Lee Rubber sues Chinese tyre maker

 

Singapore-based Lee Rubber is suing Chinese tyre maker Zhaoyuan Leo Rubber for US$2 million in damages for defaulting on shipments of around 2,000 tonnes of rubber. Shandong-based Zhaoyuan is said to have failed to honour contracts to buy the rubber from Regional Rubber Trading Co. The lawsuit involves defaults in 2008, especially when buyers in top rubber consuming country China refused to pay for shipments after the financial crisis hit global automotive sales and tyre prices. (RJA)