The letter of guarantee of Guang steel shares involves 5.09 million USD lawsuit

NetEase Finance July 23 News Canton Steel shares Friday evening issued a notice that the company issued under the name of the guarantee Huamei company to fulfill the charter contract of the "guarantee letter", become ELP v. Huamei Company did not fulfill the charter party case of the second defendant. The announcement indicated that January 22, 2009, the Canton Steel shares received the British High Court issued the indictment, shipowners Emeraldian LIMITED Partnership (this article referred to as "ELP") requested the Court Decree Huamei Shipping Co., Ltd. ("Huamei Company" ) to incur a demurrage of USD 5.09 million and its interest and legal expenses resulting from the failure to perform the charter contract. At the same time, ELP listed the Canton Steel shares as the second defendant in the case on the basis of a warranty letter issued by the company on behalf of the corporation to fulfill the charter contract, and asked the Guang Steel shares to bear joint and several security liabilities for the demurrage charges mentioned above.　　The case was adjudicated by the High Court of England, and the company lost the lawsuit. The company said it is currently unable to assess the real losses it may suffer from this matter.　　The company has commissioned a lawyer to study the relevant contracts and anti-guarantee letter, will take measures to the relevant responsible party for recourse, and strive to minimize such losses. The parties concerned plaintiff: Emeraldian LIMITED Partnership, a limited partnership incorporated under the Liberian legislation, is the owner of the case; Defendant: Sino Shipping Co., Ltd., Guangzhou Steel Holdings Limited 2007 shipping agency commissioned for the transport of imported ores , is a company registered in Hong Kong, defendant two: Guangzhou Iron and Steel Co., Ltd.