Chinese Court Upholds Earlier Ruling on China HK Power Smart Energy Unit's Payment Obligation to Creditor

MT Newswires Live

Oct 24, 2024

Tianjin High People's Court has upheld a previous ruling by a China court to hold a unit of China HK Power Smart Energy Group (HKG:0931) liable to pay a creditor an outstanding balance, a Thursday bourse filing said.

Unit Great Trend Investment Management (Shanghai) is liable to pay the outstanding balance alongside overdue interest and penalty charges, according to the ruling which came about as a result of the company's re-trial application.

China HK Power Smart Energy and its unit China LNG act as guarantors for the payables and related costs.

To date, the overdue interest amounts to around 7.6 million yuan. The firm will continue to incur overdue interest from April 1 until the outstanding balance is settled and the remaining 91 LNG tank containers are returned.

The LNG distributor is currently seeking legal advice and continuing to negotiate with the creditor to seek an amicable resolution to the issue.

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