FAR International Receives Court Summons in China

MT Newswires Live12-23 11:08

FAR International Holdings Group Company (HKG:2516) said it received a court summons in China in a case involving the alleged smuggling of goods, according to a Hong Kong bourse filing Monday.

Shares of the logistics company gained over 1% in morning trade Tuesday.

The company's Hangzhou FAR International Logistics Shareholding unit, as well as two employees, one of whom has resigned, were asked to appear at the Hangzhou People's Court on Dec. 24 in a case involving cross-border e-commerce import customs clearance and logistics services between July 2017 and June 2018.

According to the charge, a customer of Hangzhou FAR is suspected of underreporting imports, which the firm's then head of the import business department, along with subordinate employees, allegedly failed to catch.

Releant authorities believe the action caused a certain loss to national tax revenue, and are pursuing legal liabilities as a result.

FAR International said none of its current executives or those of Hangzhou FAR were party to the case, and if a court were to ultimately rule against its unit, only the subsidiary would bear responsibility for the ruling.

FAR International further said the ruling will not have any material adverse impact on its financial performance.

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