Yangzijiang shares rise after UK High Court rejects appeal on $1.06 billion case against subsidiaries
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The claims, brought in 2022, relate to shipbuilding contracts for 10 vessels totalling US$900 million.
PHOTO: YANGZIJIANG SHIPBUILDING
SINGAPORE – An appeal by claimants seeking US$832.2 million (S$1.06 billion) from three wholly owned subsidiaries of Yangzijiang (YZJ) Shipbuilding has been dismissed by the United Kingdom’s High Court.
In a bourse filing on March 16, the mainboard-listed shipbuilder said the court not only dismissed the appeal, but also refused the claimants’ application for permission to appeal further.
Shares of YZJ Shipbuilding on March 17 rose as much as 1.8 per cent to $4 after the company’s announcement.
The counter pared gains and closed up three cents, or 0.8 per cent, at $3.96.
The claimants were not named, but the group noted that “certain entities” had originally brought the case against three YZJ units – Jiangsu Tianchen Marine Import & Export, Jiangsu Yangzi Xinfu Shipbuilding, and Jiangsu New Yangzi Shipbuilding – in 2022.
It involved the alleged breach of contract on 10 shipbuilding agreements with a combined value of around US$900 million, and claims of US$832.2 million on loss of bargain and loss of profits.
In March 2025, the group announced that an arbitration tribunal in London did not uphold the claims against its subsidiaries. In June the same year, the group said the High Court had granted the claimants leave to appeal, although it is unclear when the subsequent appeal itself took place. THE BUSINESS TIMES
