Mingde Heavy president’s equity auctioned

Mingde Heavy president’s equity auctioned

Shanghai: Sainty Marine announced that one of its guarantees of creditor’s rights to Mingde Heavy Industry has been compulsively auctioned by Liaoning Superior People’s Court.

The court had auctioned 6.5% equity in Nantong Zongyi Investment held by Ji Fenghua, president of Mingde Heavy Industry.

Jiangsu Superior People’s Court has frozen Ji’s equity in Nantong Zongyi since last October.

Sainty Marine is currently restructuring the debt-ridden Mingde, which reported a net loss of RMB327.58m ($52.8m) for the year of 2014, and also has a debt dispute with Ji.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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