Gelonghui October 11?Golden Jubilee International Holdings (00091.HK) announced that the company's board of directors was informed that the company's indirect wholly-owned subsidiary, Yingfa Energy Co., Ltd. ("Yingfa Energy"), had received a subpoena accompanied by a civil complaint issued by the Changqiao District people's Court of Suzhou (the "court"). The content relates to the claim made by the third Exploration team ("plaintiff") of Anhui Coal Geology Bureau against Yingfa Energy (as defendant) that the unpaid project fee ("project fee") charged by the plaintiff to Yingfa Energy under the contract was not paid. The plaintiff seeks a court order to pay the project cost and the interest incurred on the project cost totaling about RMB 2985000.
The plaintiff is a contractor under the Sunan Coalbed methane Exploration and drilling contract entered into between the plaintiff and Yingfa Energy on November 17, 2021. According to the terms of the contract, the plaintiff is responsible for providing drilling services for Yingfa Energy Exploration contract area in Sunan, Anhui Province of the people's Republic of China during the term of the contract.
The first court hearing of the action is scheduled for October 16, 2023. The company is now seeking legal advice on the lawsuit.