ecns [expanded by feedex.net]: Citic Trust misses payment to investors

ecns [expanded by feedex.net]

ecns

Citic Trust misses payment to investors
http://www.ecns.cn/business/2012/12-25/42234.shtml
Dec 25th 2012, 08:03

















2012-12-25 17:03 China Daily     Web Editor: qindexing
comment


Citic Trust Co, a unit of China's biggest State-owned investment company, missed a biannual payment to investors in one of its products after a steel company missed making interest payments on an underlying loan.


A sustained fall in steel prices and losses incurred by Yichang Three Gorges Quantong Coated and Galvanized Plate Co caused the company to miss 74.6 million yuan ($12 million) in interest payments, according to a statement on Citic Trust's website on Friday.


As a result, Citic Trust won't be able to pay investors the latest installment in a trust product payment that was due on Thursday, it said.












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