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The future of Yida Zhang’s company, Yida International, hangs in the balance as he faces some serious legal troubles that could lead to the forced sale of shares.
The primary investor of the Antigua and Barbuda Special Economic Zone had his scheduled court hearing on December 17 abruptly vacated after making a last-minute deposit to settle a more than four million US dollar debt owed to real estate agent Lux Locations.
However, the money has not yet reached the hands of Lux’s owners, which means that Yida is not yet out of the woods. Justice Rene Williams has set a deadline of November 24 for the payment to reach Lux’s lawyer.
If Yida fails to meet this deadline, he faces two weeks of imprisonment, and he must also clear an outstanding balance of over four hundred thousand US dollars by December 31.
Failure to comply with these terms will once again put shares in Yida’s company up for sale.
Moreover, Yida Zhang is also facing a charge of Contempt of Court for neglecting to provide Lux Locations with crucial information required to value the shares.
This information was supposed to be provided within seven days of a September ruling, but Yida failed to do so.
As a result, a hearing on January 26, 2024 awaits Yida if he fails to address this charge. The legal troubles stem from Yida’s refusal in 2014 to pay Lux Locations for their assistance in acquiring land for the special economic zone.
The High Court’s ruling allows Lux Locations to sell any shares owned by Yida’s company, with a penal notice warning of potential imprisonment for contempt of court in case of non-compliance.
Lux Locations is now on tenterhooks until November 24 to see if the four-million-dollar payment materializes and again on December 31 to settle the outstanding amount.
The stakes are high, and the outcome of this legal battle could have far-reaching consequences for Yida Zhang and the future of his company.
The clock is ticking, and only time will tell whether Yida will be able to get out of this legal mess unscathed.