All shares held by HNA Group Co and its affiliate companies in its aviation flagship HNA Holdings have been frozen by court following a dispute with a leasing company, according to a report by caixin.com on Tuesday.

On March 15, HNA Holdings issued a statement that shows the frozen shares include 3.53 percent of HNA Holdings held by HNA Group and 24.28 percent of the shares held by Grand China Airlines. Based on the closing price of the day, the total value of the equity is approximately 10.469 billion yuan ($1.56 billion).

According to the statement, a contractual dispute between HNA Group, Grand China Airlines and the Shandong-based Guotai Leasing Limited Company caused the court to freeze the stocks.

According to regulations issued by the Shandong Provincial High People's Court, the shares held by both companies are frozen at the Shanghai branch of China Securities Depository and Clearing Corporation Limited (CSDC). 

HNA Group has not yet issued a statement disclosing specifics of the case.