Yida wants more time to file defense in US$850 million lawsuit.

Yida Zhang, a Chinese investor, has requested an extension from the High Court to file a defense in an US$850 million civil case filed by Heskey Capital LLC.

Heskey Capital LLC, a six-generation Antiguan family-owned firm, is suing Zhang and his company for alleged breach of contracts, fraudulent conduct, and tortious interference, resulting in what they claim to be irreparable financial loss.

The dispute arises from a deal initiated in early January 2022, where Zhang, through his company Yida International Investment Ltd, transferred 797 acres of land to Heskey Capital.

The deal required Heskey to secure a funding partner for the development of Antigua and Barbuda’s first permanent Special Economic Zone.

In April 2022, Heskey presented a Letter of Commitment from VISS Ventures Trust of Houston, Texas, committing USD $ 850 million for the project.

However, Zhang allegedly violated the contractual conditions by holding separate meetings with VISS Ventures Trust and the Government of Antigua and Barbuda, with the sole aim of excluding Heskey from participation.

The contracts between Yida and Heskey explicitly prohibited Zhang from engaging independently with business partners brought to the table by Heskey Capital.

Heskey Capital claimed that Zhang’s conduct violated these terms, jeopardizing the zone’s development and depriving the people of Antigua and Barbuda of potential benefits.

Last Friday, both parties agreed that they required more time to allow them to state their claims.

Zhang also appeared in court Friday for an update on monies he owes to Lux Locations, as he had been ordered by Justice Renee Williams to complete a US$4.4 million payment to the real estate company by December 31, 2023, or by default Zhang would serve 14 days in prison.

Zhang, who was the main shareholder and Director of the Antigua and Barbuda Special Economic Zone, risks losing his ownership of a significant portion of the zone due to a breach of contract.