Grace 10th October 丨 pt intl dev (00372.HK) announced that on October 3, 2024, PT OBOR Financial Holdings Limited (PT OBOR) (the subscriber of the subscription) initiated legal proceedings against Mr. Zhu Bin (the sole legal and beneficial owner of Qianyang before the completion of the subscription and the guarantor under the subscription agreement) for reasons including deception/fraudulent misrepresentation and breach of guarantee.
PT OBOR made the following claims against Mr. Zhu: (1) a declaration of the termination of a subscription agreement, or (as an alternative) a law instructing the termination of the subscription agreement; after the termination of the subscription agreement: (2) an amount of 205,830,000 Hong Kong dollars; as an alternative to (1) and (2): (3) assessed damages; (4) compensation; in any case: (5) interest; (6) expenses; and (7) further and/or other compensation.
Qianyang is an indirect non-wholly-owned subsidiary of the company, with 65% and 35% equity owned by the group and Mr. Zhu, respectively. Its subsidiaries mainly provide petrochemical port and warehousing services and related port services by operating the terminal at Yingling Terminal in Qinzhou Port, Guangxi, China.
