General Announcement::RESULT OF PRC COURT HEARINGS
Issuer & Securities
CHINA ENVIRONMENT LTD.
CHINA ENVIRONMENT LTD. - SG1Y42946521 - 5OU
Date &Time of Broadcast
Announcement Sub Title
RESULT OF PRC COURT HEARINGS
Submitted By (Co./ Ind. Name)
CORP 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 6 February 2017 informing the shareholders of civil suits against the Company s wholly owned subsidiary Fujian Dongyuan Environmental Protection Co., Ltd ( FJDY ). The Company has updates on the following civil suits announced on 6 February 2017:
(i) Civil Suit by Bank of China Bengbu against FJDY announced on 25 November 2016
Judgement was awarded to plaintiff. The judgment provides that FJDY shall be liable for the RMB20 million corporate guarantee that FJDY allegedly entered into for Bengbu Xingyuan Environmental Protection Technology Co., Ltd ( BBXY ). The Court also ordered that costs of RMB144536 shall be paid by BBXY and FJDY. FJDY is currently taking legal advice from its Chinese lawyers and considering its options.
The Company will update the shareholders as and when there are further material developments
BY ORDER OF THE BOARD
China Environment Ltd.
7 June 2017
Total size =255K