Vibrant Group (SGX:BIP) provided an update on legal proceedings involving its 31%-owned Chinese associate, Vibrant Pucheng Logistics (Chongqing).
A Chinese court ruled in favor of Zhejiang Zhongshan Asset Management, ordering Vibrant Pucheng to pay 29.6 million yuan, including principal, interest, and compensation.
The court also granted Zhongshan Asset Management the right to secure unpaid amounts against a property valued at 407.4 million yuan, with potential joint liability from local shareholders.
Vibrant Pucheng intends to appeal parts of the judgment and will seek further legal advice, according to a Wednesday filing on the Singapore Exchange.
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