Shandong court rules to freeze assets of distressed copper smelter Dongying Fangyuan

The Shandong Dongying Intermediate People's Court has ruled to allow a branch of Shanghai Pudong Development Bank to freeze part of the assets belonging to Dongying Fangyuan, further impeding cashflow at the troubled Chinese copper smelter, according to a court document seen by Fastmarkets.

The document - 2019, Lu 05 Financial Security (No 17) - states that Shanghai Pudong Development Bank’s Dongying branch filed a pre-litigation property preservation request on December 12 this year against two parties: Dongying Fangyuan Nonferrous Metals Co Ltd and Dongying Lufang Metals Material Co Ltd.

The legal representative - a Chinese legal term referring to a person who acts on behalf of the company in exercising its functions and powers -...

Published

Julian Luk

December 23, 2019

12:53 GMT

London