Hacı Sabancı on shipping
From Hacı Sabancı · · NEXTGENCLUB
“About five years ago a payment order arrived: the company chartering our ship had bought fuel, taken it, but not paid for it.”
On , Hacı Sabancı, Cofounder at Sabancı Holding, spoke about shipping during Hacı Sabancı on NEXTGENCLUB.
About Hacı Sabancı
Hacı Sabancı, cofounder of Sabancı Holding, recounted a dispute from about five years ago involving a ship chartered by his company. He stated that a payment order arrived for fuel that the chartering company had taken but not paid for. Sabancı said that lawyers advised the company was obliged to pay under English law, and that failure to pay could allow the other party to detain the vessel under Panama law. Sabancı said he opposed paying, describing the demand as unjust, while his father favored payment. He noted that the ship was held in Panama for three days, and the company had to deposit collateral exceeding the original amount. Sabancı acknowledged that his father turned out to be correct, as the law required payment, and said the situation created tension.