A car by Faraday Future. Photo: VCG
The drama continues for blacklisted entrepreneur Jia Yueting, whose electronic vehicle startup Faraday Future commenced arbitration in Hong Kong against real estate giant Evergrande.
Faraday asked arbitrators to take away Evergrande's right to veto Faraday's plans to seek outside funding, the company said on its official WeChat Tuesday.
The two companies have been embroiled in drama for months revolving around a deal signed in 2017, which stipulated Evergrande would become Faraday’s largest shareholder upon fulfilling its investment agreements. Faraday accused Evergrande of trying to control Faraday's China business and intellectual property while delaying payments. But Evergrande says Faraday’s own unfulfilled promises are to blame.