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Rongsheng faces lawsuit again

Rongsheng faces lawsuit again

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Hong Kong: China Rongsheng announced that Jiangsu Rongsheng Heavy Industries has received a retrial application filed by Aegon Industrial Fund with the Supreme People’s Court.

Aegon is seeking an order to revoke the effective judgment of the Higher People’s Court and an order for compensation from Jiangsu Rongsheng for the loss allegedly suffered by Aegon for the yard’s failure to take over a local engine builder. The total amount that the American private equity firm is seeking is RMB1.637m plus litigation costs.

“Jiangsu Rongsheng intends to strenuously defend the retrial application,” Rongsheng said in a statement.

Earlier this year, Aegon lost its lawsuit again Rongsheng on its serious loss led by Rongsheng’s withdrawn acquisition of Quanchai. [25/09/13]

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