Chung Ding Faces $6.4 Billion Debt Crisis in U.S., Yet Some Shareholders Refuse to Sell
Veteran contractor Chung Ding is facing a dilemma with $6.4 billion in receivables tied to its U.S. subsidiary's BKRF oil refinery project, leading chairman Yang Tsung-Hsing to address angry shareholders directly.
During the shareholders' meeting, investors voiced their frustrations over the lack of transparency and accused the company of 'hiding information,' demanding a reduction in board member compensation. This year's meeting was notably closed to the media, allowing only shareholders entry.
Shareholder anger stems from the BKRF bio-diesel plant contract issue. It was not until GCEH, BKRF's parent company, filed for restructuring that the company disclosed the potential loss, causing significant stock price fluctuations.
Chung Ding's stock peaked above 55 in the previous year but plummeted to 25.65, marking the lowest point since 2009. One retired shareholder, unwilling to sell, expresses support for the company during this tumultuous period.
