On january 15th, the first financial journalist was told by his exclusive family that it would take more than five yearsThunderWeb-based technology for companies and their subsidiaries against former ceos on the ground of “disputing liability for harm to corporate interests”Chen liAnd his core team brought civil casesProceedingsThe recovery amounts to $200 million. The case is currently before the relevant court in shenzhen。
The core of this dispute, which has spanned more than five years, refers directly to a company called “integration”. The plaintiff accused the company of being the “shadow system” actually controlled by the former ceo, thereby creating a hidden chain of transmission of benefits。
In fact, as early as 8 october 2020, the company relay issued a bulletin stating that the company's former ceo chen yi had opened a case for investigation by the shenzhen city public security bureau and, in its final announcement, called upon chen yi to return to the country to cooperate with the investigation as soon as possible。
A close source of information to the first financial journalist revealed that chen qi, the core client, had been abroad for a long time since he left the country in 2020, leading to serious evidentiary obstacles to the pursuit of human rights actions initiated by thunder. At the end of 2022, due to objective constraints, the public security organs closed cases because they were unable to obtain sufficient evidence。
The resumption of civil recovery proceedings today marks the beginning of a new legal phase of civil recovery in the form of an internal storm and power struggle that began in 2020 and was once deadlocked by the presence of core parties abroad。
The first financial reporter tried to contact chen yi, texting chen yi's two previous mobile phone numbers and calling to show an empty stop. Journalists have also contacted chen yi via twitter, which indicates that the other party's account numbers are abnormal and cannot receive information for the time being。
Chen weibo account number is abnormal and cannot receive the message for the time being。
Hundreds of millions went to shadows
The first financial journalist alone learned that the defendants in this civil suit, in addition to the central figure, chen shui, included former senior vice-president and vice-president of cybermarketing tung cod, former director of cyber human resources liu chau, her mother zhao yuxiang, as well as yoon yun and hunn technology in the chain of integrated companies and associated shareholders。
The core claim for rapid action is the recovery of approximately $200 million of lost assets, such as non-compliance with the integration payments。
The core controversy in the whole case revolved around “incorporating” companies。
In 2020, a new management audit of the company found that the company, which was in fact under chen's personal control, was a fast-width supplier of integration, which had transferred substantial funds to integration by various means。
Skywatch shows that shenzhen city integration technology ltd. Was established in 2018. At the end of 2018, chen li arranged for the purchase of shares from business agents and arranged for their controlled persons to hold consolidated shares。
On 1 january 2019, as a result of the collaboration between the organization and its subsidiaries, the organization's network of technology and technology was able to sign a resource node service agreement. From january 2019 to the beginning of 2020, the network paid a cumulative purchase fee of approximately $170 million for resource nodes for integration。
It is alleged that the establishment of integration has not been approved by the board of directors without delay, that it is in a “four-nil” state where there is a lack of shareholders to set up approvals, a lack of a written agreement to hold them, a lack of control over the financial accounts of listed companies, a lack of clear profit return mechanisms, and that key controls, such as bank accounts, official seals and so forth, have been removed from the system of listed companies and held by relatives or close associates of chen yu, tung cod。
Why did you set up a company called hing consolidated? Chen yi responded to a media interview many years ago. He stated that integration was a “shadow system” set up by cybertechnologies to avoid regulatory risks, and stressed that both their business and financial flows were inextricably linked to rapid flows, all for the benefit of rapid action. He announced that integration operations were open within the web and that the "xr" was used in the document to refer to integration。
Chen tsi also stated that, in order to ensure that cyber-audits were qualified, companies with business connections could not be held by networked staff as shareholders and legal persons and were therefore brought into the hands of colleagues ' families, a structure that met compliance requirements rather than private controls。
The term is currently used by both sides. It is claimed that after chen yi was removed from office, the cyber-clinic team, by applying for a licence and by regularizing its operations in accordance with the law, proved that the operation could be carried out within a legal framework and without the need for “in vitro circulation”。
The above-mentioned persons also stated that the contract was flawed from the date of its conclusion. At the time of signing, the integration did not have the necessary qualifications for the operation of the cdn (content distribution network) and the icp (internet information service) etc., until june 2019, 2019, when the cdn licence number b2-20191834 was obtained。
In addition, the number of registered employees is zero at the time of signing. The “small boxes” of hardware products necessary for integration operations are actually lined up almost three months later than the contract was signed and paid。
Between january and march 2019, during a three-month period in which shell companies were active, cyberheart paid more than $1 million for integration, which did not provide bandwidth to companies. In other words, the payment was made in the event of a lack of product integration, lack of qualifications to operate the business and lack of personnel to provide services。
In addition, informed sources have revealed a hidden chain of control behind the integration: the legal representative for the integration, zhao yuxiang, is liu's mother; one of the shareholders of his controlling shareholder, “hunn technology”, tan wei hong, is the mother of thong cod; and the legal person, seo yan ling, is the mother of tung cod's relatives and chen yi driver yao bing wen. In addition, chen li and tung cod have a son, forming a close community of interests。
