In a fresh twist in the ongoing troubles of China Shanshui Cement Group, the company has announced that a unit of its subsidiary, Liaocheng Shanshui Cement, has been ‘illegally occupied’ by 200 unidentified people, Bloomberg reports.
According to a statement to the Hong Kong stock exchange, the firm claims that the occupation was carried out on the orders of former chairman Zhang Bin and founder Zhang Caikui.
China Shanshui has been struggling to assert its control over Shandong Shanshui Cement, following a series of disputes between the company and its employers and shareholders. Shandong Shanshui has defaulted on three bond payments since the start of 2016.
