JES files for judicial management

JES files for judicial management

JES International Holdings, a Singapore-listed defunct Chinese shipbuilder, has announced that an application has been filed in the high court of Singapore to place the company under judicial management.

This follows JES being declared bankrupt by a Chinese court in Zhejiang in October last year, three years after it ceased operations due to a major financial crisis.

JES said the Singapore Stock Exchange may at any time suspend trading of the company’s shares.

The board of the company has proposed the appointment of Messrs Yit Chee Wah from FTI Consulting as judicial manager to manage the affairs, business and property of the company.

The date for the hearing of the application has yet to be fixed by the court.

In January, Singapore-based blockchain outfit PLMP Fintech approached JES on the possibility of taking over the listing status of the company on Singapore Stock Exchange by way of a scheme of arrangement or judicial management.

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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