Shandong-based retailer Sanlian Group has sued several companies, including the Chinese electronics retail giant Gome, for the illegal acquisition of 27 million shares in Sanlian Group's Sanlian Commerce subsidiary and has asked the court to announce the purchase as invalid, as well as seeking CNY50 million compensation from these companies.
The case has been accepted by the Shandong Supreme People's Court and will be heard on February 18, 2009.
On January 7, 2008, China's CITIC Bank Jinan branch applied to sell the 27 million stakes in Sanlian Commerce owned by Sanlian Group by auction to pay for Sanlian Group's CNY39 million in outstanding bank loans. On February 14, 2008, the Intermediate People's Court of Jinan designated Shandong Qilu Ruifeng Auction Company to be in charge of the open auction. The 27 million shares, which accounted for 1...
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