FF admitted Hengda cashier sipolian thoroughly both sides away


In November 2018 09, 07:59 source: Securities Daily
Original title: FF admitted Hengda cashier sipolian thoroughly both sides away

Jia Yueting and Faraday Future announced Hengda counterclaim (hereinafter referred to as FF), FF (November 8th) issued a statement yesterday once again insist constant unilateral breach of contract, the two sides completely torn face".

According to Hengda proposed comprehensive counterclaim, FF admitted, according to the relevant investment agreements previously signed by both parties, Hengda to FF accredited cashier have access to financial records all FF permissions, while detailed review and approval for each financial expenditure. But because the performance of the agreement led Hengda refused, in fact has been invalid and automatic termination".

FF said, at the beginning of October, after the FF filed for arbitration to Hengda health, internal financial management process based on FF officially stopped on FF financial information access to the cashier and Hengda Hengda related financial review personnel and related work. This is precisely the Hengda caused by unilateral breach of contract.

In November 7th, Hengda Health issued notice to announce to Jia Yueting and Smart King (FF entity) proposed comprehensive arbitration counterclaim, and fulfill the contract requirements of Jia Yueting FF. Hengda Health said Jia Yueting and FF forcibly evicted Hengda Party's appointed cashier, stop the constant generous financial personnel approach the financial review, which can not be aware of the FF constant generous financial condition. According to the agreement, and shall have the right to make constant financial review and FF to appoint a cashier, the cashier if agreed at the same time seven days to sign is the agreed payment.

For Hengda said "FF declined to provide financial information and related documents, FF denied, said Hengda health unilateral breach of contract and refused to perform the payment promises, FF is still in a professional manner and provide financial information, including so far has been fully cooperate with PWC LLP (PWC) for Hengda health as a listed company of FF financial audit requirements.

FF also said in a statement: "in fact, Hengda finance condition and financial planning of FF is from first to last at the beginning, FF can understand the financial status through the relevant channels, including FF financial department on 6 November 2018 two, Hengda stationed directors of the board of directors of FF report on the financial situation, the financial report continued to provide normal PWC in the audit process."

In the industry view, the two sides once again triggered the conflict is still the key to the contract content. Whether FF has the right to terminate the Hengda accredited cashier, to see about the functions of the division of shareholders' agreement in shareholders. For the FF statement "because Hengda refused to strike the agreement, resulting in fact has been invalid and automatic termination", Shanghai Hui Jun Law Firm lawyer Hu Yushu told the "Securities Daily" reporter said: "invalid or not, FF can not unilaterally has the final say, need to be judged, if unilateral statement, general is to see whether the contract agreed with unilateral rescission. But also the two concepts of rescission and invalid."

The relationship between FF and Hengda break apart from this year 10 month 7 day, Hengda Health issued notice that the FF did not reach the contract terms, requirements Hengda advance payment of US $7, and put forward the arbitration to the International Arbitration Center, to be stripped of Hengda as shareholders enjoy the financing of the consent agreement, and the release of all.

The second day, the FF issued a statement saying, "the only reason to release all agreements" Hengda failed to achieve its purpose, then refused to pay the fund has agreed to pay. And said the investment for FF and Fangheng single parent company signed earlier investment contract terms appear a breach of contract.

In October 25th, the Hongkong International Arbitration Center emergency arbitration results released, Jia Yueting won the final arbitration before the right of financing up to $500 million, but FF and Evergrande are claiming that he had not lost "". Then, open the FF global financing, and in recent years the United States announced the signing of 100 top investment bank Stifel (Steve M). However, the Hongkong International Arbitration Center said, after the emergency arbitration result does not represent the final ruling, formal arbitration procedures can be carried out, and the arbitration tribunal shall make a final decision on the dispute.

Hengda said, because FF refused to provide financial information and related documents, Hengda has filed a lawsuit in the Grand Court of the Cayman Islands, has asked the court to order the FF provides all financial information and related documents.

At present, FF is likely to be between Hengda and both sides have multiple contracts, respectively in different case v.." Hu Yushu said. The two sides in the future direction, is a mystery.

(commissioning editor Wu Zhenguo and Sun Hongli)

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