Lawyer says Yida is complying with new court order

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Chinese investor, Yida Zhang, is complying with the terms of the newest court order that was issued by the High Court for the sale of stock the billionaire holds in the company, Yida International Investment Antigua Limited.
That’s according to Damien Benjamin, counsel for the respondent. That is the most recent development in the lawsuit that local real estate company, Lux Locations Limited, brought against the Chinese investor.
Lux Locations filed a lawsuit against Yida in April 2015, claiming that Yida owes it US $5.4 million.
That’s nine percent commission on a $60 million land deal Lux Locations closed for the Chinese investor in August 2014. Lux Locations is also claiming damages for fraud and conspiracy as well  as a 13 percent interest rate per year from the close of the sale to the date of the court’s ruling.
Justice Rosalyn Wilkinson issued a new order on the matter in late April, after indicating that YIDA had failed to comply with the court’s final order for the sale of stock made on December 14 last year, thereby frustrating the full execution of the said order.
The High Court judge also warned of possible contempt of court if Yida Zhang fails to comply with the newest order.
 A penal notice at the end of the order also cautioned the billionaire that he may be liable to imprisonment.
Benjamin told OBSERVER media yesterday that in early January, the lawyers representing Lux Locations were informed via email to contact two key individuals to gain access to the property for evaluation purposes.
“Since January 16, 2018, we have been telling them to contact us to tell us what day they were coming and what they were expecting. They have not contacted us on anything as yet,” Benjamin emailed.
This newspaper is also in receipt of a May 20 email from Benjamin inviting Queen’s Counsel Justin Simon and his team, who are representing Lux Locations in the court matter, to access the property for the evaluation at 10 a.m., on May 21, which was Whit Monday, a public holiday.
Simon responded two days later, on May 22, noting that, “this was unacceptable.”
In his reply, Simon asked: “How does Mr. Stone Zhao expect to be contacted, when he is not known to either myself or the valuers. Time and time again?”
He started that “We [the attorneys for the applicant] have all written to you [Benjamin] as Counsel without a response, with my last email dated May 1, 2018. Not until recently (May 19th.) that you [Benjamin] indicated that Messrs. Johan Hesse and/or Dan should be contacted. As Counsel for the Defendant, Yida Zhang, I expect you to be fully involved as our contact person to facilitate the process and advise us accordingly.”
Meanwhile, Benjamin argued that his company sent the email on the weekend after news broke about the new order.
“We took the initiative to say if you want to come, come now. If you do not want to come now, let us know your preferred date just to show we are complying. You can drive onto the land you don’t need police or anyone to get on the land,” Benjamin said. 
In the most recent court document, Justice Wilkinson ordered that BCQS International of Grand Cayman be given immediate permission to enter all lands Yida International Investment Antigua Limited owns, so that it can value them and that a document must be filed with the Court, within 45 days of the valuation.
Yida, the sole shareholder of Yida International Investment Antigua Limited, was also ordered to file up-to-date financial statements with the court by May 30.
 He was also asked to disclose to the court any interest a third party may have in the lands and the extent to which the third parties may have an interest in the net proceeds of the sale of the shares and stock.
The court document also outlined that  a valuation of the market value of the stock/shares of YIDA International Investment Antigua Limited should be conducted by accounting firm Grant Thornton and submitted to the court by May 30.
The interim injunction, granted in October 2017, to stop Yida from transferring his shares in, or any real estate property owned by Yida International Investments Antigua Limited, was also extended to September 28, 2018.

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