TAI UNITED HOLD's subsidiary received a court execution notice regarding the Anyang construction case, involving over 3.9 million yuan
TAI UNITED HOLD announced that its subsidiary Anyang Jiangchuan received an enforcement notice from the court, involving an amount exceeding 3.9 million yuan. The notice requires Anyang Jiangchuan to pay outstanding construction fees, default interest, and court costs to the previous construction service provider. Anyang Jiangchuan is required to report its financial status and negotiate repayment methods with the court and the supplier, including installment payments. Failure to comply with the notice may result in damage to its credit record
According to the announcement from TAI UNITED HOLD (00718), the company has provided information regarding a lawsuit claim against one of its subsidiaries, with dates set for October 29, 2024, and December 10, 2024.
Anyang Jiangchuan recently received an enforcement notice (Anyang Construction Case Enforcement Notice) and a property reporting order (Anyang Construction Case Property Reporting Order) issued by the People's Court of Beiguan District, Anyang City, Henan Province, concerning the aforementioned announcement. According to the Anyang Construction Case Enforcement Notice, the judgment has taken effect, and the Chinese court has ordered Anyang Jiangchuan to pay the judgment amount to the former construction service provider in Anyang, which totals (i) approximately RMB 3.9 million (the sum of unpaid construction fees, default interest, and court fees); and accrued interest from January 24, 2013, until the payment date. According to the Anyang Construction Case Property Reporting Order, Anyang Jiangchuan is also required to report its current financial status and that of the year prior to receiving the Anyang Construction Case Enforcement Notice to the relevant Chinese court. Should Anyang Jiangchuan fail to comply with the Anyang Construction Case Enforcement Notice, it may face additional consequences, including but not limited to being recorded on credit records and being listed as a dishonest person subject to enforcement.
Anyang Jiangchuan is in contact with the relevant Chinese court and the former construction service provider in Anyang to discuss the execution details of the Anyang Construction Case Enforcement Notice and feasible repayment methods, including but not limited to installment payments and other arrangements
