A long running dispute between HSH Nordbank and Turkish shipowner Karahasan is set for a messy sequel.

A Turkish appeal court ruling against the Hamburg ship finance bank could mean that Karahasan is due up to EUR 80m ($107m) of compensation for the arrest, repossession and sale of vessels in 2003.

The bank has lost the Karahasan case but information turned up by the KPMG accountancy firm points to wrong doing by "service providers" involved in the case.

HSH