Shanghai: The management of financially troubled Shanghai Hong Sheng Gang Tai Shipping, a domestic containership operator, have gone missing leaving behind huge unpaid debts.
According to an employee of the company, the company has debts of RMB200m in total. Major creditors include SIPG, Far East Leasing, China Merchants Bank and China Construction Bank.
The company promised the creditors that it would repay the debt on February 10. However, the whole management of the company including the president Ding Genyou, have been found missing when the creditors showed up at the office of the company. The company’s valuable assets, computer server and financial books have also been removed.
Shanghai Hong Sheng Gang Tai was established in 2009, it has another nine offices in Guangzhou, Qingdao, Rizhao, Quanzhou, Taicang, Nanjing, Tianjin, Taizhou and Nantong. It sold three vessels in 2014 and currently has four vessels in its fleet.