Petro-king Says Court Fee Ruling on Subsidiary Won’t Hit Finances
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Petro-king Oilfield Services Ltd. announced that a Shenzhen court ruled its subsidiary must pay RMB16.63 million in technical service fees and court fees. The awarded amount is lower than the original claim, and all other claims were rejected. The company stated that these fees are already accounted for as business expenses, so no significant financial impact is expected. The subsidiary's frozen bank deposits may be released after payment, and the likelihood of a retrial is considered low. Investors are advised to remain cautious.
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