Movie actress Zhao Wei was held jointly liable to pay 3.25 million yuan ($472,000) compensation by a Hangzhou court, according to a notice issued by Zhejiang Sunriver Culture Company on Tuesday.
In 60 lawsuits, the company, Zhao and Kong Deyong, former real controller of Zhejiang Sunriver were accused of 3.2 million yuan in the first instance judgement, read the company notice.
The second-instance judgment of another lawsuit said the company should pay a compensation of 54,000 yuan to accuser.
The 61 verdicts, made by Hangzhou Intermediate People's Court and Zhejiang Provincial Supreme People's Court, are a small part of the cases that have been handed down involving the company and Zhao.
Shanghai-listed Zhejiang Sunriver has received 544 cases of securities disputes involving false statements, with a total amount of 57.66 million yuan as of May 18, and the number of suits is growing, according to the company's previous announcement, according to Shanghai-based news site thepaper.cn.
Zhejiang Sunriver's stock closed at 4.24 yuan a share on Wednesday, down 0.7 percent. The share price of the company declined 80 percent from its peak price of 25 yuan per share in January 2017.
The lawsuits concern a 2016 takeover by Zhao and her husband Huang Youlong's company Longwei Culture & Media of Zhejiang Sunriver, known at the time as Zhejiang Wanjia in December 2016.
The takeover drew attention from the China Securities Regulatory Commission (CSRC) over dubious capital sources and misleading information disclosure.
Zhejiang Sunriver was placed under commission scrutiny in February 2017. The takeover was stopped in April 2018.
The commission banned Zhao and her husband Huang from securities markets for five years for dubious capital sources and misleading information disclosure on April 11, 2018, together with Kong.
In November 2018, Zhao Wei and her husband were banned from holding key positions in companies for five years by the Shanghai Stock Exchange, including director and high-level management posts.
In 60 lawsuits, the company, Zhao and Kong Deyong, former real controller of Zhejiang Sunriver were accused of 3.2 million yuan in the first instance judgement, read the company notice.
The second-instance judgment of another lawsuit said the company should pay a compensation of 54,000 yuan to accuser.
The 61 verdicts, made by Hangzhou Intermediate People's Court and Zhejiang Provincial Supreme People's Court, are a small part of the cases that have been handed down involving the company and Zhao.
Shanghai-listed Zhejiang Sunriver has received 544 cases of securities disputes involving false statements, with a total amount of 57.66 million yuan as of May 18, and the number of suits is growing, according to the company's previous announcement, according to Shanghai-based news site thepaper.cn.
Zhejiang Sunriver's stock closed at 4.24 yuan a share on Wednesday, down 0.7 percent. The share price of the company declined 80 percent from its peak price of 25 yuan per share in January 2017.
The lawsuits concern a 2016 takeover by Zhao and her husband Huang Youlong's company Longwei Culture & Media of Zhejiang Sunriver, known at the time as Zhejiang Wanjia in December 2016.
The takeover drew attention from the China Securities Regulatory Commission (CSRC) over dubious capital sources and misleading information disclosure.
Zhejiang Sunriver was placed under commission scrutiny in February 2017. The takeover was stopped in April 2018.
The commission banned Zhao and her husband Huang from securities markets for five years for dubious capital sources and misleading information disclosure on April 11, 2018, together with Kong.
In November 2018, Zhao Wei and her husband were banned from holding key positions in companies for five years by the Shanghai Stock Exchange, including director and high-level management posts.
RELATED ARTICLES
