The news comes after “certain entities” commenced arbitration proceedings against three of the group’s wholly-owned subsidiaries, Jiangsu Tianchen Marine Import & Export Co., Ltd., Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., in June and September 2022 for an alleged breach of contract over 10 shipbuilding contracts.
The subsidiaries of Yangzijiang Shipbuilding will not have to pay the US$832.2 million ($1.12 billion) to its claimants, according to the arbitration tribunal in London. The amount comprises the loss of bargain and profits not upheld, according to a filing by Yangzijiang dated March 3.
The decision on the claimants' US$3.32 million deposit has yet to be determined.
