Weiye Co. disclosed that 45 bank accounts of the company and its subsidiaries were frozen by a court due to engineering disputes, with actual frozen funds of 295 million yuan. The announcement shows that the freeze involves two types of litigation matters. The first is an enforcement case concerning the Lijiang Heyue Huameida Plaza Hotel project, involving 19 frozen accounts and about 18.98 million yuan. The second is pre-litigation preservation for multiple engineering payment settlement disputes, involving 26 frozen accounts and about 340 million yuan. The two types of freeze together involve 45 bank accounts, with a cumulative book frozen amount of 359 million yuan. After excluding 55.42 million yuan of double-counted frozen amounts and 8.57 million yuan of funds already paid and pending release, the company's actual frozen funds are 295 million yuan. The company explained that all these are court-imposed limited preservation freezes, and excess funds in the accounts can still be paid normally, with no full account seizure occurring. Regarding the Lijiang enforcement case, the company has submitted an enforcement objection to the Lijiang Intermediate People's Court, requesting the release of the excessively frozen portion, and has also submitted a retrial application to the Supreme People's Court regarding the original judgment, pending case acceptance review. The company stated that this freeze is a temporary judicial preservation measure, not a default on its own debts, and that the remaining unfrozen accounts have sufficient cash flow, with its main business and daily capital turnover not materially and significantly impacted.
Shenzhen Weiye Decoration Group Co LtdCourt freezes 45 bank accounts due to engineering disputes, with actual frozen funds of 295 million yuan, though company says main business not materially impacted.
