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Qingdao Yangfan employees protest against major shareholder

Qingdao Yangfan employees protest against major shareholder
Jason Jiang Sept 12th 2017 http://splash247.com/qingdao-yangfan-employees-protest-major-shareholder/

Over 300 employees of bankrupt Qingdao Yangfan Shipbuilding yesterday started a protest at the gate of the shipyard against Jianlong Group, the controlling shareholder of Qingdao Yangfan.

According to local media reports, the employees of Qingdao Yangfan claimed that Jianlong Group still haven’t delivered on its promise to solve the issue of unpaid salaries since the shipyard was declared bankrupt.

Management from Jianlong Group all left from the shipyard, and the other shareholder of the shipyard, Huatong Group, has been actively dealing with the issue and paid part of the salaries to the employees. In the meantime, Huatong has been supporting the military product construction at the yard during the restructuring period.

Jianlong Group holds a 78% stake in the yard while Huatong Group holds 22%. Last year, Huatong Group had proposed to Jianlong Group to jointly invest in order to save the yard, however Jianlong Group turned down the proposal.

In July, Qingdao Yangfan released a notice seeking new investors to restructure the yard.

When contacted by Splash, an official at Qingdao Yangfan declined to make any comment on the protest.