Northeast Electric Ordered to Pay 31 Million Yuan After Court Rules Debt Transfer Invalid; Shares Fall 3%

MT Newswires Live

Oct 13

Northeast Electric Development (HKG:0042) said a district court in Shenyang has ruled a 2005 debt transfer agreement between the company and Liaoning Trust and Investment invalid, according to an Oct. 10 Hong Kong bourse filing.

Shares of the firm were down over 3% in Monday afternoon trade.

The court ordered the firm to pay 31.5 million yuan in compensation, according to the filing.

The dispute stems from a 1997 loan of 35 million yuan issued by Liaoning Trust to Huludao Jinhua Chemical (Group), of which 27 million yuan is still unpaid.

The court found that the debt transfer signed during Liaoning Trust's liquidation period breached corporate liquidation laws and infringed on other creditors' rights.

Northeast Electric said it is currently assessing the potential financial impact of the ruling, which will be reflected in its audited annual results due by March 31, 2026.

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