Sainty Marine told to hand $5m over to Nanjing owner

Sainty Marine told to hand $5m over to Nanjing owner

Sainty Marine has announced that it has received an enforcement notice from Wuhan Maritime Court ordering the company to pay RMB34.25m ($4.97m) in debt it owes to Huahong Shipping according to a court ruling last year.

Nanjing-based Huahong Shipping filed a lawsuit against Sainty Marine in December 2015, claiming that the Chinese yard did not pay the full amount in a ship acquisition deal regarding three bulkers.

The court has ruled in Huahong Shipping’s favour, however, Sainty Marine has yet to make the payment. The court has given Sainty Marine a deadline of 10 days to repay the debt in the enforcement notice.

In the meantime, Nanjing Intermediate Court has accepted a lawsuit filed by the stock investors of Sainty Marine, requesting the defunct shipyard to pay compensations to cover their loss due to the false financial statement issued by the shipyard.

In October 2016, Sainty Marine was fined by China Securities Regulatory Commission for disclosure irregularities and faking financial statistics in its annual reports from 2013 and 2014.

Sainty Marine announced in February that it has completed restructuring with its parent Jiangsu Guoxin Group and is quitting the shipbuilding business.

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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