Guiyang Bank Sues Unit of Copper Giant Amer as $239 Million Loan Goes Sour

00:00

00:00/00:00

Listen to this article 1x

Bank of Guiyang said it had written off the unpaid loans and expects the case to have no substantial impact on its profits

Bank of Guiyang Co. Ltd. (601997.SH), a regional lender based in Southwest China’s Guizhou province, has filed a lawsuit against a unit of Amer International Group Co. Ltd. for 1.7 billion yuan ($239 million) of unpaid loans, adding to a flurry of complaints facing the once high-flying private conglomerate.

A court in Guiyang, the capital of Guizhou, has accepted the case against Guizhou International Commodity Supply Chain Management Co. Ltd., Bank of Guiyang said in a Tuesday filing. The bank demanded that Guizhou International repay the principal and interest for 1.6 billion yuan in loans it extended to the company under a 2021 agreement. Guizhou International’s parent company, Amer, and its founder, Wang Wenyin, provided guarantees for the loans, according to the bank.