The Case Of Loan Dispute Between Huafang Textile And Xiao Zhaoya Has Been Making Waves Again

hfang spin The case of the loan dispute with Xiao Zhaoya has been making waves again. Xiao Zhaoya, the defendant, refused to accept the verdict of the second trial and said that he could provide new evidence such as Huafang Textile bribing the judge. At the same time, Huafang Textile is in a sensitive period of major asset restructuring, and the case has attracted widespread attention from the market. At two o'clock in the afternoon of October 23, the reporter attended the hearing of the case in the Jiangsu Provincial High Court.

Short honeymoon

"This case has been fought for several years. If I cannot get a fair verdict, I will not close my eyes to death!" Xiao Zhaoya, who was born in 1950, told reporters and presented "the evidence of Huafang Textile bribing the judges of the first and second instance" to reporters.

According to the data, on November 26, 2009, the board of directors of Huafang Textile approved the establishment of Huatian Electrolyte Company (later renamed "Zhangjiagang Huatian New Material Technology Co., Ltd.", hereinafter referred to as "Huatian Company") jointly funded by its holding subsidiary Litian Company and natural person Xiao Zhaoya, with the shareholding ratio of 70% and 30% respectively. "Because Xiao and a senior executive of Huafang Textile were related, we cooperated to set up the company," Xiao's lawyer told reporters.

On January 13, 2010, Litian Company decided to agree to increase the registered capital of Huatian Company from the original 10 million yuan to 50 million yuan, and Litian Company increased its contribution to Huatian Company to 35 million yuan, accounting for 70% of the registered capital of Huatian Company after the capital increase. Soon, Litian Company's contribution to Huatian Company was converted into Huafang Textile's direct investment in Huatian Company. After completion, Huatian Company's shareholders were Huafang Textile and Xiao Zhaoya, of which Huafang Textile accounted for 70% and Xiao Zhaoya accounted for 30%.

During the honeymoon period of the cooperation between Huafang Textile and Xiao Zhaoya, the lithium battery concept stock was in the limelight in the secondary market. As Huatian mainly engaged in the research, development, production and sales of lithium battery electrolyte, Huafang Textile was also hot: from September 2009 to April 2010, the share price of Huafang Textile rose by more than 200%.

A lasting court battle

In the past, drinking and cheering became enemies today. Due to poor management, Huatian Company fell into a loss, and Huafang Textile and Xiao Zhaoya began a protracted court battle.

On August 16, 2011, both parties signed the Equity Transfer Agreement, which agreed to transfer the equity of Huafang Textile in Huatian Company to Xiao Zhaoya. According to the announcement of Huafang Textile, the two parties also signed a Supplementary Agreement on the same day, confirming that Huatian Company still owed the principal and interest of 17.25 million yuan to Huafang Textile, and agreed that Xiao Zhaoya would personally pay the equity transfer deposit of 4 million yuan to Huafang Textile to offset the loan owed by Huatian Company, and Xiao Zhaoya would pledge his equity to Huafang Textile. In the following days, Huafang Textile successively received the deposit and equity transfer payment from Xiao Zhaoya, and both parties completed the industrial and commercial registration of changes on October 21, 2011.

Strangely, on October 18, Huafang Textile filed a lawsuit with Zhangjiagang Court against Huatian Company for "refusing to repay the remaining principal and interest of the loan and demanding to return the deposit of 4 million yuan and rescind the equity pledge agreement".

"When I bought Huatian from Huafang Textile, I wanted to run the company well, but the company I invested 7 million yuan plus more than 12 million yuan to buy the equity still owed tens of millions of debts. I feel that it was a trap for them to sell Huatian to me," said Xiao Zhaoya.

In July 2012, Zhangjiagang Court ruled in the first instance that the defendant Huatian Company should return the loan principal of RMB 12.01 million and the fruits of RMB 303000 to Huafang Textile. Huatian Company objected and filed a complaint to Suzhou Intermediate People's Court. Suzhou Intermediate People's Court upheld the original judgment in the second instance.

"Bribery evidence" has been submitted

"Our company holds millions of shares of Huafang Textile, and we don't know whether the case has any impact on the restructuring, so we came here to listen." A bystander was disappointed and said to the reporter: "I thought I could see the senior executives of Huafang Textile, but I didn't expect to see an agent lawyer." The reporter noticed that there were three bystanders attending the trial, all of whom were shareholders of Huafang Textile.

As one of the focuses of this trial, Xiao Zhaoya provided 6 pieces of evidence to prove that Huafang Textile once paid bribes to the judges in the first and second instance. These six evidences are mainly the internal reimbursement vouchers and bookkeeping vouchers of the company, involving amounts ranging from hundreds to thousands of yuan. The guest unit on the voucher is the "court", and the signatory approver is Dai Yunda (Chairman of Huafang Textile). Huang Yongfang, the attorney of Huafang Textile, had no objection to the authenticity of the evidence provided by Xiao, but raised an objection to the content.

"These reimbursement vouchers are the result of the company's internal management irregularities, such as the reimbursement of other businesses, but because the quota is full, the staff will make accounts in the form of receiving court staff." Lawyer Huang Yongfang said: "And these vouchers can not prove which court, which judge, so it can not prove that Xiao Zhaoya said bribery."

Yesterday, the Jiangsu Provincial High Court did not pronounce a judgment in court, suggesting both parties to mediate; If both parties fail to mediate, the court will directly pronounce a judgment on a day.

With many questions, the reporter called Zhao Jiangbo, the secretary of Huafang Textile, and no one answered the phone.