CSSC Jiangnan Heavy Industry faces lawsuit

CSSC Jiangnan Heavy Industry faces lawsuit

Shanghai: CSSC Jiangnan Heavy Industry announced that the company has received notice from Shanghai Hongkou District Court to jointly pay RMB377.91m steel cargo payments and interest to a domestic trading company with Shanghai Yingzhou Steel Structure.
The company signed a contract with Shanghai Yingzhou Steel Structure in 2011 for steel structure manufacturing and installation services, however, Yingzhou violated the contact signed with another trading company, which sued CSSC Jiangnan Heavy Industry and Yingzhou together.
Since the trial has not officially started, the company could not estimate its impact on the balance sheet of this year, CSSC Jiangnan Heavy Industry said in a statement. [18/12/13]

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