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China textile machinery’s stake in jingwei textile frozen

China textile machinery’s stake in jingwei textile frozen Source: www.bloomberg.com
Date: 30-12-2011
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China Textile Machinery’s 34 percent stake in Jingwei Textile Machinery (000666) was frozen by a Chinese court, Jingwei Textile said yesterday.

The Shanghai No. 1 Intermediate People’s Court froze the shares on Dec. 21 for two years, the company said in a filing to the Hong Kong stock exchange.

The judicial freezing follows an action brought to the court by China Construction Bank Corp. (939) in July 2011 concerning a 49 million renminbi loan guarantee contract it entered into with China Worldbest Group Co. (CWGZ), according to the statement.

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