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Chinese business people take action against South East company
Chinese business people take action against Tipperary company
24 Jul 2019 3:30 PM
A demand by a group of Chinese business people against a Tipperary firm that converts waste into energy to repay a €1.5m loan plus interest has been admitted to the fast-track commercial court list.
Quoquing Wu and Jianyu Qi who are based in Dublin, as well as Yuanming Chi, Xueqi Wang, Jingli Li, Qiling Li and Kailin Yao who are based in China, have brought proceedings against Premier Green Energy Holdings Ltd, which is based in Cabragh Business Park Thurles, County Tipperary.
Premier Green Energy is a design, fabrication and manufacturing business for the provision of bespoke waste-to-energy conversion technology solutions.
The plaintiffs allege that they advanced a loan in March 2017 to the defendant for €1.5m for a period of 48 months.
The plaintiff's claim that as part of the loan agreement 18 per cent interest on the principal sum was payable on the second, third and fourth anniversaries of the date the loan was advanced.
On March 16 last, it is claimed that €540,000 was due and owing to the plaintiffs.
They claim the defendant failed to pay that sum, and claim the principal amount as well as the interest is now due and owing to them.
They now seek an order from the court requiring the defendant to pay them €2.17m, which is made up of the principal sum loaned and the interest allegedly due.
They also seek an order for damages for breach of contract against the defendant firm.
The matter was admitted to the fast track commercial court list by Mr Justice Robert Haughton on Monday.
The matter was admitted on the consent of both parties, and the case was adjourned to a date after the court's summer recess.
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