Shareholder Sues Le Vision Pictures Over Refusal to Provide Account Books
Tang Shihua
/SOURCE : Yicai
Shareholder Sues Le Vision Pictures Over Refusal to Provide Account Books

(Yicai Global) Oct. 11 -- China's internet entrepreneur Jia Yueting faces fresh calamity after suffering a cash crunch for Le Vision Pictures (Beijing) Co. in which his Leshi Holding (Beijing) Co. is the largest stakeholder.

A fund shareholder has sued Le Vision Pictures over its refusal to provide its account books, articles of association and operating information since June 11, 2015.

Beijing Siwei Equity Investment Management Center (limited partnership), one of the shareholders of Le Vision Pictures, has filed a lawsuit in Huairou District People's Court of Beijing Municipality demanding that the company provide original data to the plaintiff, The Paper reported.

The plaintiff alleged in its complaint that "the defendant's actual operation is controlled by Le Vision Pictures' controlling shareholder Leshi Holding (Beijing) Co., Ltd. and the actual controller Jia Yueting, and for a long time, Le Vision Pictures has persisted in concealing important business matters from the plaintiff and conducted ultra vires operations without an enabling shareholder's resolution...."

Le Vision Pictures was cofounded by Jia Yueting and the founder of Enlight Pictures Zhang Zhao, with 46 shareholders, including the well-known director Zhang Yimou. Beijing Siwei Equity Investment became a shareholder of Le Vision Pictures in June 2015 by investing USD30 million (CNY200 million) for a stake of 2.8674 percent, public data show.

CITIC Group Corp.'s subsidiary companies are the main shareholders of Beijing Siwei Equity Investment.

Leshi Holding's listed affiliate Leshi Internet Information & Technology Corp Beijing [SHE:300104] (Letv) is now pushing the restructuring of major assets Le Vision Pictures infused into it.

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Keywords: Leshi , Le Vision Pictures