Asia/Pacific News
Titan Makes Counter Claim Against GCL
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said today its Titan Fujian subsidiary has filed a statement of claims with the Shanghai Intermediate Court against Grand China Logistics (GCL), countering the action brought by GCL against Titan over the sale of the Titan terminal at Quanzhou.
Titan said the filing was made on August 23, 2012 and sought the completion of the agreed sale transaction by GCL plus related damages and costs.
On May 30, 2012 GCL commenced legal proceedings against Titan and its Titan Fujian and Titan TQSL subsidiaries to terminate the sale of the Titan terminal at Quanzhou to GCL, action Titan said in July it intended to "vigorously" defend itself against.
GCL is also seeking repayment of monies already paid to Titan as part of the transaction totaling RMB740 million, approximately HK$912.57 million (US $118 million) plus interest.
According to the press release, Titan and Titan TQSL will join in the action after they have completed notarisation of documents as required by the People's Republic of China (PRC) courts for offshore incorporated plaintiffs.
Titan announced yesterday that Mr. Hu Zhong Shan who specialises in PRC legal affairs and
commercial dispute resolutions had joined the board as a non-executive director for a term of 2 years.
