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HomeThe Big StoriesThe court issues a final order to Yida Zhang

The court issues a final order to Yida Zhang

The High Court has issued a final order for the sale of stock that YIDA Zhang holds in the company Yida International Investment Antigua Limited. Yida is the sole shareholder.
Justice Rosalyn E. Wilkinson has also ordered accounting firm Grant Thornton to value the shares and submit the valuation to the Court by January 31st.
It’s the latest 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 5.4 million US dollars. That’s nine percent commission on a 60-million-dollar 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 well as 13 per cent interest rate a year, from the close of the sale to when the court makes a ruling.
It was on Wednesday that Justice Wilkinson handed down the final order for sale of Yida stock, after the Chinese investor failed to appear in court to appeal the Provisional Charging order.
Both he and his lawyer Damien Benjamin were absent with excuse, being out of state. But the Judge denied their request for an adjournment saying she saw no reason to grant it. Benjamin could not be reached for comment.
The judge has, meanwhile, also ordered a valuation of several parcels of land totaling 528 acres.
The single largest parcel of land is 320 acres, at Crabbs Peninsular and neighbouring island. These fall into the special economic zone Yida is developing.
BCQS International of Grand Cayman is to carry out the valuation, with a report being filed in the High Court by the 31st of January.
That’s also the deadline for Yida 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.
He also has to submit up-to-date financial statements to the High Court by the last day of January.
Justice Wilkinson has extended an injunction that stops Yida from transferring his shares in, or any real estate property owned by Yida International Investments Antigua Limited.

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