JES Removed from China’s White List
- Business & Finance
Chinese shipbulder Jiangsu New East Marine Equipment Co has been removed from the official White List of shipbuilders issued by China’s Ministry of Industry and Information Technology (MIIT).
The list has been reduced now to 50 shipyards from previous 51. The Ministry did not disclose the reason behind this decision.
The Supreme People’s Court of China has blacklisted Jiangsu Eastern Heavy Industry (JEHI), also a subsidiary of Singapore-listed JES International for failing to settle its debt obligations in July this year.
The parent company JES International has been coping with losses as it recorded a first half net loss of RMB11.93 million (USD 1.94 million).
The said 50 companies form part of the first batch of review, with a further 21 shipyards being scrutinized for the second batch of the “white list”.