Airwork’s performance breach triggers $72m compensation judgment by Chinese court

The NZ general aviation services company has had some tough years. (Image: NZME)

Mon, 25 Nov 2024

A Chinese court has awarded compensation of shares worth more than $70 million in the Chinese parent of Airwork Holdings after the New Zealand general aviation services company breached a profit performance target in 2022.The judgment was won by Chinese-listed Zhejiang Rifa Precision Machinery Company (RPM), Airwork’s current owner, against private conglomerate Zhejiang Rifa Holdings Group (RHG), Airwork’s former parent. The compensation has been calculated at a rate of 6.18 yuan per share for 50 million shares, equivalent to $72 mi...

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