CWT Intl (00521. HK) announced that the company recently purchased from its indirect subsidiary lines (Singapore) PTE. Ltd。 (“SSPL”) was informed of the progress and risk of the litigation in England (“the case”) arising from the trade financing business carried out by SSPL in 2016. The relevant facts of the case occurred when the company completed the acquisition of CWT PTE in December 2017. Limited (a wholly-owned subsidiary of a company).
From October 12 to November 12, 2021, the trial was held in the high court of England and Wales. Because other defendants in the case were absent from the trial or reached a settlement with the plaintiff, only the plaintiff and SSPL participated in the trial. At present, the trial procedure of the case has been completed, SSPL is waiting for the court’s decision, and the judgment is expected to be issued in the first quarter of 2022.
The company and SSPL will take corresponding measures according to the judgment results of the case, including but not limited to evaluating the possible impact of the case on operation and finance.
