Northeast Electrical claimed for HK$321.6

After the shareholding of the biggest shareholder was frozen and auctioned by the court, Northeast Electrical T&T Machinery Mfg.(0042) announced the company was claimed for the loan of HK$309mln and rate of HK$12mln.

As Northeast Electrical .(0042) does not have enough flowing capital to pay off debts, the loaner will take legal action against the company for unpaid debts, not excluding selling partial non-core asset of the company.

As Northeast Electrical has made loss for consecutive two years, its financial and business operation status will be negatively influenced if the company loss the case.

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