Mainboard-listed China Haida said in a statement on Wednesday that it has come to its attention that two bank accounts of its wholly-owned subsidiary, Jiangyin Litai Ornamental Materials Co, have been frozen following an interim court order issued by a Sichuan court. A third bank account has been restricted. Read more at The Business Times.
Mainboard-listed China Haida said in a statement on Wednesday that it has come to its attention that two bank accounts of its wholly-owned subsidiary, Jiangyin Litai Ornamental Materials Co, have been frozen following an interim court order issued by a Sichuan court. A third bank account has been restricted.
China Haida has made enquiries with Jiangyin Litai's finance team, and obtained a copy of an interim court order dated last Nov 28, which is"seemingly relevant or connected to" the freezing of the two bank accounts. The interim court order was made pursuant to an application filed by one Zhang Kun against 12 respondents, including Jiangyin Litai and China Haida chief executive Xu Youcai. The purpose of the application was to preserve or freeze the assets of the respondents up to a sum of 14 million yuan ; the outcome of that was in Mr Zhang's favour.
China Haida said it appears that the application was made in connection with a pending legal dispute over some lending/borrowing affairs between the applicant and the respondents. The company said it is trying to get to the bottom of what has happened, including the circumstances under which Jiangyin Litai became involved and the extent to which its assets are subject to preservation or restrictions.
China Haida also said that Jiangyin Litai's finance team has been slow to respond due to the Covid-19 outbreak in China.
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