It is reported that Zhongtian Finance recently received the Notice of Hearing from Wuhan Arbitration Commission, and China Construction Fourth Engineering Bureau Co., Ltd. (Hereinafter referred to as "China Construction Fourth Bureau") filed an arbitration against the company and some of its subsidiaries on the basis of construction contract disputes.
As of the date of this announcement, the Wuhan Arbitration Commission has not yet made an effective award.
In addition, on December 24, 2010, Zhongtian Finance, as an investor, Zhongtian City Investment Group Guiyang Real Estate Development Co., Ltd. Signed the General Contract for Construction of Guiyang "Shili Huachuan" Project with China Construction Fourth Engineering Group Co., Ltd., and agreed that China Construction Fourth Engineering Group Co., Ltd. would undertake the construction of Guiyang "Shili Huachuan" Project (now renamed as "Future Ark"). In view of the fact that the project funds have not yet been paid, the Fourth Bureau of China Construction has filed an arbitration against Zhongtian Finance and some of its subsidiaries for disputes over construction contracts. The arbitration claims of
China Construction Fourth Engineering Bureau include:
1. It is ruled that Guiyang Housing Development shall pay the overdue project payment of RMB 634 million and the overdue payment interest to China Construction Fourth Engineering Bureau;
2. It is ruled that Guiyang Housing Development shall pay the progress payment interest of RMB 42.7204 million to China Construction Fourth Engineering Bureau;
3. The ruling confirms that the Fourth Bureau of China Construction has the priority of compensation for the auction or discount of the future Ark F10 group project of Yu'an Anjing Hot Spring Travel City within the scope of the project funds;
4. Ruling that Zhongtian Finance, Zhongcheng Construction and Zhongtian Chengtou Group Co., Ltd. shall be jointly and severally liable to China Construction Fourth Engineering Bureau for the aforesaid first and second arbitration claims;
5. Ruling that the arbitration fees, preservation fees, insurance premiums and attorney fees of this case shall be jointly borne by the above-mentioned respondents.
Zhongtian Finance said in the announcement that from the previous announcement on December 8, 2022 to the disclosure date of this announcement, in addition to the major litigation cases already disclosed, the company and its holding subsidiaries have accumulated a total of 2.148 billion yuan in new litigation and arbitration cases. Accounting for 18.07% of the latest audited net assets of the Company.
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