Brilliance China Automotive Holdings’ former chairman Yang Rong said on Tuesday that he hopes to resolve his dispute over the minibus maker’s ownership with China’s Liaoning provincial government by the end of the year, according to Dow Jones Newswires.
Go deeper with GlobalData
A year after he was ousted and was accused by the provincial government of economic crimes, Yang told the news agency he is still fighting to clear his name and reclaim assets, including a stake in Brilliance China.
“I hope to see these disputes coming to a complete end by the end of the year,” Yang, who fled to the US last year and is now in Washington, told Dow Jones Newswires in a phone interview.
“I’ve been waiting for more than a year … and we’ve got a timetable. My lawyers have been evaluating the case,” Yang reportedly added.
Dow Jones noted that, in February, a Bermuda court ruled against an injunction sought by Yang against the sale of a 39.45% company stake controlled by the Chinese Financial Education Development Foundation to the Liaoning government at a steep discount to the asset’s value.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBroadsino Finance Co., which is 70% owned by Yang, claimed to be the beneficial owner of that stake and that the foundation was only holding it in trust, the report added.
Yang’s US lawyer told Dow Jones that further action is planned but declined to comment on specifics.
Dow Jones noted that Yang was ousted as chairman in June 2002 amid media reports of alleged financial irregularities and, in October, Brilliance China said it had received a warrant for Yang’s arrest, claiming suspected involvement in economic crimes. The company never specified the nature of the crimes, the report added.
Slattery reportedly said Yang hasn’t been formally charged with any crime by the Chinese government.
“We’re committed to tell the truth about Yang and the Liaoning government,” Slattery said, according to Dow Jones. “We are going to restore his reputation in the international market.”
Dow Jones noted that Liaoning government-owned Huachen Automotive Group Holdings Co. has now replaced the foundation as Brilliance China’s single largest shareholder.
