More Sainty Marine bank accounts frozen

More Sainty Marine bank accounts frozen

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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