Chinese Fund Sues Game Developer Over $530M Sale

Law360, London (June 1, 2020, 5:21 PM BST) -- A Chinese asset manager has sued a British video game developer in London in an attempt to prove the company was sold to an American hedge fund despite a freezing order imposed in China over an unpaid €93 million ($103 million) loan.

In filings submitted with the High Court on May 6, lawyers for China Minsheng Trust Co. Ltd. said they hoped to establish whether Jagex Ltd. is still owned by a Chinese entertainment company or whether, as was announced in May, U.S. asset manager Macarthur Fortune purchased the company for $530 million.

The Beijing-based trust and fund manager said it...

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