Shenzhen-listed Sainty Marine has lost a legal action brought against it by Jiangsu Zhangjiagang Rural Commercial Bank and must now pay CNY63.5 million (USD9.9 million) in an overdue bill of exchange plus interest.
A local court in Jiangsu, China, has ruled that Sainty Marine should make the payment of an aggregate of CNY63.5 million including interest to the bank, a stock filing of Sainty Marine said on 17 August.
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The company will appeal the ruling and closely watch the following progress of the litigation, it added.
Since May, Sainty Marine has been sued by three banks including Jiangsu Zhangjiagang Rural Commercial Bank over loan disputes.
On 29 June, Jiangsu Zhangjiagang Rural Commercial Bank filed a lawsuit against the company over the overdue bill of exchange. In May, Sainty Marine defaulted on the bill of exchange drawn for Nantong Mingde Heavy Industry (NMHI), which was declared bankrupt and would be liquidated on 31 July. The bill of exchange, which was drawn on 3 November 2014, had been put up as security by NMHI to raise CNY50 million from the bank.