Sep 18, 2013 06:53 PM

Companies' Messy Debt Dispute behind Cruise Liner Episode in S Korea

(Beijing) – The recent detention of a Chinese cruise liner in South Korea has put a years-long contract dispute involving Hainan Airlines Group, a subsidiary and a Hong Kong-registered ship leasing firm in the spotlight.

Shagang Shipping Co. asked South Korean authorities to seize the Henna, an HNA-controlled liner that had more than 2,300 people on board when it stopped at Jeju Island. This happened on September 13 as part of Shagang's efforts to recoup losses from a contract default by a subsidiary of HNA, Grand China Shipping Co. (GCS).

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