Another lender demands Sunvic unit repays loan

on Feb 8, 2020. Meanwhile, executive director Mr Yang has also quit and departed the firm in November. Mr Sun and Mr Yang’s resignations came after Sunvic’s audit committee recommended disciplinary action against them for their involvement in corporate guarantees provided for 222.5 million yuan in loans.XCAIH’s sole shareholder is the Office of Xiangshui County State Owned Asset Management Committee, a third party unrelated to Sunvic.

Jiangsu Jurong had obtained the 35 million yuan loan from XCAIH in November, to repay a 34.2 million loan provided by another lender, China Construction Bank Corporation . The CCBC loan came due this August, after which Jiangsu Jurong received a letter of demand from CCBC for its immediate repayment. The loan was used for Jiangsu Jurong’s working capital.

According to an Oct 2 filing, Jiangsu Jurong and its subsidiary also received four other letters of demand from other Chinese banks. The total amount due and repayable from those four loans plus the CCBC loan had been 166.1 million yuan, the Oct 2 filing stated. Trading in Sunvic Chemical shares has been suspended since Jan 14 on the company’s request. The counter last traded at 2.2 Singapore cents.

Source: News Formal (newsformal.com)

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