Banks Freeze Sainty Marine’s Assets

Business & Finance

Two banks have frozen Sainty Marine’s assets, the Chinese shipbuilder said in a filing with Shenzhen stock exchange.  

Namely, the Bank of China has frozen its account with balances of RMB 1.06 million (USD 170,800) whereas Export-Import Bank of China (Exim Bank) has frozen a dual-currency account with balances of RMB 22.99 million and USD 2,491.78, the filing shows. The bank accounts with balances total in around USD 3.8 million.

The struggling shipbuilder said that it had not received a court notice from the banks on their decision.

The move comes following last week’s court order on freezing of the company’s assets worth RMB 300 million.

In addition, Sainty Marine reported defaults on USD 9.2 million bank loans, secured from Bank of Nanjing and China Merchants Bank.

The company said the defaults were a result of tight liquidity.

Sainty Marine is facing the risk of a delisting from the stock-exchange.