Sanan Optoelectronics was applied for enforcement due to arrears of over 300 million yuan in equipment payments.
On March 3, Huite Technology (6706), an LED equipment factory, announced that it had filed an application for compulsory execution to the local court in Chinese Mainland for the contract dispute with two companies of San'an Group. The targets of this compulsory enforcement are Quanzhou Sanan Semiconductor and Hubei Sanan Optoelectronics, with a total recovery amount exceeding 43.29 million US dollars (298.7 million yuan) and 30.37 million yuan, exceeding 300 million yuan.
Whit said that it had previously signed a series of contracts with Quanzhou San'an Semiconductor and Hubei San'an Optoelectronics, and the Chinese Mainland International Economic and Trade Arbitration Commission ruled that the two companies should pay Whit the payment for goods, derivative interest and related expenses.
However, as of March 3rd this year, Whit has not received the payment due, so it has decided to take legal action and file compulsory enforcement with the Quanzhou Intermediate People's Court in Fujian Province and the Ezhou Intermediate People's Court in Hubei Province.
According to the announcement, the mandatory enforcement amount against Quanzhou Sanan Semiconductor includes 29.825 million US dollars and 20.063 million RMB; For Hubei Sanan Optoelectronics, it includes 13.466 million US dollars and 10.309 million Chinese yuan.
Whit emphasized that the property preservation procedure had already been applied for at the beginning of the arbitration, and this enforcement action is a subsequent legal procedure, which has no impact on the company's current financial business and daily operations.
Regarding the follow-up of this case, Whit pointed out that progress reports will be released in a timely manner based on the actual progress of the case to safeguard the rights and interests of the company and shareholders. (Source: Taiwanese media)
Transferred from 【 Search LED Website 】: http://www.sosoled.com/news/show-18748.html
