Yen5bn (E44m UKP28m). A simple breach of contract or a belief that Mitsui Fudosan acted unethically would not be enough to win.
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