Nanning Sugar Says Resolves Dispute With Martin Currie
China’s Nanning Sugar Manufacturing Co said on Friday its shareholders had agreed to resolve disputes with Scottish fund manager Martin Currie outside Chinese courts.
Martin Currie will pay Nanning Sugar 40 million yuan ($5.9 million) to settle three years of disputes involving alleged illegal stock trade gains, according to an exchange filing by the Chinese sugar maker.
Martin Currie, which buys China stocks under the country’s Qualified Foreign Institutional Investor (QFII) scheme, was sued in 2008 by Nanning Sugar for allegedly pocketing gains after buying more than 5 percent of its shares and selling them in less than six months.
According to China’s securities law, investors owning more than 5 percent of a listed company are restricted from selling the company’s stock within six months after purchase, or the listed company is entitled to the gains from such transactions.
Source: China Daily