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Qianhai Court Orders That Wang and Zhang – Who Were Terminated by the Company’s Recently Reconstituted Board of Directors – are Prohibited From Using Corporate Chops and Business Licenses
SHENZHEN, China--(BUSINESS WIRE)-- Nam Tai Property Inc. (NYSE:NTP) (“Nam Tai” or the “Company”) today announced that the Shenzhen Qianhai Cooperation Zone People’s Court (the “Court”) has granted its subsidiary’s request that Wang Jiabiao and Zhang Yu – who were terminated by the Company’s reconstituted Board of Directors – be prohibited from using the corporate chops and business licenses of Nam Tai Investment (Shenzhen) Co., Ltd. (“Nam Tai Investment”), a wholly owned indirect subsidiary of the Company, during ongoing litigation. Mr. Wang and Ms. Zhang, who are long-standing affiliates of Kaisa Group Holdings Limited (“Kaisa”) and have spent the last seven months purporting to represent Nam Tai Investment, will be restricted from dissipating assets of Nam Tai Investment and entering into new corporate arrangements on behalf of Nam Tai Investment.
Michael Cricenti, Nam Tai’s Chairman, commented:
“We thank the Court for carefully assessing our request and ultimately coming to a decision that protects Nam Tai’s rights and supports local stability. This injunction will restrict Mr. Wang and Ms. Zhang from continuing to prioritize Kaisa Group over the Company, its employees and the communities it is investing in across China. Moreover, it represents a meaningful step toward Nam Tai obtaining on-shore control. We will continue to do whatever is necessary to put Nam Tai on a path to long-term growth and sustained value creation.”
Posted In: NTP
