Tuesday 20 August 2019

Chinese lenders sue waste to energy venture

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A group of Chinese business people have brought High Court proceedings against a firm that converts waste into energy, seeking repayment of a €1.5m loan plus interest.

Quoquing Wu and Jianyu Qi, who are based in Dublin, as well as Yuanming Chi, Xueqi Wang, Jingli Li, Qiling Li and Kailin Yao, who are based in China, have brought the case against Premier Green Energy Holdings Ltd, which is based in Cabragh Business Park, Thurles, Co Tipperary.

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Premier Green Energy is a design, fabrication and manufacturing business for the provision of bespoke waste-to-energy conversion technology solutions.

The plaintiffs allege that they advanced a loan in March 2017 to the defendant for €1.5m for a period of 48 months. 

The plaintiffs say that as part of the loan agreement, 18pc interest on the principal sum was payable on the second, third and fourth anniversaries of the date the loan was advanced. On March 16 last, it is claimed, a payment of €540,000 for two years’ interest was due and owing to the plaintiffs.

They claim the defendant failed to pay that sum, and claim principal and interest are now due and owing to them.

They now seek an order from the court requiring the defendant to pay €2.17m, and have also sought damages for breach of contract. The matter was admitted to the fast-track Commercial Court list by Mr Justice Robert Haughton on the consent of both parties, and adjourned for a date after the court’s summer recess.

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