Ping An, China’s second-biggest insurer, has filed an international arbitration claim against Belgium in an attempt to recoup losses from its investment in Fortis, the now defunct financial services group.
It is the first time that a mainland Chinese company has turned to the International Centre for Settlement of Investment Disputes, an arbitration institution under the World Bank that handles clashes between investors and states.
Ping An wrote off Rmb22.8bn of its Rmb23.9bn investment in Fortis, a Belgian-Dutch group, when it was dismantled and nationalised in 2008.
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