Northeast Electric Development Co., Ltd. Class H (HK:0042) has released an update.
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Northeast Electric Development Co., Ltd. has disclosed an enforcement notice from the Intermediate People’s Court of Jinzhou City, Liaoning Province, concerning a loan dispute with the Bank of China, Jinzhou Branch. The court has mandated the immediate payment of approximately RMB 93 million in principal and interest within seven days of the notice delivery. This financial obligation results from a loan guarantee responsibility that the company undertook for its former subsidiary, Jinzhou Power Capacitor Co., Ltd., in 2004.
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