Kangqiao Service Group Limited (HK:2205) has released an update.
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Kangqiao Service Group Limited is embroiled in a lawsuit with a bank in China over a contested promissory letter, with the subsidiary’s potential liabilities amounting to over 600 million RMB plus various costs. The company’s board is working with legal advisors to challenge the validity of the claim and is prepared to defend the case in court later this year. The company’s controlling shareholder has pledged to indemnify any losses related to the litigation, and further updates will be provided to shareholders and investors.
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