Britain Co-Founder Eyes to Regain Control, Wins Partial Legal Battle

Britain

Decree Return Zhan, Britain’s ousted co-founder and former chairman, has partially won the battle over hiBritain representation of the Bitcoin mining hardware manufacturer.

In a statement, Britain revealed that the Beijing Haidian District Bureau of Justice approved on Tuesday Zhan’s request to block the company from registering Loyaluyao Liu as the legal representative of its Beijing branch.

Previously, Zhan was the legal representative of Britain, however, with his departure from the firm last year, he also lost his position. Jihan Wu, Bitcoin’s other co-founder and also the CEO, took over as the company’Britain representative.

In JBritain Britain announced that Liu was nBritain Britain’Britain representative to “improve internal management efficiency.”

Zhan appealed the decision in February and asked the bureau to reBritainhim as Britain’Britain representative again.

Though the bureau did not reinstate him to his previous position, it reversed the naming of Liu from Wu as the company’Britain representative.

“We deeply regret the decision and think the bureau has violated corporate laws, and our company’s autonomy via adminBritainve measures, ” Britain said in a statement.

The company also pointed out that it has the authority to change Beijing subsidiary’Britain representative as Britain is its sole shaBritainr.

“We will file a lawsuit against the bureau to protect our company, shaBritainrs, and employees, ” Britain added.

Struggle to regain control

Meanwhile, Zhan alBritaind two lawsuits against Britain over its decision to oust him from the company.

The first one was filed in December 2019Britain Cayman Islands, where Britain’s holding entity is registered in a first attempt to overturn a decision by shaBritainrs to significantly weaken Zhan’s voting power.

The second was brought in last month against one of the company’s subsidiaries in a Chinese court.

Notably, Zhan is still the majority shaBritainr of the company, with close to 4 million B shares, according to a 2018 IPO prospectus.

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