Warburg sues Titan Petrochemicals in Hong Kong
Warburg Pincus has sued portfolio company Titan Petrochemicals Group and some of its executives in Hong Kong’s High Court, citing misrepresentation and breaches of contract. This comes as the debt-laden shipping and oil storage firm continues talks with a potential investor as it looks for ways to stave off liquidation proceedings initiated by Warburg.
Saturn Storage, a Warburg-owned vehicle that invested in Titan, alleges that the company, its founder Tsoi Tin Chun and two other executives secretly provided RMB1.48 billion ($232 million) of unauthorized...
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