Micree Ketuan Zhan has launched a series of legal battles in the war to regain control over a Bitmain subsidiary.
Bitmain co-founder and former CEO Micree Ketuan Zhan is at it again: the ousted former executive of the China-based Bitcoin mining giant has filed another lawsuit against one of the company’s subsidiaries in an attempt to regain control of it--this time, in a Chinese court. News of the lawsuit was originally reported by CoinDesk on March 9th.
The case was filed in the Changle District court in China’s Fujian province against Fujian Zhanhua Intelligence Technologies, a fully-owned subsidiary of Bitmain, and Beijing Bitmain Technologies as a related third-party.
Legal battles piling up
This most recent lawsuit comes as an addition to an ongoing lawsuit that Zhan filed in December 2019 in the Cayman Islands, where Bitmain’s holding entity is registered in a first attempt to overturn a decision by shareholders to significantly weaken Zhan’s voting power.
Zhan’s legal counsel is arguing that the decision was reportedly made at a shareholder meeting that Zhan was not made aware of beforehand. As such, a hearing for the case may be put on the calendar after mid-April.
While the allegations Zhan is making in the newest lawsuit have not been made public, a notice issued by the court says that the case is being held in relation to “shareholder qualification confirmation dispute,” which could indicate that the Chinese case is similar to the ongoing case in the Cayman Islands.
The notice also says that a hearing of the case was originally scheduled for February 11th, although the case was likely postponed due to the continued outbreak of the coronavirus in China.
A struggle to regain power
The filing follows the filing of an asset-protection petition by Zhan in the same court last December, for which the court announced it was siding with Zhan last week. As a result of the court’s decision, 36 percent of Fujian Zhanhua’s Bitmain-owned ¥10 million (CNY) incorporated shares have been frozen.
That 26 percent is worth ¥3.6 million, or roughly $500,000--a rather pithy amount for Bitmain which made $2.8 billion in profits in 2018. Still, the ruling has symbolic significance in favor of Zhan, if nothing else: Zhan remains the largest shareholder in Fujian Zhanhua, meaning that the ruling should prevent his power over the company from being diluted.
Zhan also remains as the subsidiary’s legal representative, which is significant because of its integral role in Bitmain’s greater operations and seemingly lucrative operations.
In 2018, Bitmain’s IPO filing in Hong Kong-listed Fujian Zhanhua as one of the “four principal subordinate entities that had made material contribution to the financial results of Bitmain’s holding group, alongside Beijing Bitmain, Bitmain Hong Kong and a Shenzhen manufacturing subsidiary,” according to CoinDesk.
In the same filing, Fujian Zhanhua was also pointed out as Bitmain’s main facilitator of sales for cryptocurrency mining hardware in China. Two of Bitmain’s major sales channels, the AntMiner pre- and post-sales WeChat accounts, were also operated by Fujian Zhanhua, though they have been moved under the control of another BitMain subsidiary since December.
Bitmain co-founder and former CEO Micree Ketuan Zhan is at it again: the ousted former executive of the China-based Bitcoin mining giant has filed another lawsuit against one of the company’s subsidiaries in an attempt to regain control of it--this time, in a Chinese court. News of the lawsuit was originally reported by CoinDesk on March 9th.
The case was filed in the Changle District court in China’s Fujian province against Fujian Zhanhua Intelligence Technologies, a fully-owned subsidiary of Bitmain, and Beijing Bitmain Technologies as a related third-party.
Legal battles piling up
This most recent lawsuit comes as an addition to an ongoing lawsuit that Zhan filed in December 2019 in the Cayman Islands, where Bitmain’s holding entity is registered in a first attempt to overturn a decision by shareholders to significantly weaken Zhan’s voting power.
Zhan’s legal counsel is arguing that the decision was reportedly made at a shareholder meeting that Zhan was not made aware of beforehand. As such, a hearing for the case may be put on the calendar after mid-April.
While the allegations Zhan is making in the newest lawsuit have not been made public, a notice issued by the court says that the case is being held in relation to “shareholder qualification confirmation dispute,” which could indicate that the Chinese case is similar to the ongoing case in the Cayman Islands.
The notice also says that a hearing of the case was originally scheduled for February 11th, although the case was likely postponed due to the continued outbreak of the coronavirus in China.
A struggle to regain power
The filing follows the filing of an asset-protection petition by Zhan in the same court last December, for which the court announced it was siding with Zhan last week. As a result of the court’s decision, 36 percent of Fujian Zhanhua’s Bitmain-owned ¥10 million (CNY) incorporated shares have been frozen.
That 26 percent is worth ¥3.6 million, or roughly $500,000--a rather pithy amount for Bitmain which made $2.8 billion in profits in 2018. Still, the ruling has symbolic significance in favor of Zhan, if nothing else: Zhan remains the largest shareholder in Fujian Zhanhua, meaning that the ruling should prevent his power over the company from being diluted.
Zhan also remains as the subsidiary’s legal representative, which is significant because of its integral role in Bitmain’s greater operations and seemingly lucrative operations.
In 2018, Bitmain’s IPO filing in Hong Kong-listed Fujian Zhanhua as one of the “four principal subordinate entities that had made material contribution to the financial results of Bitmain’s holding group, alongside Beijing Bitmain, Bitmain Hong Kong and a Shenzhen manufacturing subsidiary,” according to CoinDesk.
In the same filing, Fujian Zhanhua was also pointed out as Bitmain’s main facilitator of sales for cryptocurrency mining hardware in China. Two of Bitmain’s major sales channels, the AntMiner pre- and post-sales WeChat accounts, were also operated by Fujian Zhanhua, though they have been moved under the control of another BitMain subsidiary since December.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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