Lingyuan Iron & Steel wins appeal in CNY 49.5m lawsuit

Lingyuan Iron & Steel Co., Ltd. announced that the Liaoning Province Chaoyang Intermediate People's Court has dismissed an appeal filed by Jiangsu Bank Co., Ltd. Shenzhen Branch. The court upheld the original ruling to dismiss the lawsuit, finding that the case involved suspected economic crimes rather than a civil dispute. This outcome means the court will refer relevant materials to public security or procuratorial organs for further investigation.

The lawsuit involved a claim of CNY 49,558,237.43 plus accrued interest and expenses, stemming from a contract dispute. Lingyuan Iron & Steel, as the appellee and original plaintiff, had initially filed the civil lawsuit against Jiangsu Bank on January 9, 2024. The court's decision was based on Article 11 of the Supreme People's Court's "Provisions on Several Issues Concerning Economic Criminal Suspects in the Trial of Economic Dispute Cases (2020 Revision)," which states that cases initially accepted as economic disputes should be dismissed if they involve suspected economic crimes.

Lingyuan Iron & Steel confirmed that this judgment will not negatively impact its daily operations or its current and future profits. The company will continue to actively manage the case and fulfill its information disclosure obligations. As of the announcement date, Lingyuan Iron & Steel and its subsidiaries have no other significant undisclosed litigation or arbitration matters.