The struggling Singapore-listed, Chinese company, had hoped to reach agreement to sell its ailing shipyard business by the end of 2017. JES said it had been negotiating with the potential purchaser to extend the long-stop date beyond 31 December 2017 but failed to reach agreement. The two parties are now entering into a settlement agreement to terminate the proposed disposal. The yard ceased operations and production in mid-2015.
Meanwhile JES said that its former ceo and chairman Jin Xin had been sentenced to 12 and a half years in jail by Jingjiang People’s Court, Jiangsu Province. The company it had been unable as yet to ascertain the charges for which Jin Xin had been convicted.
The company said it was considering pursuing civil action against Jin Xin, but was awaiting a copy of the written judgment.
JES revealed in July 2015 that unauthorised payments had been made to the former ceo and documents related to these had gone missing.