In fact, in the past five years, there has been no gap between swiftness, cybertechnologies and the litigation of chen shui and his core team. Since april 2020, cyber-ray has initiated a number of civil actions against the enrichment integration corporation for the purpose of recovering the funds on the consolidated account and repossessing its shareholding。
To date, however, chen yi and others have been “unconnected”. Access to public information by the first financial journalist shows that during the above-mentioned period, there were five cases surrounding the convergence between the heart of the internet and the xing, that several public announcements referred to the whereabouts of the accused, and that the court adopted a “publicity service”. In one of the cases, the legal instrument of first instance referred to the failure of the defendant to join the company and to submit a written reply。
Emergency payment 72 hours before dismissal
The close-to-exposure to the first financial journalist revealed that there had been an emergency transfer of funds within the last 72 hours of chen yi's official removal。
From 31 march to 1 april 2020, chen qi, using the final jurisdiction of his then fast-track ceo, the cyber ceo, approved, within two days, several successive payments to heung integration, totalling over $20 million。
Typically, line lines of operations follow the strict line-down cycle of “early bill of lading, mid-month payments”, i. E. Payment of last month's fees in the middle of the following month. Journalists were informed that the resource node service agreement between the net and the emblem shows that elements related to the timing of the payments include the payment of last month's fees to the emblem by 15 months。
However, according to close sources, some of the payments made during these two days have not yet reached the normal payment time (mid-minority), showing an extremely rapid pattern of “the day bill of lading, the day of approval, the day of the receipt and settlement process”。
The march 2020 fees were filled out on 1 april and paid on that day, at a cost of approximately $15. 3 million. In addition, in mid-march, the network had paid a february fee for integration and an additional $5. 5 million on 31 march. The total is over $20 million. The evidence used by chen qi is a micro-mail chat chart, which is a record of chen qi's approval of payments。
Within 24 hours of the receipt of the last millions of dollars (i. E., 2 april), the board of directors issued a formal release from chen qui ceo。
However, in chen’s previous public description, when he was home due to illness, a line of “white bodyguards” suddenly stormed into the office and asked all employees to stop working, after he had received no formal communication. Since then, he has tried several times to connect with associated companies, including integration, chain cloud, but has not responded。
The first financial year sought to obtain evidence from chen qi on the situation, and no response had been received as of the date of submission。
The core team was accused of being "collective."
Just a month before chen yi was removed from office, close sources revealed that in march 2020 chen yi had arranged for 35 core employees of the listed company to be interviewed by tung cod and liu, to be scheduled to leave the company to join the singapore integration company。
According to one employee's statement, the process was communicated by the corporate entity and the head of the human resources department in the form of “secret” and the promise of treatment was changed only to the subject of the contract。
Since then, it has been understood that several staff members have provided information to the effect that the respective staff members have been interviewed to inform them that they wish to leave the network and to sign for integration, and that they can receive financial compensation for the network. One of the employees signed an employment contract on the day after the date of the termination and the date on which the integration took place, which he considered to be a networked association。
According to close sources, this ripple directly resulted in the payment of more than $9 million in financial compensation and repurchase of options, which were removed by the core r & d team. Some employees subsequently refunded their options and returned to work online, amounting to over $2 million。
In addition, the web heart has sold hardware boxes for integration, for integration and for external marketing, and for “back-to-back” integration. The difference between the estimated amount of these hardware boxes sold directly and the actual income from the blending of sales is approximately $28 million。
Thus, the net heart had purchased about $170 million in traffic purchases for integration, plus a difference of about $28 million, totalling some $200 million, which is the recovery of civil action brought by thunder and cybertech against chen and his core team。
However, if chen yi continues to be “unconnected”, how can he pursue civil recovery? A close source has said to journalists that it is now more like an attempt to clear up the past and to settle a dispute that lasted for more than five years。
With regard to the current status of integration of the company, close to the first financial journalist, the integration virtually ceased to operate after changes in company management. In 2020, in a dispute over liability for damage to corporate interests arising from the integration of a network with sun chiang, the court plaintiffs ' network filed an application for preservation of property, and the funds for the integration of more than $30 million were frozen by the people's court of the former sea cooperation zone。
In other words, the ultimate attribution of the $30 million will also depend directly on the final determination of the legal nature of the emerging integration, which may be the only amount that is currently likely to be recovered after more than five years of rapid and cyberactivity。
It can be said that this complex dispute, which began in 2020 and spanned criminal and civil proceedings, is not only an economic case of huge sums of money, but also a sample of the costs of observing chinese internet corporate governance, internal control of risk and power change。
The narratives of the two sides remain sharply diametrically opposed to the question of whether the “boom integration” is a compliance “in vitro cycle” design or a deliberate shift of interests. As of the date of submission, the case is still in the trial stage。
