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Sainty Marine subsidiary sues two firms over unpaid debts of $1.7m

Sainty Marine subsidiary sues two firms over unpaid debts of $1.7m
Sainty Marine’s subsidiary has filed lawsuits against two Chinese companies over non-payment of loans amounting to approximately RMB10.29m ($1.66m).

Sainty Marine Development has sued Nanjing Fengan Technology and Jiangsu Zhongjian Group over their non-payment of RMB8.56m and RMB1.63m respectively.

Between the period of September 2012 to October 2013, the two companies took loans from Sainty Marine Development to pay for the purchase of raw materials, according to a stock exchange filing by Shenzhen-listed Sainty Marine.

Sainty Marine said it remains unclear if the lawsuits would affect its financial results for 2015.

Back in 2012, the Chinese shipbuilder has also offered loans to real estate companies.

Recently, Sainty Marine is involved in a debt-to-equity rescue deal that will see it take control of compatriot shipbuilder Nantong Mingde Heavy Industry.