Hu An Cable Holdings says subsidiary Wuxi Hu An Wire and Cable has received notifications from 12 of its customers, saying they will be terminating all payments under their existing purchase contracts.
The 12 customers are all subsidiaries of the State Grid Corporation of China, located in Jiangsu, Hubei, Jiangxi, Northern Hebei and Shandong.
The move comes after reports issued by the Quality and Technology Supervision Bureau upon the request of the State Quality Inspection Administration in China revealed that certain products manufactured by Wuxi Hu An were not compliant with specifications set out in applicable regulations.
In addition, the customers say Wuxi Hu An will no longer be on the customers’ approved vendor list; and that they reserve their legal rights to obtain compensation from Wuxi Hu An for any loss or damages suffered by them.
Hu An says the company is still conducting internal investigations into the nature of the non-compliances, and is working with the affected customers to address their concerns.
Dai Zhixiang, the group’s CEO and Executive Chairman, has taken charge of the investigations and is in close discussions with the customers on the manner of resolution.
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The 12 customers are all subsidiaries of the State Grid Corporation of China, located in Jiangsu, Hubei, Jiangxi, Northern Hebei and Shandong.
The move comes after reports issued by the Quality and Technology Supervision Bureau upon the request of the State Quality Inspection Administration in China revealed that certain products manufactured by Wuxi Hu An were not compliant with specifications set out in applicable regulations.
In addition, the customers say Wuxi Hu An will no longer be on the customers’ approved vendor list; and that they reserve their legal rights to obtain compensation from Wuxi Hu An for any loss or damages suffered by them.
Hu An says the company is still conducting internal investigations into the nature of the non-compliances, and is working with the affected customers to address their concerns.
Dai Zhixiang, the group’s CEO and Executive Chairman, has taken charge of the investigations and is in close discussions with the customers on the manner of resolution.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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