Greater ChinaRegulatory

CSC Phoenix lawsuits pile up

Shanghai: CSC Phoenix announced that Bank of Communications has filed a civil complaint against the company at Hubei Higher People’s Court as it is unable to repay overdue loans.

The court has ordered CSC Phoenix to repay loans of RMB200m in total and relevant interest of RMB4.06m to the bank.

Earlier, Bank of Communications has already asked Hubei Intermediate People’s court to freeze RMB32m bank savings of CSC Phoenix. [16/09/13]

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