Shandong Shipyard's Lesson: Don't Rock a Bank

(Beijing) -- What was initially billed as a lucrative order from a European customer has pushed a Shandong Province shipbuilding company to the brink of bankruptcy and ruined its relationship with one of China's biggest banks.

Rushan City Shipbuilding Co. is fighting for survival after filing a lawsuit recently against the Rushan branch of the Agricultural Bank of China (ABC) – the latest in a series of ugly legal battles involving the bank and shipping companies that began in 2010.