JES terminates Scibois acquisition, plans to restructure subsidiary

Singapore

CHINESE shipbuilder JES International said on Wednesday that it has terminated plans to acquire a 51 per cent stake in Scibois, which owns a timber extraction business in Congo.

The no-go comes just eight months after the deal was inked, following a lawsuit filed by JES against the vendor, Chinese businessman Yang Shushan, for a breach of the deal's moratorium. On July 30, 2014, Mr Yang had, against the moratorium, transferred 60 million JES shares to an account of a sub-depository agent.