FF went on strike, Heng Dafang cashier Xu Jiayin countercharged Jia Yueting comprehensively.
Deep hit |FF two degree life and death robbery: executives accused Hengda digging hole to force Jia Yueting to let go.
Jia Yueting and Xu Jiayin's 28 day: FF capital crisis erupted again
Sina Technology Zheng Jun is from the US Silicon Valley.
Turn enemies into court. Faraday Future (hereinafter referred to as FF), an electric vehicle start-up company invested by Jia Yueting, and the healthy rivalry between investors and Hengda are continuing. At the end of last year, it was Hengda's timely injection that helped FF get out of bankruptcy.
First look at the latest round of war between the two sides. On November 7, Hengda Health announced that its Shiying Company had filed a full counter-claim against Jia Yueting and Smart King, the joint venture company, for arbitration, demanding that Jia Yueting and the joint venture company fulfill their contracts. "Jia Yueting and the joint venture company forcibly evicted the cashiers appointed by Hengda University and forcibly prevented Hengda Financial Personnel from entering for financial review, which resulted in Hengda being unable to understand the financial situation of FF."
According to the shareholder agreement, Evergrande has the right to conduct financial review and send a cashier to the FF Commission. At the same time, it agrees that if the cashier does not sign for seven days, it will be deemed to agree to pay. In addition, Evergrande filed a lawsuit against Jia Yueting in the Cayman Islands of the FF Off Shore Company.
But FF responded to Sina Technologies by saying, "Hengda's refusal to pay is different from FF's expelling their cashiers. FF is due to Hengda default refusal to pay, resulting in the invalidation of the agreement, so submitted to arbitration in Hong Kong, and then let the cashier leave. This is a priority. "
A senior FF executive previously told Sina Technologies, "In July this year, Hengda and FF successfully reached a supplementary agreement, agreed to pay $700 million in advance, to help FF mass-produce FF91 early next year. However, after Evergrande, it always procrastinted and refused to pay, and prevented FF from getting new financing. This led to the FF being forced to submit an arbitration request for emergency financing and lifting the consent of Evergrande.
The executive also accused, "Hengda deliberately put FF into financial difficulties, hindered the production of FF91, forced Jia Yueting to give up super voting rights, and handed over the actual control of FF to Hengda. Because according to the previous agreement, if FF can not produce smoothly in the first quarter of next year, Jia Yueting's super voting rights will be invalid.
Because the funds have been exhausted, FF is again in arrears with suppliers, and the company's operations have stagnated, suspending salaries for employees (new employees after May this year) or slashing salaries (former employees). Affected by this situation, FF has seen a large number of employees leave their jobs, leaving only more than 500 employees (more than 1400 people in its heyday).
A brief review of the two sides' previous gratitude and resentment. At the end of last year, Hongkong's FF reached an investment agreement of $2 billion. But the real gold leader did not really emerge until June of this year. Hengda Health, a Hong Kong-listed company owned by Hengda Group, announced that it had invested HK$6.7 billion to acquire 100% of Hong Kong Shiying Company and indirectly acquired 45% of Smart King, the holding company of FF. Hengda Health became the largest shareholder of FF. Jia Yueting's share-holding ratio dropped to 33%. However, according to the agreement, Jia Yueting has 1:10 super voting rights, firmly controlling the actual control of FF.
Both sides opened their honeymoon. With Evergrande's financial support, FF's Hanford is working hard to prepare for mass production. At the end of August this year, it announced the production of FF 91 pre-production vehicles, which are expected to be officially launched and delivered in the first quarter of next year as planned. FF's business in China is also advancing rapidly. On August 7, Hengda Faraday Future Registration was established; on August 14, Hengda held the unveiling ceremony for Hengda Faraday Future Intelligent Automobile (China) Group. Peng Jianjun, Vice President of Hengda High-tech Group, Vice Chairman of Hengda Health and Future Chairman of Hengda Faraday announced that the annual capacity of Hengda FF reached 5 million after 10 years. The grand plan of the car. Hengda's owner Xu Jiayin also visited the FF headquarters in Los Angeles in July this year to observe the car-building process. He had a cordial conversation with Jia Yueting, and the photos were full of smiles.
However, an announcement by Hengda Health in October tore apart the seemingly intimate veils of the two companies. According to the announcement, Jia Yueting has proposed arbitration in Hong Kong, demanding the dissolution of Hengda Health's Shiying Company's consent to FF financing and the dissolution of previous investment agreements. Hengda Health said that after Hengda had paid about $800 million in the first phase of the fund, Jia Yueting asked Hengda to pay $700 million in advance in July this year. Hengda signed a supplementary agreement, but FF did not meet the payment conditions required by the supplementary agreement (Hengda did not continue to pay).
Last week, the Hong Kong International Arbitration Center gave an emergency arbitration result, which further triggered a verbal battle between Evergrande and FF. Both sides declared unilaterally that they had won the emergency arbitration, and even threatened each other by a new round of litigation. Hengda said that the Arbitration Center rejected Jia Yueting's application for depriving Hengda of financing consent and rescinding Hengda's assets mortgage right completely, and only allowed FF, which was about to go bankrupt, to conduct strictly conditional financing; while FF announced that the Arbitration Center rejected Hengda's claim that it refused to pay US$500 million with FF's failure to fulfill its obligations and supported FF's search. For the application for financing rights of $500 million, Hengda was awarded the arbitration fee as a losing party.
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