Greater ChinaShipyards

Court freezes assets of Mingde Heavy president

Shanghai: A spat between two shipyard bosses has gone to court. Sainty Marine has announced that Jiangsu Superior People’s Court has ruled to freeze RMB700m ($112m) in assets of Ji Fenghua, president of Mingde Heavy Industry and Cheng Jianhua, a shareholder of Mingde Heavy Industry.

Sainty Marine filed a lawsuit against Ji Fenghua and Cheng Jianhua over an RMB700m debt dispute in December 2014. The court had already frozen RMB6.52m worth of equity Ji and Cheng hold in Nantong Zongyi Investment in October 2014.

Sainty Marine is currently restructuring the debt-ridden Nantong Mingde, which reported a net loss of RMB327.58m for the year of 2014.

Mingde Heavy Industry will hold a creditors’ meeting on March 14.

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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