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Banks freeze Sainty Marine’s accounts with balances worth $3.88m

Banks freeze Sainty Marine’s accounts with balances worth $3.88m
Chinese shipbuilder Sainty Marine has announced that two Chinese banks have frozen its bank accounts with balances worth a total of approximately $3.88m.

Shenzhen-listed Sainty Marine said Bank of China has frozen its account with balances of RMB1.06m ($170,800) while the Export-Import Bank of China (China Exim Bank) has frozen its dual currency account with balances of RMB22.99m and $2,491.78.

In a statement to the stock exchange, Sainty Marine said it has not yet received any orders from the court regarding the actions taken by the banks.

Last week, the Nanjing Intermediate People’s Court has issued an order to freeze some RMB300m worth of assets owned by three major shareholders of Sainty Marine, two of whom have quit.

The financially-troubled Sainty Marine said the company continues to face the risk of a delisting, and its full year loss of RMB327.59m in 2014 did not help as well.