Sina Finance and Economics News Nov. 7, Hengda Health announced today that Shiying, a wholly-owned subsidiary, filed a comprehensive counterclaim against Jia Yueting and Smart King (Faraday's future parent company) for arbitration, demanding that Jia Yueting and the joint venture fulfill their contracts.
The announcement said that when Jia Yueting and the joint venture company forcibly evicted the cashier appointed by Shiying and forcibly prevented Shiying's financial personnel from entering for financial review, Shiying could not know the financial situation of the joint venture company. According to the shareholder agreement, Shi Ying has the right to conduct financial review and appoint a cashier to the joint venture company. At the same time, it is agreed that if the cashier does not sign for seven days, he will be deemed to agree to pay.
At the same time, because the joint venture company refused to provide financial data and related documents, the director of the joint venture company appointed by Shi Ying filed a lawsuit with the Cayman Islands Grand Court, asking the court to order the joint venture company to provide all financial data and related documents.
The dispute dates back to the announcement issued by Hengda Health on October 7 that on May 25 this year, Hengda paid Faraday $800 million in advance for future investments by the end of 2018. In July this year, FF Top Holding Ltd. ('former shareholders'), the actual controller Jia Yueting, proposed that $800 million had been basically used up and asked Hengda to pay another $700 million in advance.
Hengda and Faraday signed a supplementary agreement on this issue in the future, but the original shareholders did not meet the terms of payment under the contract, they asked Hengda to pay. After being rejected by Evergrande, Jia Yueting submitted an arbitration to the Hong Kong International Arbitration Center on October 3, 2018, demanding that Shiying be deprived of the consent right to finance as a shareholder, and that all agreements be rescinded to deprive Shiying of her rights under the relevant agreements. Hengda side said that Jia Yueting's move hurt his rights and interests and will take all necessary actions to safeguard his rights.
Faraday retorted that the company and Jia Yueting "fulfilled all the payment terms required in the tripartite agreement signed by investors in July 2018. Apart from the first $800 million investment, Evergrande failed to fulfill its commitment to pay FF any additional funds and instead tried to gain control over FF China and all FF IP. Ownership and ownership. During that period, Hengda also prevented FF from accepting any direct financing from other sources. "
Therefore, Faraday believes in the future that Evergrande "should not refuse to pay the funds on the one hand, but also enjoy the rights and interests after the entry into force of the supplementary agreement, including taking over most of the management power of FF China." (Sina Finance Wang Qian)
Waonews is a news media from China, with hundreds of translations, rolling updates China News, hoping to get the likes of foreign netizens