Xiamen Intermediate People’s Court has issued an enforcement order to seize the assets of product oil trader and tanker operator Yuhua Energy at the request of the company’s creditor Bank of Communications.
In the latest court order, the court ruled to seize RMB206m ($29.3m) worth of assets of Yuhua’s susbdiaries Yuhua Xiamen, Xiamen Oceanstar Shipping, Fujian Yuhua Group, as well as its chairman Lin Caihuo and his wife Lin Aihua.
It is the second enforcement order the company has received from the court in the past month, having received one in October at the request of Huaxia Bank to freeze RMB30.35m ($4.3m) worth of assets of the company and its owners.
Yuhua said the Company is now liaising with the plaintiff to discuss the appropriate arrangement and is also taking legal advice.
Yuhua Energy is involved in the businesses of petrochemical trading, storage, transportation, and bunkering. The company currently owns a fleet of seven small tankers.