Ex-CEO of Bitmain Micree Zhan again sues the company

by in Cryptocurrency News

Micree Zhan sues Bitmain

Former Bitmain CEO Micree Zhan has filed a lawsuit against the Chinese mining giant and subsidiary Zhanhua Intelligence Technologies, according to CoinDesk.

A notice from the Changle District Court said the hearing was scheduled for February 11 but was rescheduled due to coronavirus.

This is the second lawsuit, the first was filed from the Cayman Islands in December 2019. It demanded to cancel the decision, which led to the loss of Micree Zhan's pre-emptive vote in the organization.

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Zhan remains Fujian Zhanhua's largest shareholder and owns a 36% stake in the company, which is owned by Bitmain.

According to the plaintiff’s lawyers, asset protection actions are designed to prevent the transfer or weakening of his authority over a subsidiary.

After Zhan's dismissal from the post of head of Bitmain, Jihan Wu returned to his place. Then the ex-CEO promised to use legal tools to return to the company.

Recall, that recently Shenzhen District Court decided to freeze ¥4.7 million (about $676 thousand) owned by Century Cloud Core one of the divisions of the Chinese mining giant Bitmain.

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The court upheld the request by the supplier of spare parts for various electronic devices Dongguan Yongjiang Electronics to freeze Century Cloud Core funds as a guarantee if the company’s claim in the course of the contract dispute is satisfied. You can read more about this in our article.