(Yicai Global) July 3 -- Russian vehicle dealership Ilito has defrauded Great Wall Motors of USD58.4 million, and no trial seems to be forthcoming, according to the Chinese carmaker. 

Great Wall Motors has not received a notice of a new trial on the case, the Hebei province-based firm said in a statement yesterday. The Russian court rejected the company's lawsuit in 2015 because Ilito had been declared bankrupt by then. Great Wall Motors appealed this decision last July.

In 2014, Ilito was unable to pay its debt of USD48.4 million to Great Wall Motors. By 2017, Ilito had accrued about CNY323 million (USD47 million) in bad debts, according to the same statement. This equals 0.3 percent of Great Wall Motors's total operating income last year, or a bit more than 6 percent of its net profit the same year. 

The dispute will not affect Great Wall Motors's current business in Russia while the firm will do its utmost to defend its legitimate rights and interests, it added. 

Great Wall Motors's stock price [SHA: 601633] fell 1.5 percent to CNY9.10 (USD1.30) this morning. 

Editor: Emmi Laine