Software company's woes mount

After being ordered to make the disclosures by regulatory authorities, Shenzhen-listed Sichuan Topsoft Investment said it faced 23 lawsuits from mainland companies and banks for payment defaults totaling US$55.4 million. The banks include Bank of Communications, Industrial and Commercial Bank of China, China Construction Bank and Citic Industrial Bank. Added to 10 lawsuits it faced before the latest disclosures, Topsoft's liabilities could total US$215 million.