More Bestway bank accounts frozen on suspected contract fraud

China’s Bestway Marine & Energy Technology has announced that several bank accounts of its subsidiary had been frozen.

Bestway explained that the bank accounts were frozen due to purchase and sales contract dispute, service contract dispute and failure to repay the debts.

Bestway warned that its operations might be affected.

Last month, the financially troubled Bestway received notice from Shanghai’s securities authority that its second largest shareholder was suspected of contract fraud. The company is currently under a restructuring process and was expecting to return to normal operation.

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