Shanghai: Financially troubled Sainty Marine has announced that it has lowered its total overdue loan debt to RMB585.8m ($94.4m) after it paid back RMB4.42m ($712,500) to the Bank of Nanjing.
However, Bank of Nanjing still filed a lawsuit at Nantong People’s Court to freeze RMB31m ($4.99) worth of assets of Sainty Marine for the remaining overdue loan.
In the meantime, Sainty Marine said five bank accounts of its subsidiary Sainty Marine Yangzhou with total balance of RMB261,682 ($42,183) have been frozen. The company is now checking with the relevant parties for the reason.
