Luen Mei Quantum Ordered to Pay 82 Million Yuan Over Loan Dispute

MT Newswires Live10-20

Luen Mei Quantum (SHA:600167) was ordered to pay 81.6 million yuan over a loan dispute, according to a Shanghai bourse filing on Saturday.

The company's shares jumped over 6% at the close of Monday's trade.

The People's Court of Wuqing District, Tianjin, China, ordered the energy service provider to pay the amount to Tianjin Kaisen Group.

The loan was related to Luen Mei's acquisition of Shandong Heze Fulin Thermal Technology from Tianjin Kaisen.

Luen Mei Quantum said it will exercise its litigation rights to safeguard its interests. The company is allowed to appeal the judgement, but the company is yet to file one.

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