Hong Kong-listed fuel oil trading firm Yuhua Energy Holdings Limited (YEHL) on Friday (11 October) said the Xiamen Branch of Hua Xia Bank Co., Limited has initiated litigation against its subsidiaries.
The affected parties are YuHua Energy (Xiamen) Co. Ltd., YuHua Energy Holdings Group (Fujian) Co., Ltd., Xiamen Oceanstar Shipping Co., Ltd., Fujian Yuhua Petrochemical Company Limited, Mr. Lin Caihuo and his wife, Ms. Lin Aihua.
A freezing order has been ordered by the Intermediate People’s Court of Xiamen City, Fujian Province on 12 September 2019 against the above parties for assets equivalent to the amount of RMB 30,350,000 (USD 4,290,722).
Additionally, the real property in Xiamen mortgaged by Lin Caihuo, Lin Aihua and Xiamen Oceanstar Shipping Co., Ltd. are to be seized, auctioned or realised.
“The Company is now liaising with the Plaintiff to discuss the appropriate arrangement,” said YEHL.
“The Company will publish announcement(s) to update its shareholders of any major progress to the above matter, as and when appropriate. The Directors are of the view that the orders will not have material impact on the business and operation of the Company.
“In the meantime, the Company is assessing the status of other indebtedness of the Group.”
On 23 August 2019, YEHL entered into a product procurement framework agreement with a company in the People’s Republic of China engaged in petrochemical business who will purchase not less than 2 million mt of fuel oil products and petrochemical products during the period between 23 August 2019 and 31 December 2022.
YEHL recorded net loss of approximately HKD 306.60 million in the first half of 2019, higher than net loss of approximately HKD 1.27 million during the similar period last year.
Published: 15 October, 2019
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