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Suncity Group reaches agreement to unfreeze RMB800 million in assets

Monday, 26 February 2018 06:42
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Macau junket operator Suncity Group Holdings Ltd has announced the release of frozen assets and properties valued at RMB209 million after entering into a settlement agreement in a Shenzhen court.

The agreement follows a ruling by the Guangdong Province Shenzhen City Intermediate People’s Court in July 2017 that saw assets totaling RMB807 million – including bank accounts and property – frozen pending litigation in regards to enforcement of an RMB120 million bank loan.

The loan, obtained by a mainland Chinese company owned 40% a former Suncity Group director, was guaranteed by two wholly-owned Suncity Group subsidiaries, Sun Century Property Group Company Limited and Shenzhen Zirui Real Estate Development Limited. The companies were also guarantors in a related civil case concerning a request for consultancy fees provided to the former director by an individual related to the bank loan.

In a filing to the Hong Kong Stock Exchange on Friday, Suncity Group said it had now entered into settlement agreements with the relevant parties to settle the bank claim for an amount of RMB235 million, the consultancy claim for RMB45 million and a deposit placed in court of RMB84 million “which has been used as partial settlement of the consultant claim.”

It added that, “Written Orders have been obtained to release the frozen assets and those properties held by Shenzhen Zirui under the bank claim and the consultant claim.”

 

 

 

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