SMM6, 4 June: not long ago, Fang Da Special Steel in Nanchang City, due to a deflagration accident, was interviewed by the local government. Nanchang Fangda Special Steel Co., Ltd. has also received the written order of the higher people's Court of Jiangxi Province [(2019) Ganzhan No. 35] and the notice of execution of the higher people's Court of Jiangxi Province [(2019) Ganzhan No. 35]. Shandong Baohua wear resistant steel co., Ltd. Litigant big special steel trading contract dispute case.
Progress of litigation
(1) in May 2019, Shandong Baohua Company applied to the higher people's Court of Jiangxi Province for compulsory enforcement in this case, and the higher people's Court of Jiangxi Province issued a letter of execution [(2019) Gan Zhan No. 35]. In accordance with the provisions of articles 242, 143 and 234 of the Civil procedure Law of the people's Republic of China, the ruling is as follows:
1. Freeze and deduct 18297519.14 yuan of the company's deposits in the bank.
This ruling shall be executed immediately
(2) notice of implementation of the higher people's Court of Jiangxi Province [(2019) Ganzhan No. 35], In accordance with Article 240 of the Civil procedure Law of the people's Republic of China and Article 24 of the provisions of the Supreme people's Court on certain issues concerning the execution of the people's Court (for trial implementation), Fang Da Special Steel shall be ordered to perform the following obligations:
1. Payment of 1871557.03 yuan and interest to Shandong Baohua Company (since January 25, 2016)
From the date of payment to the date of payment, calculated at the interest rate of the bank of the people's Republic of China for the same period);
2. Return the deposit of 200000 yuan to Shandong Baohua Company;
3. To pay 16140350.202 yuan in loss to Shandong Baohua Company;
4. To bear the execution fee of 85611.91 yuan;
5. bear the acceptance fee of 100000 yuan in this case.
(3) in May 2019, 18211907.23 yuan in bank account deposits of Fangda Special Steel Company in Nanchang City have been frozen by the higher people's Court of Jiangxi Province.
(4) the company intends to apply to the Supreme people's Court for a retrial in this case and will disclose the progress of the case in a timely manner in strict accordance with the relevant requirements of the rules governing the listing of stocks on the Shanghai Stock Exchange.
Fang Da Special Steel said that the lawsuit will not have a significant impact on the company's current and post-period profits.
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