Dalian Huarui Heavy Industry Receives Arbitration Settlement from Australian Firm
MT Newswires Live
Aug 12
Dalian Huarui Heavy Industry (SHE:002204) unit Huarui International obtained the final residual settlement payment of about 29.0 million yuan from Duro Felguera Australia.
This marked the full conclusion of a long-running Singapore arbitration case initiated in 2017 over a contract dispute, according to a Wednesday filing with the Shenzhen bourse.
The steel castings producer has fully provisioned for the outstanding amounts and will write off the remaining provisions. The finance department estimates a 21.7-million-yuan increase to profit from the settlement payment.
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