Sainty Marine wins court case

Sainty Marine wins court case

Shanghai: Jiangsu Sainty Marine has announced that its subsidiary, Sainty Marine Development, has won a court case related to a debt dispute with Jiangsu Zhongxian Group.

Sainty Marine signed a product purchase contract with Zhongxian Group in 2012 to sell machinery products to the latter. However, Zhongxian Group hadn’t been able to make payment according to the contract terms after receiving the products.

Nangjing People’s Court has ruled Zhongxian Group to pay RMB2.22m ($355,000) and relevant compensation to Sainty Marine within 10 days.

Sainty Marine is currently restructuring the debt ridden Mingde Heavy Industry. The company estimates it will suffer losses between RMB37.38m ($5.97m) and RMB42.94m ($6.86m) in the first quarter of 2015.

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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