Bitmain’s Subsidiary Gets Frozen $680,000 in Assets
December 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The Shenzhen District Court ordered the freezing of $680,000 in assets belonging to a fully owned subsidiary by the Chinese mining company Bitmain, CoinDesk writes.
The decision was made as early as September 27 but was published only on Friday. According to the document, the court upheld the company Dongguan Yongjiang Electronics, a company that supplies electronic device components and sought the protection of assets during a contractual dispute with the defendant, which could potentially be awarded to it at a favorable outcome.
Century Cloud Core, the defendant in this case, is a significant division of Bitmain Technologies and is responsible for the production, quality assurance and acquisition of equipment for cryptocurrency mining.
How long the decision to freeze assets will remain in force is unknown. According to Chinese laws, blocking bank accounts can be imposed for up to six months and other liquid assets for up to one year.
Since January 2019, various electronic device component manufacturers in Shenzhen have filed at least four lawsuits against Century Cloud Core and Bitmain Technologies. In March, Youda Electronics requested freezing the $745,000 held by Bitmain and its subsidiaries. On November 3, a positive court decision was issued on this request. The remaining plaintiffs withdrew their appeals.
Author: Marko Vidrih
