China High Speed Transmission Equipment Group (HKG:0658) said the outstanding receivables and pre-payments relating to sale and purchase of certain commodities by its subsidiaries amounted to 6.64 billion yuan as of Oct. 31.
The said amounts remain outstanding as of Nov. 24, despite the company instructing its legal advisors to demand payment of these amounts, a Sunday Hong Kong bourse filing said.
The company is attempting to get the payments for the outstanding amounts and is seeking legal advice regarding some of the payments that have been disputed by the relevant counterparties.
The company's subsidiaries, Nanjing High Accurate Drive Equipment Manufacturing Group, Nanjing Handa Import & Export Trade, and Nanjing Shengzhuang Supply Chain, had entered into certain
agreements for the sale and purchase of commodities "in or around 2023," the filing said.
The company also said that the mentioned agreements were entered into without the approval of the board and the company has formed an independent committee to look into the agreements.
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