Asia-Pacific Strategic Investments Unit Cleared in China Lawsuit, Plaintiff Files Appeal

MT Newswires

Jun 26

Asia-Pacific Strategic Investments (SGX:5RA) subsidiary, Huzhou Dixi Gengdu Ecological Agriculture Development, along with the District Government of Nanxun District, was cleared in a claims case by a Chinese court, brought by Champ Crown International Investment.

Champ Crown was seeking compensation of around 95 million yuan over alleged breach of agreements, according to a Thursday filing with the Singapore Exchange.

Meanwhile, the claimant has filed an appeal with the Zhejiang Higher People's Court, with the judgment not considered final.

Earlier, the company's subsidiary, along with the District Government of Nanxun District, had received a notice from Champ Crown over an alleged breach of certain agreements between the plaintiff and defendant in relation to the Phoenix Island National Ecological Civilization Demonstration Zone.

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