Shanghai Electric Wins Court Ruling in Loan Dispute With China Energy Engineering
MT Newswires Live
Sep 02
Shanghai Electric Group (SHA:601727) won a court judgment ordering China Energy Engineering (SHA:601868, HKG:3996) to repay overdue interest, penalties and legal fees from a 1 billion-yuan loan provided in 2019 and 2020.
The amount included a loan interest of 29.4 million yuan, penalty interest of 160.7 million yuan, compound interest of 14.2 million yuan and legal fees of 150,000 yuan, according to a Wednesday filing with the Shanghai bourse.
The Shanghai Pudong Court also ruled that guarantor Zhongyou Guodian's pledged equity can be liquidated to cover the debt if China Energy Engineering defaults.
Shares of Shanghai Electric were down 2% in recent trade.
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