Shanghai: Sainty Marine has today announced updates on its arbitration case with Fuyi Shipping.
According to the announcement, Fuyi Shipping has asked the arbitral tribunal to support its request of terminating the shipbuilding contract with Sainty Marine and getting back the prepayment of US$19.8m and relevant interest from Sainty Marine.
In a response to Fuyi Shipping’s accusation of its disclosure violations earlier, Sainty Marine said the company currently doesn’t have any unreported information related to the lawsuit and arbitration and the arbitration with Fuyi Shipping won’t have any serious affect on the company’s profit.
The arbitration case continues. [30/01/13]
