Court Terminates 1.29 Billion Yuan Enforcement Cases Involving China Dredging Unit
China Dredging Environment Protection (HKG:0871) said a Chinese court terminated enforcement cases involving Jiangsu Xingyu, a deemed subsidiary of the company, according to a Wednesday Hong Kong bourse filing.Shares of the environmental services company were down over 1% in Thursday's late morning trade.The company disclosed in April that Jiangsu Xingyu and certain subsidiaries had been listed as persons subject to enforcement in two cases totaling 1.29 billion yuan.China Dredging said the cases arose from a personal debt dispute involving substantial shareholder Liu Kaijin, who wholly owns Jiangsu Xingyu, and that the group was not the principal obligor of the debt.The company added that the termination of the enforcement cases is not expected to have any material impact on the group's business operations or financial condition.
