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Luoping Zinc Power announced compensation of 1.9 million yuan as a result of major litigation.
Jul 28,2020 09:24CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 28: recently, Yunnan Luoping Zinc Power Co., Ltd. issued an announcement on the result of a major lawsuit.

On January 16 and March 2, 2019, Yunnan Luoping Zinc Power Co., Ltd. (hereinafter referred to as "the company") disclosed the "announcement on Litigation matters" and the "Progress announcement on Litigation matters" in the designated media. The plaintiff China Biodiversity and Green Development Foundation and Beijing Fengtai District Source enthusiasts Environment Research Institute filed a lawsuit with Qujing Intermediate people's Court (hereinafter referred to as Qujing Intermediate people's Court) against the company's illegal acts of damaging the environment.

The Qujing Intermediate people's Court announced the settlement agreement on the website of the people's Court from June 17, 2020 to July 17, 2020, and did not receive any objection during the announcement period. Accordingly, the Qujing Intermediate people's Court issued the Civil Mediation statement of the Intermediate people's Court of Qujing City, Yunnan Province (No. 7 of the beginning of the Republic of China in 2019), and held that: after examination, the above agreement did not violate the provisions of the law and did not harm the social and public interests. The specific confirmation contents are as follows:

1. In addition to the restoration, greening, tree planting and other alternative repairs that have been carried out by the defendant, the defendant Yunnan Luoping Zinc Power Co., Ltd. within one month of the signing of the settlement agreement, compensation for the loss of ecological services during the period from damage to restoration of the ecological environment in this case is 1.9 million yuan, which is used for environmental restoration and relief for environmental damage (the plaintiff has the right to supervise the management and use of the funds).

The Company and all members of the board of directors guarantee that the content of the information disclosure is true, accurate and complete, and that there are no false records, misleading statements or material omissions.

2. Within one month of the signing of the settlement agreement, the defendant Yunnan Luoping Zinc Power Co., Ltd. shall pay a lawyer agency fee of 150000 yuan to the China Biodiversity Conservation and Green Development Foundation. Pay investigation and evidence collection fees and travel expenses to the designated account of the plaintiff China Biodiversity Conservation and Green Development Foundation (the specific amount shall prevail on the bill).

3. Within one month of the signing of the settlement agreement by the defendant Yunnan Luoping Zinc Power Co., Ltd., pay Beijing Fengtai District Source lovers Environment Research Institute this case investigation and evidence collection fees, travel expenses (whichever is the bill) and litigation agency fees totaling 100000 yuan to the designated account of Beijing Fengtai District Source lovers Environment Research Institute.

4. The acceptance fee of this case is 21900 yuan, which is halved by 10950 yuan, which shall be borne by the defendant Yunnan Luoping Zinc Power Co., Ltd.

After the completion of this lawsuit, it is expected that the company's current net profit will be reduced by about 2.5 million yuan (including possible investigation and evidence collection fees and travel expenses of about 350000 yuan), and the specific impact amount will be subject to the final annual audit results of the accounting firm.

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