Chinese court freezes Bitmain’s ~$500K worth of stake in its subsidiary
December 17, 2019, 1:45AM EST
1 min read
A local court in China’s Fujian province has frozen Bitmain’s 3.6 million yuan (~$514,000) worth of stake in its subsidiary Fujian Zhanhua Intelligent Technology Co.
The freezing will last for three years - from Dec. 16, 2019 to Dec. 16, 2021, according to information from local business data and investigation platform Tianyancha.
It is not clear why the court has seized Bitmain’s stake, but some reports say it is an attack by co-founder Micree Ketuan Zhan, who was abruptly ousted by Bitmain’s another co-founder Jihan Wu in October.
Bitmain now has more than $1 million worth of assets frozen. Just yesterday, a Chinese district court approved a request to seize around $675,800 worth of Bitmain's assets. The request was submitted by electronic device vendor Dongguan Yongjiang Electronics Co, which is currently locked in a sales contract dispute with Bitmain's subsidiary Shenzhen Century Cloud Core Technology Co. The seized properties are under contention and will go to Yongjiang should the court rule in its favor.
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