Dry CargoGreater China

Court blacklists CSC Phoenix boss

A court in Wenzhou has ruled to put Chen Deshun, the owner of Tianjin Shunhang Shipping and CSC Phoenix, into the social credit blacklist due to his failure to comply with court rulings.

The court made the decision after Chen failed to comply with the court ruling that ordered him to pay back a RMB110m ($15.9m) loan and relevant interest to Fujian Haixia Bank.

Since May this year, China has banned those in the social credit blacklist from taking flights and trains, as well as leaving the country.

Tianjin Shunhang Shipping has been dealing with a financial crisis and is involved in numerous debt disputes with creditors.

The company has experienced a series of setbacks since it took over CSC Phoenix in 2015. Last month, a court in Shenzhen ruled to auction its entire shareholding in CSC Phoenix.

Tianjin Shunhang’s dredging subsidiary, Tianjin Ganghai Construction, filed for bankruptcy in June this year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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