China’s Fosun faces lawsuit over stake sale in Nanjing Nangang to Jiangsu Shagang
Add BT as a preferred source
FOSUN International said on Friday (Apr 21) steel manufacturer Jiangsu Shagang Group has filed a lawsuit against the company alleging the failure of one of Fosun’s unit to perform an obligation under a recent deal.
Last month, Fosun said it would sell its 60 per cent stake in Nanjing Nangang Iron & Steel United to Jiangsu Shagang for 13.58 billion yuan (S$2.6 billion).
Jiangsu Shagang alleged that Fosun Industrial Investment failed to pledge its 11 per cent stake in Nanjing Nangang.
The Chinese conglomerate said the litigation will not affect the group’s operations and it will take appropriate action to defend the claims.
In recent times, Fosun and its units have cut stakes in firms such as New China Life Insurance, Zhaojin Mining Industry Co and Shanghai Yuyuan Tourist Mart Group. Earlier this year, the company sold its stake in four separate firms for a combined 6.7 billion yuan. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Singapore developer in limbo after Timor-Leste scraps major township project
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
Gojek founder Nadiem Makarim faces 18-year jail demand in Indonesia laptop graft trial
