Singapore-listed Chinese shipbuilder JES International Holding has announced that the group has ceased operations and production following its restructuring application with a local court.
The group is currently maintaining a skeletal staff comprising of key executive officers, as well as key administrative and finance personnel and security to run the group as part of its cost controlling process.
The company applied for a restructuring with Taizhou Intermediate People’s Court in March, however, the application was rejected by the court in May.
JES said it is currently appealing the rejection to the Jiangsu High Court.
In the meantime, the group has already commenced negotiation with potential investors and its creditors on the restructuring proposal to be submitted to the Jiangsu High Court.
JES had earlier announced that it has taken legal action against Ju Li Li, a former administrative officer in the group, for the unauthorized removal of the group paraphernalia and is now currently considering taking legal action against JX Associates, a company owned by its former chairman Jin Xin.
JES has taken steps to replace the missing group paraphernalia and has successfully obtained the administrative records and common seals of two of its subsidiaries and it is still in the process of replacing the rest of the missing files.
In July, Jin Xin, former chairman of JES, announced that his resignation letter was forged and that he had not resigned from the company, however JES has denied the allegations.
JES is now headed by Jin Xin’s daughter Jin Yu.