Shanghai: China International Marine Containers (CIMC) has announced that its wholly owned subsidiary CIMC Raffles has reached full settlement and entered into a reconciliation agreement with Brazilian company Schahin Group over a payment dispute.
CIMC Raffles has recovered full payment plus interest of $272.7m in total from Schahin Group following the recover of $71.86m that was in arrears.
CIMC Raffles built two oil drilling platforms, SS Pantanal and SS Amazonia, for Schahin Group in 2010 and 2011. During the construction, CIMC Raffles provided advances for Schahin to complete the construction and delivery of the platforms. However, Schahin didn’t pay according to the contracts. CIMC Raffles had lodged litigation and arbitration applications in both the US and UK since December 2011 and it had won the US case in 2013.