Xiamen Bank Co.,Ltd. Announces Progress in Financial Loan Contract Dispute: Yinxiang Oil Required to Repay Principal of 419 Million Yuan

Deep News09-29

On September 29, Xiamen Bank Co.,Ltd. issued an announcement stating that in April 2025, the financial loan contract dispute case involving the company, Xiamen Yinxiang Oil Co., Ltd. (hereinafter referred to as "Yinxiang Oil"), Oriental Group Co., Ltd. (hereinafter referred to as "Oriental Group"), and Xiamen Yinxiang Group Co., Ltd. (hereinafter referred to as "Yinxiang Group") was accepted by the Xiamen Intermediate People's Court.

The Xiamen Intermediate People's Court ruled in the first instance that Yinxiang Oil must repay the bank's loan principal of 419 million yuan plus interest, penalty interest, and compound interest, and pay attorney fees of 10,000 yuan and preservation fees of 5,000 yuan. If Yinxiang Oil fails to fulfill its debt obligations, the bank has the right to receive priority compensation from the proceeds of discount, auction, or sale of all collateral under the maximum mortgage contract.

Additionally, Yinxiang Group and Oriental Group bear joint and several liability for Yinxiang Oil's debts and have the right to seek recourse from Yinxiang Oil after undertaking guarantee responsibilities. Furthermore, the case acceptance fee of 2.2 million yuan shall be borne by Yinxiang Oil, Yinxiang Group, and Oriental Group.

The announcement mentioned that the company has already made corresponding impairment provisions for this loan, and it is expected that this litigation matter will not have a significant impact on the company's current or future profits.

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