Art Group Holdings Ltd. Faces USD 2 Million Lawsuit Over Corporate Guarantee, Assures No Material Impact on Operations

Reuters
Sep 26
Art Group Holdings Ltd. Faces USD 2 Million Lawsuit Over Corporate Guarantee, Assures No Material Impact on Operations

Art Group Holdings Ltd. has announced it is facing litigation initiated by MSC Air Cargo SA in the High Court of Hong Kong. The case concerns a claim for USD 2 million under an on-demand corporate guarantee provided by Art Group Holdings in relation to obligations from an aircraft charter agreement involving its subsidiary, Hainan Hong Kong-Macau Aviation Development & Investment Holdings Limited. The company stated that, based on its preliminary assessment, the litigation does not currently have a material adverse impact on its business operations or financial position. Art Group Holdings is consulting legal advisors and will update shareholders and investors on any significant developments.

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