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A local maritime court in east China has released a cargo vessel belonging to the Democratic People's Republic of Korea (DPRK) that was detained due to a financial dispute with Singapore.
It is rare that foreign companies ask Chinese courts to intervene in such matters.
On April 5, a Singaporean shipping management company, ASP, requested that the DPRK vessel, the Chol San, be detained in Ningbo Port in east China's Zhejiang Province, where it was anchored at the time, since its owner, the Korea Koryo Shipping Co., had outstanding financial obligations to the Singaporean firm.
The Chinese court has successfully persuaded the DPRK company to pay 6.6 million yuan (US$800,000) as required by the applicant, and thus, the detained vessel has been allowed to leave the Chinese port.
However, the dispute between the two foreign companies has yet to be handled by the court.
(Xinhua News Agency July 1, 2003)
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