Jia Yueting and Evergrande contradicted and escalated, FF rushed away Evergrande Cashier, FF responded: Evergrande…


Weibo Qzone WeChat FF response: Evergrande defaulted before we drove out of the A2018-11-0809:27:13 against the enemy, the court. Jia Yueting’s electric car startup FaradayFuture (hereinafter referred to as FF) and investor Evergrande’s healthy tears continue. At the end of last year, it was Hengda’s timely capital injection that helped FF get rid of bankruptcy. First look at the latest round of war of words between the two sides. On November 7, Evergrande Health announced that its company has filed a comprehensive counterclaim against Jia Yueting and the joint venture company SmartKing, demanding that Jia Yueting and the joint venture company fulfill the contract. “Jia Yueting and the joint venture company forcibly ousted the cashier appointed by Evergrande and forcibly prevented Evergrande financial personnel from entering the market for financial review, which caused Evergrande to understand the financial status of FF.” According to the shareholder agreement, Evergrande has the right to conduct financial review. And dispatched a cashier to the FF, and agreed that if the cashier does not sign for seven days, it is deemed to agree to the payment. In addition, Evergrande filed a lawsuit against Jia Yueting in the Cayman Islands, where the FF offshore company was registered. However, FF responded to Sina Technology, saying that “Hengda’s refusal to pay and FF to drive away their cashier is two different things. FF is because Evergrande defaulted to refuse payment, resulting in the invalidation of the agreement, so submit the arbitration in Hong Kong, and then let the cashier leave. There is a sequence.” FF an executive previously revealed to Sina Technology, “In July this year, Evergrande and FF successfully reached a supplementary agreement, agreed to pay 700 million US dollars in advance, to help FF mass production of FF91 in early next year. However, after Evergrande, it always delayed and refused to pay, and blocked FF from obtaining new financing. This led to FF being forced to file an arbitration request for emergency financing and dismissing Evergrande’s consent. The executive also accused, “ Evergrande deliberately let FF fall into financial difficulties, hinder FF91 mass production, forced Jia Yueting to give up super voting rights, and hand over the actual control of FF to Evergrande. According to the previous agreement, if FF can not mass production in the first quarter of next year, Jia Yueting The super-voting rights will be invalid.” As the funds have been exhausted, FF has again defaulted on the supplier’s payment, the company’s operations have also stagnated, and the employees have been suspended. Jobs (new employees who joined the company after May of this year) or a substantial salary cut (old employees who have been employed before). Affected by this situation, FF has already had a large number of employees leaving, and currently there are only more than 500 employees (more than 1,400 in the heyday). A brief review of the previous enthusiasm and grievances. At the end of last year, Hong Kong Shiying Company and FF reached a $2 billion investment agreement. But the real gold master behind it did not really surface until June this year. Evergrande Health, a Hong Kong-listed company of Evergrande Group, announced that it has acquired a 100% stake in Hong Kong Shiying Company for HK$6.7 billion and indirectly obtained a 45% stake in SmartKing, the holding company of FF, and became the largest shareholder of FF. Jia Yueting’s shareholding ratio decreased. It is 33%. However, Jia Yueting has a 1:10 super-voting right under the agreement, firmly controlling the actual control of FF. The two sides therefore opened the honeymoon period. With the financial support of Evergrande, FF’s Hanford work is in full swing for mass production. At the end of August this year, it announced the creation of the first pre-production car of FF91, which is expected to be officially launched in the first quarter of next year. FF’s China business is also advancing rapidly. On August 7, Evergrande Faraday was registered in the future; on August 14, Evergrande held the opening ceremony for “Hengda Faraday Future Smart Vehicle (China) Group”, Vice President of Evergrande High-Tech Group and Vice Chairman of Evergrande Health Peng Jianjun, the future chairman of Evergrande Faraday, announced the grand plan of Evergrande’s annual production capacity of 5 million units after ten years. Evergrande boss Xu Jiayin also went to the FF headquarters in Los Angeles to inspect the car-making process in July this year, and had a cordial conversation with Jia Yueting. The photo was full of smiles. However, Evergrande Health’s announcement in October this year tore up the seemingly intimate veil of the two companies. The announcement stated that Jia Yueting had already filed an arbitration in Hong Kong, requesting the dismissal of the consent of Evergrande’s subsidiary, Shiying Company, to FF financing and the lifting of the previous investment agreement. Evergrande Health said that after Evergrande had paid the first phase of 800 million U.S. dollars, Jia Yueting asked Evergrande to pay 700 million U.S. dollars in advance this year in July this year. The two sides signed a supplementary agreement, but FF did not satisfy the supplement. The payment terms required by the agreement (so Evergrande did not continue to pay). Last week, the Hong Kong International Arbitration Center gave an emergency arbitration result, which further triggered the war of words between Evergrande and FF. Both parties unilaterally announced that they had won the emergency arbitration and even threatened each other with a new round of lawsuits. Evergrande said that the Arbitration Center rejected Jia Yueting’s application to completely deprive Evergrande of financing consent and lift the mortgage of Evergrande Assets, but only allowed the bankrupt FF to conduct strict financing; while FF announced that the arbitration center rejected Evergrande. In the case that FF did not fulfill its obligation to refuse to pay 500 million US dollars, it supported the FF’s application for seeking 500 million US dollars in financing rights. Evergrande was also sentenced to pay the arbitration fee as the losing party. Source: [I Technology News] Copyright belongs to the original author