Chinese Co. Wants Tycoon Enjoined To Protect $12M Award

Law360 (August 21, 2019, 4:53 PM EDT) -- A Shanghai-based company is standing behind its request to block Chinese businessman Jia Yueting from moving around California assets that could satisfy a $12.4 million arbitral award over an unpaid loan, arguing the embattled tech tycoon's opposition misreads state law.

Shanghai Lan Cai Asset Management Co. Ltd. urged a California federal court Tuesday to enjoin Jia from dissipating his property in the state until he satisfies an April final judgment confirming an arbitral award directing the former billionaire to repay a multimillion-dollar loan meant to prop up his online video service.

The tech magnate opposed the motion last week, contending that...

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