Desay Battery land dispute settlement benefits 30 million yuan

Securities Times reporter Li Kun newspaper Desay Battery (000049) and Shenzhen Baoan Yu Feng Industrial Development Co., Ltd., the settlement of the land transfer dispute settlement, Desay Battery will be no more than 30 million yuan of revenue, about the Desay battery in the first three quarters of this year net profit of 3/4. March 1993 Desay Battery predecessor Shenzhen Wanshan Industrial Co., Ltd. and Shenzhen Baoan Yu Fung Industrial Company signed the Land Use Rights (industrial land) transfer contract. After Shenzhen Baoan Yu Fung Company without the consent of the deep Wanshan, unauthorized transfer of the contract to the deep Wanshan part of the land use rights transfer to the third person, resulting in the deep Wanshan has been unable to exploit the plot, infringement of the rights of the Deep Wanshan. Therefore, the deep mountains to the people's Court lawsuit. The court ruled that the above land use rights should be vested in the deep mountains.　　Deep Wanshan changed the name for Desay Battery, inherited the above rights.　　However, in the process of implementation, due to Shenzhen related policies and other reasons, although the national land sector has not completed the transfer registration procedures for several years, seriously hindered the implementation of the case process. For the foregoing, Desay Battery and Yufeng company are fully aware of and understand the difficulties and risks.　　In view of the above situation, in order to properly resolve the dispute, November 5 this year, Desay Battery and Yufeng company negotiated the implementation of reconciliation, and signed the "Settlement Agreement", Yu Fung Company to Desay Battery one-time full payment of 43 million yuan, Desay Battery agreed to exempt the company to transfer the above land use rights obligations. Desay Battery said that as of October 31, 2010, the target Land (industrial land) book value of 12.88 million yuan, the result of the settlement will bring the company 2010 annual income of not more than 30 million yuan. Desay Battery achieved a net profit of 40.9585 million yuan in the first three quarter of this year.