Greek firm told to pay for Chinese salvage work

China's top court ordered a Greek company to pay a Chinese transport authority 6.59 million yuan ($985,000) on Thursday for breaching a salvage agreement, overturning the original ruling.

Archangelos Investment E.N.E, the Greek corporation, had agreed that the Nanhai Rescue Bureau of the Ministry of Transport would salvage its ship, which was grounded in Qiongzhou Strait in 2011, according to the Supreme People's Court.

But the corporation later refused to pay, claiming that the authority's salvage effort failed, the court said.