Yangzijiang Shipbuilding (Holdings) (SG:BS6) has released an update.
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Yangzijiang Shipbuilding (Holdings) Ltd. is currently embroiled in arbitration proceedings regarding alleged breaches of contract in 10 shipbuilding contracts worth approximately USD 900 million. The Claimants have commenced legal action seeking around USD 835 million, but the company’s legal advisors believe these claims lack merit and are highly improbable to succeed. With the first arbitration hearings set for November 2024, the company’s subsidiaries are vigorously defending against these claims.
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