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BRIEF-National United Resources Updates On Order For Southgobi Sands To Pay $11.5 Million To Former Unit

Published 2020-02-19, 10:24 a/m
© Reuters.  BRIEF-National United Resources Updates On Order For Southgobi Sands To Pay $11.5 Million To Former Unit

Feb 19 (Reuters) - National United Resources Holdings Ltd 0254.HK :

* NATIONAL UNITED RESOURCES HOLDINGS UPDATES ON ORDER FOR SOUTHGOBI SANDS TO PAY $11.5 MILLION TO FORMER UNIT PURSUANT TO PARTIAL ARBITRATION AWARD

* SGS PROPOSED IT WOULD PAY FIRST CONCEPT $2.6 MLN BY 3 INSTALMENTS IN MARCH, APRIL AND MAY 2020

* FIRST CONCEPT CONSIDERS THAT SUCH PROPOSAL IS UNACCEPTABLE & LESS THAN SUM SGS IS OBLIGED TO PAY

* FIRST CONCEPT TO PROCEED TO REQUEST FUNDS IN SGS'S ACCOUNTS BE WITHDRAWN & USED TO SATISFY DEBT OWED

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