SAIC Reserves the Rights

News from Shanghai Automotive Industry Corp reported that it would protect its legitimate rights in defending itself against a lawsuit filed by smaller shareholders of its South Korean unit, Ssangyong Motor Corp. Ssangyong Motor Corp are seeking 1-billion-won (US$730,000) compensation from Shanghai Automotive Industry Corp. Ssangyong's smaller shareholders accused the company's former executives, including SAIC President Chen Hong, and SAIC of illegally transferring technologies and leading Ssangyong to bankruptcy protection in January. They alleged that SAIC failed to keep its promise to invest US$1 billion in Ssangyong when the Chinese automaker bought the South Korean car maker in 2004.

 

SAIC possesses 51 percent shares of Ssangyong Motor Corp. Ssangyong was taken over by the bankruptcy court after the financial crisis triggered a sales slump and a liquidity crisis.

Related China Bus News

• BYD Delivers 100 Units of 12-Meter Electric Buses to Uruguayan Operator CUTCSA 09-26
• Ankai Bus: High Standards Escort World-Class Event 09-26
• Zhongtong H12 High-end Tourist Bus Officially Delivered to Jilin 09-25
• Ankai Empowers Smart Mobility with Innovative Technology 09-24
• Visiting Invitation: China Buses Expo 2024 in Shanghai China 09-20
• Foton eVIEW GRAND World Debut in Saudi Arabia 09-20
• Higer Bus Shines at the IAA Transportation 2024 in Hannover 09-19
• Zhongtong H13E Debuts at the 2024 IAA Transportation in Hannover 09-19
• First Appearance of Higer Bus at the IAA TRANSPORTATION 09-14
• Consul General of Australia in Shanghai Visits Bonluck Bus Company 09-14
• Shudu Bus Delivers 100 Buses to Nigeria 09-14