Zhengyuan Geomatics Unit Seeking $10.5 Million in Unpaid Construction Bills; Shares Up 3%

MT Newswires · 09/27/2022 14:08

02:07 AM EDT, 09/27/2022 (MT Newswires) -- A subsidiary of Zhengyuan Geomatics Group (SHA:688509) has filed a lawsuit in China's Harbin City over unpaid construction costs against a local government unit.

The subsidiary, Harbin Institute of Technology Zhengyuan Information Technology, sued Tieling Housing and Urban-rural Development Bureau for a total of 75.3 million yuan ($10.5 million), including 30 million yuan in construction costs and 45.3 million yuan in liquidated damages due to overdue repayment.

The lawsuit is in relation to a deal signed on Dec. 31, 2019, under which Tieling Housing hired Harbin Institute to provide general contracting services for a sewage treatment plant and pipeline network project.

Tieling Housing has already made some payments, but missed on paying the remaining amount in the contract.

The company has yet to determine the impact of the lawsuit.

Zhengyuan Geomatics' shares rose 3% in Shanghai trading recently.

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