| Bank of Jiangsu files second lawsuit against Saint |
| Shenzhen-listed Sainty Marine has been sued by the Bank of Jiangsu in a second dispute, this time over CNY112 million (USD18 million) of loans and refund guarantees. On 21 May, the bank filed the lawsuit against Sainty Marine at the Wuhan Maritime Court and demanded the repayment of CNY60 million in loans and provision of deposits of USD8.3 million for refund guarantees issued by the bank, a stock filing of Sainty Marine said on 30 June. Sainty Marine borrowed the loans in two tranches on 5 September and 25 September 2014 to replenish its work capital. The bank claimed that the loans were due immediately as Sainty Marine had defaulted on large amount of loans. This is the second lawsuit filed against the company by the Bank of Jiangsu since May 2015. On 14 May, the company together with three of its former executives were sued by the Bank of Jiangsu over a loan dispute. The bank became the first of the creditors of Sainty Marine to sue the company after securing the preservation of Sainty Marine’s assets. The bank demanded repayment of a loan with principal of CNY300 million and interest payment of CNY2.4 million. In September 2014, the company borrowed the loan due in September 2015 from the bank to finance a private placement. However, the company failed to meet the schedule to complete the private placement by end of March this year. In addition, on 12 June, Sainty Marine was sued by the Bank of Suzhou over a CNY40 million loan dispute. |