HONG KONG's Shagang Shipping has obtained an order for the arrest of the HNA Group controlled 175,858 dwt Bulk Peace from the Western Australia District Registry, said a company statement.
"We are shinning a light on HNA and locating all of HNA's assets to enforce our claims. Whether these assets are heavily financed and backed by complicated leveraged transactions or not, we are examining them all closely," said a Shagang Shipping spokesman.
The move is part of a long-running legal campaign seeking US$66.4 million from HNA Group, which allegedly failed to honour a guarantee and comply with its contractual obligations surrounding the 2008 hire of the 179,329 dwt Dong-A Astrea, another bulker.
To enforce court orders and arbitration awards, Shagang Shipping has arrested three ships, obtained a winding up order against the HNA company Grand China Shipping and was granted a subpoena from the Southern District Court of New York requiring seven US and Chinese banks affiliated to HNA to provide details of the group's financial transactions.
"It is well reported that HNA relies on complicated lines of credit in order to aggressively expand and invest in aviation, shipping and hotels. But if HNA Group truly has unlimited access to such lines of credit we do not understand why they are going to such great lengths to avoid and delay honouring their contractual obligations to their business partners," said the Shagang statement.
WORLD SHIPPING
20 March 2014 - 20:13
Shagang Shipping arrests ship in Australia in continuing battle with HNA
HONG KONG's Shagang Shipping has obtained an order for the arrest of the HNA Group controlled 175,858 dwt Bulk Peace from the Western Australia District Registry, said a company statement.
WORLD SHIPPING
20 March 2014 - 20:13
Shagang Shipping arrests ship in Australia in continuing battle with HNA
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