Brief: Applied Development Announces Litigation Involving Wholly-Owned Subsidiary

Novautek Technologies

21/06/2023 15:32

June 21 (Reuters) - Applied Development Holdings Ltd
 0519.HK :
    * LITIGATION INVOLVING A WHOLLY-OWNED SUBSIDIARY
    * UNIT RECENTLY RECEIVED WRIT OF SUMMON ISSUED BY PEOPLE'S
COURT
OF HUISHAN DISTRICT, WUXI REGARDING CIVIL LITIGATION
    * WUXI SHENGYE HAVE ENGAGED A PRC LEGAL ADVISER TO HANDLE
LITIGATION
    * BELIEVES THAT THERE ARE GOOD GROUNDS OF DEFENCE ON WHICH
WUXI
SHENGYE COULD RELY
    * WILL TAKE PROACTIVE ACTIONS TO PROTECT ITS LEGITIMATE
INTEREST
    * IN CLAIM, ALLEGED THAT PLAINTIFF PROVIDED RMB20 MILLION
LOAN TO
FORMER EMPLOYEE & FORMER EMPLOYEE FAILED TO REPAY LOAN, AMONG
OTHERS


Further company coverage:  0519.HK 

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