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CWT International Says Operations Unaffected by Lawsuit Against Unit; Shares Slide 6%

MT Newswires ·  {{timeTz}}

10:12 PM EST, 01/26/2022 (MT Newswires) -- CWT International (HKG:0521) does not expect its operations and financial position to be significantly affected by a case in England involving unit Straits (Singapore), according to a late Wednesday filing.

The case is about ED&F Man Capital Markets' allegations that Straits has knowledge on certain forged receipts Come Harvest Holdings and Mega Wealth International Trading used in their deal with Man Capital.

Straits struck an agreement with Come Harvest and Mega Wealth in 2016 for the supply of certain commodities involved in the latter's transaction with Man Capital and provided them with copies of warehouse receipts of the commodities, which served as proof of their title of the commodities.

Man Capital said Straits "knew or should be treated as having known" about Come Harvest and Mega Wealth's forgery, according to the disclosure.

The High Court of England and Wales is set to rule on the case during the first quarter of this year.

Shares of the logistics services provider lost nearly 6% recently.

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