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More Bestway bank accounts frozen on suspected contract fraudMore Bestway bank accounts frozen on suspected contract fraud

China’s Bestway Marine & Energy Technology has announced that several bank accounts of its subsidiary had been frozen.

Katherine Si, China Correspondent

August 7, 2020

1 Min Read
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Bestway explained that the bank accounts were frozen due to purchase and sales contract dispute, service contract dispute and failure to repay the debts.

Bestway warned that its operations might be affected.

Last month, the financially troubled Bestway received notice from Shanghai’s securities authority that its second largest shareholder was suspected of contract fraud. The company is currently under a restructuring process and was expecting to return to normal operation.

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China

About the Author

Katherine Si

China Correspondent

China-based Katherine Si has worked in the maritime industry since 2008 is well-connected with local industry players including Chinese owners and yards.

Having majored in English Katherine started at news portal ShippingChina.com where she rose to become a News Editor. In 2008 she moved to work with Seatrade and has since held numerous positions including China correspondent for Seatrade Maritime Review magazine.

With extensive experience in writing, research and social media promotion, Katherine focuses on the shipping and transport sectors.

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