Brief: Qingling Motors updates on legal proceedings

Qingling Motors

09/10/2015 13:35

Oct 9 (Reuters) - Qingling Motors Group Co Ltd  1122.HK : 
 
 * On 29 September 2015, the company has formally received a summon sent by the  court on 25 September 2015 
 * Bank, as the plaintiff, has initiated legal proceedings against six defendants including the customer and the company in the court 
 * In litigation, the bank alleged that the customer has failed to meet the  margin calls according to the requirements under a credit agreement 
 * Board is of view that alleged liability in litigation document is lack of  factual and legal evidence and therefore co shall not be liable 
 * First hearing of the litigation is scheduled to be held on 3 November 2015 
 * Litigation is not expected to have any material effect on the financial or  business position of the group as a whole 
 
* Source text for Eikon  ID:nHKS9SPSwT  
 
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