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.