HSBC seeks a $220 million claim from milk producer China Huishan Dairy Holdings Co.

Almaty. September 13. Silkroadnews – HSBC seeks a $220 million claim from milk producer China Huishan Dairy Holdings Co., information portal Market Watch wrote.
China Huishan Dairy Holdings Co. Ltd. reported that HSBC Holdings PLC demanded immediate repayment of loans to the amount of $220 million, the publication reads.
It is explained that China Huishan has already received two letters from HSBC saying all loans, accrued interests and other outstanding amounts are subject to immediate repayment. The deadline for payment is 14 September.
HSBC’s claims include repayment of a loan of $200 million and unpaid interest of $6.37 million. In addition, HSBC terminated another loan for $13.7 million and demanded its immediate repayment.
According to Reuters, in 2013 China Huishan Dairy was one of the world’s biggest dairies with an IPO of $1.3 billion and turned into an example of risky financing and financial problems.
The company’s shares, which depended heavily on short-term loans, fell in March, and then were suspended. Since then, most of the company’s executive have stopped working, the company has missed payments on loans and lost contact with the key executor in charge of finance. In addition, the regulator of Hong Kong securities initiated an investigation against the company.