Simon Liang-controlled company sues CIMC Enric

Simon Liang-controlled company sues CIMC Enric

China International Marine Containers (CIMC) has announced that subsidiary CIMC Enric is being sued by SOEG Pte, a Singapore Holding company controlled by Simon Liang, due to financial disputes relating to the share transfer deal for former Sinopacific Offshore & Engineering.

CIMC Enric initiated a takeover of Sinopacific Offshore in 2015 and the deal fell through in 2016 as CIMC Enric claimed that certain condition of the acquisition agreement couldn’t be fulfilled and the sellers had breached major terms in the agreement.

The company restarted the takeover after Sinopacific Offshore went into court receivership in 2017 and changed the name of the yard to CIMC Sinopacific Offshore.

However, SOEG claimed CIMC Enric had breached the terms of the original agreement and owes payment of RMB153.4m ($22.7m).

The case has been accepted by Jiangsu High People’s Court and CIMC has filed an objection to the jurisdiction to the court.

Simon Liang, former president and CEO of bankrupt Sinopacific Shipbuilding, was arrested in Myanmar last week, accused of tax evasion in China. Liang’s company Evergreen Holdings has total liabilities amounting to nearly RMB7bn ($1.04bn).

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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1 Comment

  1. Avatar
    Truth Please
    February 6, 2019 at 12:08 am

    Give up all the people involved with the horrid corruption that went on within Magindustries Simon Liang! Confess!!! Past shareholders that were defrauded deserve justice!!! It was in no way a simple potash price situation concerning a potash cartel breakup as paid posters have stated. Truth please!!!