Unfortunately, I suffered from brain tumor and backed to USA for a surgery in 2000, and then experienced severe postoperative diabetes complication. In 2003, I appointed Zhu Huili (i.e. the representative of Chinese shareholder) as the general manager of the two Joint Ventures ("JVs") for the trust of Chinese shareholder. Shanghai Palace also turned its business mode into lease, which was totally controlled and manipulated by Mr. Zhu in that period.
Since its great location, the land price of Shanghai Palace has increased to more than hundreds of millions Renminbi in 2008. Lots of consortiums and rich men had negotiated with the Chinese shareholder on cooperation matters. Meantime, the foreign shareholder observed that the general manager Mr. Zhu Huili had created separate book accounts, as well as transferred the JVs' money and misappropriated JVs' properties on behalf of his dual identity as the representative of the Chinese shareholder and the general manager of the foreign shareholder in the recent 6 years. Moreover, Mr. Zhu deceived the government authorities in order to avoid auditing JV's accounts by the foreign shareholder. With the reason of maintaining the state-owned assets, the Chinese shareholder demanded to get back the land before the date as specified in the JV contract. In 2009, the Chinese shareholder submitted to China International Economic and Trade Arbitration Commission ("CIEATC") Shanghai Branch for our breach of contract and termination of the JV contract remaining nearly 10-year right to the use of land. Chinese shareholder has been scheming to occupy Shanghai Palace by itself, and finally makes the Shanghai Palace its own "fat sheep".
1. I. The situation of the foreign shareholder during the arbitration
In December 2009, the Shanghai Second Intermediate People's Court ("SSIPC") accepted the real estate provided by the Chinese shareholder as mortgage which is clearly forbidden by law, and then approved the evidence preservation and the proporty preservation of JVs. 1. SSIPC concealed the illegal evidence by improperly sealing up the financial books, vouchers of Shanghai Palace and freezing the bank account illegally. 2. SSIPC informed tenants of Shanghai Palace not to paying the lease resulting in more than 30 million losses to the JVs in order to cut off the cash flow of Shanghai Palace which nearly makes Shanghai Palace bankrupt! 3. our employee's salary was deliberately detained for 5 months and I have not been paid any salary for almost 2 years. 4. I have been restricted to exit China by the PRC government, neither back to Taiwan or trip to US for operational check. Thus, my diabetes is getting more and more serious and I have to rely on insulin for my life. 5. In order to protect the property of Shanghai Palace, I mortgaged my personal real estate to pay for about 9 million debts of Shanghai Palace, now I am living by my children and friends. Does this can be defined as the loss of state asset? 6. the arbitration was not a fair trial as the tribunal was influenced by Zhu Huili and the government. Mr. Zhu always threatened us that it is the Chinese Community Party that wants this piece of land, and your Taiwanese will absolutely fail in this arbitration! 7. the foreign shareholder cannot check the JVs' financial books and vouchers reflecting the real cash flow. After all, the tribunal was used and awarded to terminate the JV contract remaining 9-year right to the use of land based on the illegal evidence and incorrect facts.
1. II. The current situation after the arbitration
After the arbitration in May 2011, the foreign shareholder still cannot check the financial books and vouchers of the JVs during Zhu Huili's term. What's more, Court of Huangpu District has cooperated with Chinese shareholder to enforce the illegal liquidation of Shanghai Palace! They also threaten us that if we do not obey their rules, they will force us to get out of the JVs without any money, otherwise they will consider to pay us some compensation as "pension"! Now, Shanghai Palace is sealed up by two courts and has been forced to suspend business. The right of two JVs was materially infringed; however we can find no way for appeal or protect our legal rights, there is always "invisible force" behind! And, Zhu Huili has committed embezzlement, disrespects and violates laws and regulations, and been backed by the Party and the government which really hurts the relations between mainland China and Taiwan! Even Taiwan Affairs Office could not do something to truly protect the Taiwanese investors' interest under such circumstance! We, foreign shareholders, suffered heavy losses in the past twenty years, and I become bankrupt and homeless! I really feel desperate since my health and dignity has been tortured by this case! How can I report this matter to our foreign shareholders? Is it wrong to support China's development? Is it wrong to maintain relationship between mainland Chian and Taiwan? Is it wrong to believe the Party will protect the foreign investors' interest? Are we compatriots? I will defend to the death for the foreign investors' interest!
1. III. Demand of the foreign investor
We have recently appealed to Shanghai Second Intermediate People's Court for the revocation of the CIETAC arbitration award. Firstly, we urge that the relevant authority should find out the fact, punish the scum of the Party and order a fair judgment. Secondly, we strongly demand to check the financial books and vouchers and investigate the JVs' cash flow during the court proceedings. We are looking forward to a fair treatment.
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