ERJ staff report (DS)
Singapore — A Chinese tyre maker is being sued over two defaults on rubber contracts in 2008. The Asian Rubber Business Council and a subsidiary of Lee Rubber has issued lawsuits against Zhaoyuan Leo Rubber Co Ltd over two separate contracts, totalling 2016 tonnes of rubber.
The Chinese company allegedly failed to honour the price agreed with rubber trader Regional Rubber Trading Co Ltd. following rapid changes in the price of rubber. Reuters says the lawsuit is for $2 million