Brief: Dongyue Group Ltd Updates On Legal Proceedings In China

Dongyue

13/07/2018 13:15

July 13 (Reuters) - Dongyue Group Ltd  0189.HK :
    * SHANDONG HIGHER PEOPLE'S COURT HELD THAT TRI-PARTITE
AGREEMENTS
IN RELATION TO TWO LAWSUITS WERE VALID AND ENFORCEABLE
    * PURSUANT TO TRI-PARTITE AGREEMENTS, IT WAS HELD THAT BANK
OF
COMMUNICATIONS WAS ENTITLED TO WITHHOLD SECURITY DEPOSITS OF RMB
500 MILLION
    * RMB500 MILLION MISAPPROPRIATED FUNDS HAD ALREADY BEEN
WRITTEN
OFF FROM GROUP'S CONSOLIDATED FINANCIAL STATEMENTS FOR FY2015
    * CONSIDERS THAT DECISION HAS NO MATERIAL ADVERSE IMPACT ON
COMPANY'S BUSINESS, OPERATIONS AND FINANCIALS

Source text for Eikon:  ID:nHKS8ZlY1L 
Further company coverage:  0189.HK 

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