AllBright Advises Client on RMB 20 Million Arbitration Victory2013-09-172970
On August 26, 2013, AllBright client Zhao Yanwei won an arbitration case against Taizhou Jinjiang Goose Co., Ltd. (“Jinjiang Goose”) and the Technology and Innovation Park Branch of the Jiangsu Taizhou Rural Commercial Bank Co., Ltd. (the “Tech and Innovation Branch”), with the decision in favor of AllBright’s client issued by the China International Economic and Trade Arbitration Commission (“CIETAC”).
The claimant, Zhao Yanwei, previously signed a loan agreement to lend RMB 20 million (US$3.3 million) to Jinjiang Goose, with the Tech and Innovation Branch as the guarantor. The claimant fulfilled its obligation by lending the money to Jinjiang Goose, which then failed to pay back the loans as agreed. Accordingly, the claimant filed an arbitration claim with CIETAC, which upheld such claim and ruled that: (1) The respondents shall pay back the RMB 20 million principal amount; (2) the respondents shall pay an annual interest rate of 24.4 percent until such principal amount is repaid; (3) the respondents shall pay claimant’s attorney fees; (4) the respondents shall pay all relevant arbitration fees.
AllBright’s Beijing office partner Susan Guo advised Zhao Yanwei.