FF once again filed an urgent arbitration on Hengda health: demanding the lifting of mortgage.


FF once again filed an urgent arbitration on Hengda health: demanding the lifting of mortgage.

In the afternoon of Nov. 13, Sina Technologies News, Faraday Future (hereinafter referred to as FF) issued a statement saying that a few days ago, in the case of FF obtaining assets financing from financial institutions, Hengda Health once again defaulted and refused to cancel the assets preservation of FF. An application for arbitration was filed with the Hong Kong Arbitration Center on November 12 for the dissolution of Hengda Health's mortgage on FF's assets.

FF said that in response to Hengda Health's malicious refusal to rescind the default of FF's assets preservation, FF submitted another application for emergency relief arbitration to the Hong Kong Arbitration Center to protect FF's legitimate rights and interests in order to obtain reasonable creditor's rights and financing, to protect employees'wages, payment of supplier's accounts payable, and to continue to promote. FF 91 mass production delivery and start FF 81 to return to the relevant work of mass production in the US.

FF said that after the Hong Kong Arbitration Center awarded FF emergency arbitration application on October 25, Hengda Health, as the losing party, should pay the legal fees related to FF emergency relief arbitration in accordance with the arbitration award. Up to the time of publication of this statement, Hengda Health has not paid the relevant legal fees to FF, and has made misleading statements on the capital market before. In response, FF has filed a lawsuit with the California Court of Justice in the United States to enforce Evergrande Health's arbitration award.

The following is the full text of the FF statement:

Faraday Future statement on emergency arbitration for Hengda's health once again breach of contract

Recently, in the case of FF obtaining assets financing from financial institutions, Hengda Health once again defaulted and refused to cancel the assets preservation of FF. Faraday Future (FF) filed an application for arbitration with the Hong Kong Arbitration Center on November 12 to remove Evergrande Health's mortgage on FF's assets. Hereby declare as follows:

1. In response to Hengda Health's malicious refusal to rescind the default of FF's assets preservation, FF submitted another application for emergency relief arbitration to the Hong Kong Arbitration Center to protect FF's legitimate rights and interests, in order to obtain reasonable creditor's rights and financing, to protect employees'wages, payment of supplier's accounts payable, and to continue to promote the delivery of FF 91 in production. Pay and start FF 81 to return to the relevant work of mass production in the US.

2. Before that, Hengda Health still maliciously preserved the core assets of FF under the premise of full knowledge of FF funds, which made FF unable to achieve the goal of securing assets mortgage loan financing in the short term, directly disrupted the fund planning of FF, resulting in difficulties in employee wages and payment due to suppliers. According to the original investment agreement, once FF finds a financial institution to finance its creditor's rights, Hengda Health should unconditionally cancel the asset preservation. Hengda Health does not hesitate to hurt the interests of FF employees, suppliers, partners and subscribers worldwide. Hengda Health once again seriously maliciously defaults and refuses to cancel the asset preservation.

3. After the Hong Kong Arbitration Center awarded FF Emergency Arbitration on October 25, Hengda Health, as the losing party, should pay the legal fees related to FF Emergency Relief Arbitration in accordance with the arbitration award. Up to the time of publication of this statement, Hengda Health has not paid the relevant legal fees to FF, and has made misleading statements on the capital market before. In response, FF has filed a lawsuit with the California Court of Justice in the United States to enforce Evergrande Health's arbitration award. For details of the proceedings and the arbitration results, see https://www.courtlistener.com/recap/gov.uscourts.cacd.728273/gov.uscourts.cacd.728273.1.0.pdf.

FaradayFuture

November 13, 2018


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