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.