Bankrupt Taizinai Group Ordered to Pay Citigroup 500 Million Yuan

Economic Observer Online
November 8, 2010
translated by Ruoji Tang
Original Article: [Chinese]

A Beijing Higher People's court is said to have already announced its verdict in relation to a case brought by Citigroup China's Shanghai branch against the bankrupt Chinese dairy group Taizinai Group.

An Economic Observer reporter has learned that the Taizinai Group will be required to pay Citibank 500 million yuan in defaulted loans with interest and fines.
Citibank was Taizinai Group’s largest creditor.

Li Tuchun, founder of the Taizinai Group, will be personally liable to pay back hundreds of millions in company loans to Citibank.

Taizinai is registered abroad, and has already been ordered by a Cayman Islands court to liquidate its assets earlier this year.