Ying Li International Real Estate (SGX:5DM) faced a setback as the Chongqing Higher People's Court overturned an earlier judgment from the Chongqing No. 5 Intermediate People's Court, according to a Monday filing on the Singapore Exchange.
The Higher Court found that the initial ruling contained unclear facts and errors, leading to the decision to remand the case for retrial at the First Instance Court.
The lawsuit, initiated by investor Fang Ming, involves claims against Ying Li International Real Estate, its controlling shareholder China Everbright Limited, and several of its subsidiaries.
The legal action addresses allegations related to financial disputes and operational issues. Shares of the company were down 5% in recent trade.
Price (SGD): S$0.02, Change: S$-0.00100, Percent Change: -4.55%
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