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Wan LixinOpinion deputy editor of Shanghai Daily
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4 banks sue salt firm for units’ debts
Print Edition
FOUR banks have sued state-run Jiangsu Salt Industry Group Co for being a guarantor for two debt-ridden subsidiaries that have suspended production.
China CITIC Bank, China Construction Bank, China Mingsheng Banking Corp, and the Industrial Bank have brought the case to court for claims from Jiangsu Salt, according to a statement by the state-owned salt company.
Other lenders involved in the lending are China Guangfa Bank, the Bank of Jiangsu, the Bank of Nanjing, the Agricultural Bank of China, China Everbright Bank and China Bohai Bank, which have lent a total of 1.4 billion yuan (US$225 million) to the affiliate producers along with the four plaintiffs.
The total overdue amount was 348.6 million yuan. One of the subsidiaries has also borrowed 6.5 million yuan from the local district government, according to the statement.
The company had invested 3 billion yuan in projects that have resulted in losses of 500 million yuan.
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