An investment firm backed by the state of Utah sued China’s troubled Sanpower Group Co. in a Hong Kong court to recover $163.2 million in unpaid debt and accrued interest.
Two group units -- Sanpower (Hong Kong) Co. and Sanpower Electronics Trading Co. -- failed to repay $150 million in loans due to Eight Dragons Investments Ltd., according to the lawsuit, which was submitted Sept. 10 to the Hong Kong High Court. Eight Dragons is also seeking $13.2 million in accrued interest, according to the document.
The suit threatens to become the latest setback for a Chinese group that recently ...
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