In the estate case of the late Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference Huo Yingdong, Huo Zhenyu, the third son of the eldest house, together with his two sisters, asked the family company to repurchase the rights and interests of the Nansha development project.
When the case resumed on Tuesday, Huo Lina, the second daughter of the eldest house, applied for a two-day adjournment to seek a solution. The case was reopened in the High Court today (20th). Huo Lina's lawyer said that there was progress in the negotiation, but it would take another day, the judge. The case was adjourned to tomorrow.
When Fok Zhenyu, who was there today, was asked if he could reconcile, he only said: "There is progress."
If there is an agreement in principle, more time will be required
Senior counsel Yu Ruohai, representing the second daughter, Huo Lina, said today that there is progress in the negotiation and hope to ask for an extra day.
The judge had asked if a comprehensive settlement could not be reached, which Yu stressed was not the intention.
Yu also pointed out that if an agreement in principle can be reached tomorrow, more time will be required for processing.
If no agreement can be reached tomorrow, the trial will continue, and Huo Zhenyu will begin to testify.
When Huo Zhenyu left the court, when asked if he would settle, he responded: "There is progress." The court revealed that if a settlement in principle cannot be reached, the hearing will continue.
(Photo by Zhu Dixin)
Huo Zhenyu leaves court saying there is progress
Huo Zhenyu, who was there today, when asked outside the court if he would settle, only replied: "There is progress."
The plaintiffs are Changfang’s third son, Huo Zhenyu, the eldest daughter, Huo Liping, and the second daughter, Huo Lina. The defendants include Changfang’s eldest son, Huo Zhenting, second son, Huo Zhenhuan, and related family companies, including Huo Xingyetang Real Estate Co., Ltd., Yourong Co., Ltd., and Fok Yingdong Fund Co., Ltd. company etc.
Disputed Nansha Project Repurchase Right
The dispute stemmed from the fact that the Huo family held a partial interest in the Nansha development plan through "Panyu Development Co., Ltd.", half of which was held by Fok Yingdong Panyu Construction Fund Co., Ltd., and the other half by Yourong Co., Ltd.
In 1997, You Rong sold one share he held to Fok Ying Tung Fund Co., Ltd.
Kerong can repurchase shares on or before June 30, 2007, but did not exercise the right of repurchase at that time.
Huo Zhenyu and others questioned that Huo Zhenhuan, who knew about the repurchase right and terms, did not disclose it to family members in time.
They are now asking You Rong to buy back the equity involved in the Nansha development project.
Case numbers: HCA92, 274, 275/2016
Huo Yingdong's long house girl caused a lawsuit for property disputes due to the Nansha project.
(See the picture below for details)
+8
Huo's family dispute over the Nansha project, the head of the house girl accused the Huo Yingdong estate of 11.3 billion Huo's family dispute | Huo Zhenhuan said that there was no personal benefit in handling the family business, but his younger brother did not believe the content of the family meeting in the Huo family's dispute over the property It was exposed that Huo Zhenyu and others had expressed that they did not want to invest in the Huo family dispute in mainland China. The second house young son once pointed out that Huo Zhenhuan had billions of brothers, and some brothers of 100 million had no Huo family contention｜After the hearing was suddenly adjourned to find a solution
01 News
