China Environment unit loses civil suit, ordered to pay loan plus interest

Singapore

CHINA Environment's wholly owned subsidiary Fujian Dongyuan Environmental Protection Co (FJDY), has lost a civil suit brought by Zhongxin Bank in China.

On Nov 2 last year, FJDY had received a letter from the bank, claiming repayment of overdue interest for a loan.

In the latest announcement released to the Singapore Exchange on Tuesday, China Environment said that judgment was awarded to the plaintiff. As a result, FJDY is liable for a loan of 36.67 million yuan (S$7.6 million) and loan interest of 563,870 yuan; this is due within 10 days of the effective date of judgment, together with punitive interest of 9.46125 per cent annually from Dec 19, 2016 up t…