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According to a new court document submitted on Thursday, the federal district judge in California suspended the shares of the company under the name of Faraday's future chairman, Jia Yueting, and issued an order to protect his luxury home in California.from
This is the second time that the share of Jia Yueting in the company has frozen in the past two weeks.
After months of conflict between the future of Farade and its main capital investor, China Real Estate Group Evergrande, the electric car launch has almost collapsed, which has resulted in hundreds of employees being laid off or facing temporary vacations. The Court ruled on those frozen decisions.
The freeze was decided earlier this week when the Chinese company, called Shanghai Lan Cai Asset Management Co., Ltd. (transliterated from Shanghai Lan Cai Asset Management) filed a lawsuit at the Central District Court in California. The company claims that Jia Yueting never returned 50 million yuan (a $ 7 million deal) to lend its LeTV streaming service at the end of 2016.
Shanghai Lancai Asset Management Co., Ltd. (SLC) said that he had already agreed to arbitration in China and won, but Jia Yueting "has not repaid SLC loans nor has expressed willingness to repay in the near future". After gaining control of the future of Farade, Jia Yueting began to live in the United States in the summer of 2017. The SLC finally decided to hold Jia Yueting's responsibility at the US federal court and filed a lawsuit this week and a "petition to confirm the arbitration judgment" judge to acknowledge the results of the arbitration in China.
Full text of the protection order:
Https://www.courtlistener.com/recap/gov.uscourts.cacd.730943/gov.uscourts.cacd.730943.11.0.pdf
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