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CITIC Resources: US$90M aluminum supply claim moved to criminal proceedings

CITIC Resources Holdings Ltd. on Jan. 19 said it transferred US$89.8 million plus interest to the Qingdao Public Security Bureau, in line with a civil court ruling, for allegedly breaching an aluminum ingots supply contract with Shanxi Coal Import & Export Co. Ltd.

The company's CITIC Australia Commodity Trading Pty Ltd. subsidiary previously denied having entered into any contract and considers the claim to be baseless.

The claim will now be resolved under Chinese criminal legal procedure, and the company expects termination of the claim, leaving Shanxi Coal with no further rights against CITIC Resources.