26 September 2014

[260914.EN.SEA] Lawsuit Cash Award to Improve Results This Year, Says Box Maker CIMC

HONG KONG-listed China International Marine Containers (CIMC), the world's biggest box maker, is close to recovering some of the US$208 million it lost on a deal-gone-wrong with Brazil's Schahin Group, which led to New York and London law suits.

"Recovery of outstanding balances is expected to have positive impact on the financial position of the company for the year," said CIMC in a filing to the Hong Kong stock exchange.

At issue in the stock exchange filing is $142 million in non-payments in shipbuilding payment, and for $66 million semi-submersible oil drilling platforms SS Pantanal and SS Amazonia built by CIMC Raffles.

A New York court awarded CIMC Raffles $74 million, including costs and interest in 2012 to be paid November 2013. Earlier this year, a London court ordered CIMC Raffles to be paid $126.6 million based partly on shipbuilding costs of $77.6 million.

Source : HKSG.

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