Lu Zhengyao quit Ruixings board of directors, but the result is still in his favor

 Lu Zhengyao quit Ruixings board of directors, but the result is still in his favor

In the early morning of June 20, Ruixing issued the notice of holding a special general meeting of shareholders to discuss the removal of the appointment of Chairman Lu Zhengyao, the appointment of Li Hui and Liu Erhai, and the appointment of independent director seanshao. At that time, Ruixing said that in addition to the above-mentioned directors who may be removed from office, there are Guo Jinyi, Cao Wenbao, Wu Gang and independent director Wai Yuen Chung on the board of directors of Ruixing coffee. All four directors joined the board of directors of lucky coffee after they disclosed the fraud.

After the removal of directors, the internal investigation may be suspended

According to wind information, there are 8 members of Ruixing coffees board of directors, including Chairman Lu Zhengyao, five directors Guo Jinyi, Li Hui, Liu Erhai, Cao Wenbao and Wu Gang, and two independent directors, Shao Xiaoheng and Zhuang Weiyuan.

With regard to the meeting of shareholders on July 5, there were concerns that once the resolution was passed, it might mean that Ruixings internal investigation led by Shao Xiaohengs special committee would also be suspended.

China business daily previously reported that Li Hui and Liu Erhai, against the opposition of Lu Zhengyao, promoted Ruixing coffee to establish an independent investigation committee to investigate the financial fraud of Ruixing coffee. In the investigation, Lu Zhengyao refused to cooperate with the relevant work. In addition to the promotion of Li Hui and Liu Erhai, Shao Xiaoheng is the chairman leading the internal investigation of Ruixing coffee.

According to Qianwang, among the eight members of Ruixings board of directors, Guo Jinyi, Cao Wenbao, Wu Gang, and Lu Zhengyao are currently in the same group, with Liu Erhai and Li Hui, shareholders of organizations, Shao Xiaoheng, and Zhuang Weiyuan, the only ones.

The life and death struggle between the two groups of forces appeared in the general assembly two days ago. On the morning of July 3, lucky coffee announced that at the shareholders meeting held on July 2, the resolution could not be passed because the proposal of removing Chairman Lu Zhengyao and his identity as a director could not be approved by two-thirds or more of the directors, and Lu Zhengyao would continue to serve as chairman and director.

The result is favorable to Lu Zhengyao

According to the notice of the special shareholders meeting, lucky coffee also proposed to add two new independent directors, Ying Zeng and Jie Yang. According to the information disclosed, the two candidates for independent directors have deep legal background.

The result of the meeting on July 5 was beneficial to Lu Zhengyao because Haode investment, a family trust controlled by Lu Zhengyao, sent a letter to Ruixing coffee asking for an independent board meeting. Ying Zeng and Jie Yang, the independent directors, were considered to be Lu Zhengyaos own.

Guo Jinyi, the successor of CEO, was previously the assistant of Lu Zhengyao in renting a car in Shenzhou. Cao Wenbao and Wu Gang were newly appointed board members in May, both of whom were in charge of the companys business. At present, they are unknown. In addition, Lu Zhengyaos own people, Ying Zeng and Jie Yang, although I withdrew from the board of directors, Lu Zhengyao still installed three of his own people to maintain control of the company.

In addition, 23.94% of Lu Zhengyaos shares are still waiting for the courts ruling.

Documents from the court of the Cayman Islands show that there will be two sentencing notices related to lucky on July 6. The plaintiff is Credit Suisse Group, and one of the defendants is summerfamelimited, which is controlled by the founder and CEO Qian Zhiya family trust, who holds 15.43% of the shares of lucky coffee; the second defendant is haodeinvestments, whose chairman Lu Zhengyao holds 23.94% of the shares of lucky coffee mainly through the family trust haodeinvestment.

If Credit Suisse wins the lawsuit, the shares of lucky coffee held by Lu Zhengyao and its related companies will be held by banks such as Credit Suisse, and Lu Zhengyao will lose his board qualification and voting rights.

Earlier, the lenders of lucky coffee, such as Morgan Stanley, Goldman Sachs Group and Barclays Bank, submitted a liquidation application to another investment company held by Lu Zhengyao family trust fund. Once the courts judgment is passed, Ruixing coffee shares held by Lu Zhengyao and others will be held by Credit Suisse and other investment banks, and the super voting rights of Lu Zhengyao and others will disappear.

(He Jing, editor of titanium media)

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