CLP Guangtong proceedings to recover 200 million loan of China Cable

CLP Guangtong before the Beijing High Court sued cable TV network in China to pay a total of more than 200 million yuan, Ltd. arrears payment and penalty. The court has accepted the case on October 16, hearing date has been set.

The case stems from December 2003 19 Japan-China Electric Cable China Guang Tong signed a supply contract. The national radio and television line, and upgrading pilot project system equipment supply contract total purchase price of 309.64 million yuan, according to their contract, contact the Council under the project delivery time and volume of the number or the contract agreed to change the delivery date and batch number shipment contract equipment; China Cable are paid in three phases. The first phase should be in the equipment within 90 days after delivery to pay 85% of total contract amount equipment; the second phase should be completed joint testing equipment in the system within 10 working days after the payment of 10% of total contract amount equipment; The third period should be in the equipment within one year after delivery to pay 5% of total contract amount equipment.

CLP widely known, as of October 16 this year, the company under a supply contract requirements and verification has been sent by the China Cable goods worth 260.8 million yuan. Wired money to pay 78 million yuan in China, the outstanding loan 182.8 million yuan, according to the two sides agreed in the contract the purchase method of calculating liquidated damages penalty counted 50.5 million yuan.

Therefore, the CLP Guangtong the defendant to pay a total of 230 million yuan of defaulted loans and liquidated damages. CLP Guangtong said the trial the proceedings, the final decision or the result of the company's current profit after the effects of uncertainty.






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