Iveco, the truck division of Italy's Fiat, is suing one of its Chinese joint venture partners and its chairman, Changzhou Changjiang Bus Group (CBC) and Sun Yuanlin, for misappropriating US$15.1 million, warning that the future of the bus manufacturing project has been jeopardized, the Financial Times reported. Iveco is suing in a Chinese court and demanding the money back, including interest. Analysts have suggested the collapse of the joint venture could lead to deeper co-operation with Shanghai Automotive Industry Corp, with which Iveco signed various partnerships last year.
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