China International Suffers Legal Setback Over Construction Debt

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China International Suffers Legal Setback Over Construction Debt

MT Newswires05-26

China International's (SGX:BEH) subsidiaries, Group, namely CIHL (Tianjin) City Development and Yichang Zhongjia Xinye Asset Management, received a first-instance judgment from the Yilin District Court of Yichang City, according to a Tuesday bourse filing.

Based on the hearing, the two companies have been ordered to bear joint liability for debts owed to Hunan Construction Engineering of up to 11 million yuan and 739,074 yuan respectively.

The company had already made provisions in its accounts and added that there will be no impact on its financial performance due to the verdict.

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