Shanghai: CSC Phoenix announced today that CMB Leasing has taken back the vessel “Chang Lu Hai” under a financial leasing agreement from its subsidiary Changjiang Transport Technology which was unable to continue paying for the vessel.
After deduction of fees the company has already paid, Changjiang Transport Technology still owes CMB Leasing RMB20.32m. CSC Phoenix said the return of the vessel has caused a RMB43.673m loss for the subsidiary.
CSC Phoenix has suspended the trading of its stock today, and it will hold an investor meeting on December 30. [27/12/13]
