Lixil, the Japanese building materials group, on Wednesday pledged to pursue legal action against “all companies that should be held accountable” for the bankruptcy of its Chinese bathroom fittings subsidiary Joyou.
Last month Joyou announced it was filing for insolvency after the discovery of accounting irregularities.
Lixil secured control of Joyou, which is based in China but has a Frankfurt stock market listing, after last year buying Grohe, a German bathroom products company, in a €3.1bn deal. Grohe has a controlling stake in Joyou.
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