Money in dispute over cancelled contract placed in trust

Red Deer-based Blue Horizon Industries Inc. says monies it claims are owed to one of its subsidiaries have been placed into a trust account.

Red Deer-based Blue Horizon Industries Inc. says monies it claims are owed to one of its subsidiaries have been placed into a trust account.

Blue Horizon Energy Inc. last week obtained an injunction from a British Columbia court that prevented two Chinese companies from removing equipment from Kitimat ammonia or methanol plants that they had contracted Blue Horizon Energy — through its Blue Horizon Contracting Division — to dismantle for them.

One of the Chinese companies had sought to terminate the deal, which was valued at US$20.4 million but under which $15.9 million had already been paid to Blue Horizon Energy.

Blue Horizon Industries said Tuesday that Ko Yo Development Co. Ltd. and Guangan Lotusan Natural Gas Chemicals Co. Ltd. had now posted $4.2 million in security to have the injunction removed.

It added that Blue Horizon Energy is proceeding with an application to have the matter arbitrated.

Meanwhile, Blue Horizon Industries has also announced that Michael Koenig has resigned as its chief financial officer and director. Another director, Robin Ray, has assumed the CFO’s position, and Nathan Hansen has been added to the board.

In addition to Blue Horizon Energy, which also explores for oil and gas, Blue Horizon Industries owns Blue-Horizon Bio-Diesel Inc. and has a 74 per cent interest in Blue Horizon Mining Inc.

Shares in Blue Horizon Industries are listed to trade on the Canadian National Stock Exchange (CNSX: BH).

Just Posted

Men posing as repo men attempt to steal vehicle in Red Deer County

Two men attempted to steal a utility vehicle from a Red Deer… Continue reading

Red Deerian spreads kindness with one card at a time

One Red Deerian wants to combat bullying by spreading kindness in the… Continue reading

Bowden baby in need of surgery

“Help for Alexis” Go Fund Me account

PHOTO: First Rider bus safety in Red Deer

Central Alberta students learned bus safety in the Notre Dame High School… Continue reading

WATCH: Annual Family Picnic at Central Spray and Play

Blue Grass Sod Farms Ltd. held the Annual Family Picnic at the… Continue reading

Woman has finger ripped off at West Edmonton Mall waterslide

SASKATOON — A Saskatchewan woman says she lost a finger after her… Continue reading

Uncertainty looms over Canada’s cannabis tourism, but ambitions are high

TORONTO — Longtime marijuana advocate Neev Tapiero is ready for the cannabis-driven… Continue reading

Feds mulling safeguards to prevent ‘surge’ of cheap steel imports into Canada

OTTAWA — The federal government extended an olive branch of sorts to… Continue reading

Ontario govt caps off summer session by passing bill to cut Toronto council size

TORONTO — The Ontario government passed a controversial bill to slash the… Continue reading

Updated:Italian bridge collapse sends cars plunging, killing 26

MILAN — A 51-year-old highway bridge in the Italian port city of… Continue reading

Saudi Arabia spat affecting Canadians embarking on hajj, community members say

TORONTO — Members of Canada’s Muslim community say recent tensions between Ottawa… Continue reading

Tug carrying up to 22,000 litres of fuel capsizes in Fraser River off Vancouver

VANCOUVER — The smell of diesel filled the air as crews worked… Continue reading

Nebraska executes first inmate using fentanyl

LINCOLN, Neb. — Nebraska carried out its first execution in more than… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month