Shanghai: Jiangsu Sopo Group announced that its subsidiary, Zhenjiang Sopo Shipyard, has received a civil complaint from Shanghai Maritime Court under the request of China Perfect Machinery Industry Co (CPMI).
CPMI signed ship export contracts with Sopo Shipyard to construct two chemical tankers in 2007. However, Sopo Shipyard failed to deliver the vessels on time and the shipowner, O.W. Tankers, decided to ditch the two vessels in 2012.
CPMI has asked Sopo Shipyard to pay compensation of RMB129m in total including relevant legal fees.
Sopo Group said the two companies have reached a settlement that Sopo Shipyard will pay RMB20m to CPMI before October 28th and pay RMB8m to CPMI monthly until the full amount is paid off. [14/10/13]