Greater China

Sainty Marine accused of disclosure violations

Shanghai: Fuyi Shipping recently released a statement accusing listed company Sainty Marine over several violations regarding its information disclosure over disputes between the two companies.

Sainty Marine signed a shipbuilding contract with Capital Bulk Carrier for an 82,000dwt bulker back in 2010. Later Capital Bulk Carrier sold and transferred the contract to Fuyi Shipping, which later had disputes with Sainty Marine on vessel delivery terms.

Fuyi Shipping then applied for arbitration with the London Maritime Arbitrators Association on July 4, however, Sainty Marine announced on December 22 that the it went into arbitration with Fuyi Shipping on December 19, five months after the time Fuyi Shipping had claimed.

Fuyi Shipping said the arbitration tribunal finished inspection on the fundamental parts of the ship on December 8, and Sainty Marine didn’t disclose any related information during that time.

“According to the false statement and the withholding information in Sainty Marine’s information disclosure, our company has filed complaints to China Securities Regulatory Commission’s listed company supervision department, China Securities Regulatory Commission Jiangsu Bureau and Shenzhen Securities Exchange,” Fuyi Shipping said in a statement.

Sainty Marine has refused to comment on the issue. [25/01/13]

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