China’s Sinotruk Corporation Trying To Get 14.5 Million Dollars Back From Russia
28.10.2009 — News
THE SVERDLOVSK OBLAST.
The China National Heavy Duty Truck Import & Export Co. (Sinotruk) has won a case in the Russian court. On 28 October the Arbitration Court of the Sverdlovsk Oblast declared "justified" the Chinese creditor's claim of 14.5 million dollars against StroyDorMash Ltd. (Ekaterinburg).
In 2008 Sinotruk has supplied road building machinery to StroyDorMash for which the buyer has not paid in full. Xie Jinying, the Consul General of the PRC in Ekaterinburg, told RusBusinessNews that this is the first time that the Chinese have encountered this kind of extraordinary situation.
This Urals company is a large distributor of imported, predominantly Chinese, road building machines and parts. In September 2009 the company's management initiated the procedure of external monitoring at StroyDorMash Ltd.
More than 40 creditors are trying to get paid for machines and services supplied. The company's debt to Sinotruk is the largest. In experts' opinion it is unlikely that the creditors will manage to get they money in full. It cannot be ruled out that all of the company's liquid assets have already been funnelled out of StroyDorMash.
Sinotruk is the leading Chinese manufacturer of heavy trucks, special machines, dumper trucks, and articulated trucks with the full weight of up to 60 tons, as well as special automotive machinery and buses under the CNHTC brand. The corporation includes about 20 plants of various sizes.
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