Shanghai: Financially troubled shipbuilding group Sainty Marine has announced that it has received a ruling from Hubei Supreme People’s Court, under which the court has ruled the company to pay $202,795 in total to Nanjing Yahao Ship Manufacturing over a shipbuilding dispute.
Nanjing Yahao filed a lawsuit against Sainty Marine at Wuhan Maritime Court in 2013, asking the shipyard to pay RMB7.37m ($1.18m) in payment and compensation for four deck barges it built for Sainty Marine. The court ruled Sainty Marine to pay RMB2.48m ($400,024) to Nanjing Yahao. However, Sainty Marine appealed the ruling to Hubei Supreme Court, which has now ruled it to pay $110,000 shipbuilding payment and RMB575,300 ($92,795) compensation to Nanjing Yahao.
Currently Sainty Marine is involved in a series of court cases with creditors. The shipyard said earlier that it might suffer up to RMB2.94bn ($473m) in losses if the restructuring of subsidiary Mingde Heavy Industry fails.