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Frozen Equity Valued at 1.8 Billion Yuan: Greetech Titanium Responds to Issue Stemming from Former CEO's Misappropriation of Official Seal
2 day ago /
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Author：小编
Last night, Greetech Titanium New Energy Co., Ltd. issued a statement via its official WeChat account, confirming that 100% of its equity in Zhuhai Guangtong Automobile Co., Ltd. has been frozen by the court. This freeze is attributed to Wei Yincang, the former de facto controller of the company's predecessor, Zhuhai Yinlong New Energy Co., Ltd. In December 2015, Wei Yincang misappropriated the company's official seal without the authorization of the board of directors, using it to provide an illegal guarantee for a supplementary agreement on capital increase with Sunshine Life Insurance Co., Ltd.
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