Cosco Ship Intl (00517.HK) announced that a third-party commercial bank has filed a claim for 9.3739 million USD against the company’s non-direct wholly-owned subsidiary, New Summit, in the General Division of the Singapore High Court, or for assessed damages, interest, and costs.

The plaintiff has made allegations against New Summit, claiming that it made fraudulent and/or negligent misrepresentations in the trade financing provided to Coast Petroleum Singapore, in violation of Section 2 of the Singapore False Statements Act (1967) and/or conspiracy. New Summit is seeking legal advice regarding this litigation. New Summit believes the plaintiff’s claim is baseless and intends to defend and vigorously contest the suit.

Cosco Ship Intl stated that based on the current assessment, this litigation does not have a significant adverse impact on the overall business or daily operations of the group, nor does it have a major financial impact.