General Announcement::RESULT OF PRC COURT AUCTION
Issuer & Securities
CHINA ENVIRONMENT LTD.
CHINA ENVIRONMENT LTD. - SG1Y42946521 - 5OU
Date &Time of Broadcast
Announcement Sub Title
RESULT OF PRC COURT AUCTION
Submitted By (Co./ Ind. Name)
Corporate Affairs Mgr
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board" ) of China Environment Ltd. (the "Company" ) refers to the Company's announcement dated 31 May 2017 informing the shareholders of the result of the Civil Suit by Bank of China Longyan ( "BOC" ) against the Company's wholly owned subsidiary Fujian Dongyuan Environmental Protection Co., Ltd ( "FJDY" ).
The PRC Court has auctioned off the land use rights and property assets of Anhui Dongyuan Environmental Protection Co., Ltd ( "AHDY" ) which had been pledged as security for the estimated RMB70 million in loan principal with interest due to BOC on 22 February 2019 for RMB60.56 million.
BOC will inform the company on the balance amount owing on the loan after the PRC Court has distributed the auction proceeds. The Company does not expect FJDY to be able to repay any outstanding balances due to BOC. FJDY maybe involuntarily wind up by BOC as a result.
The Company will update the shareholders accordingly on any further development