Hunan Silver's retrial application rejected, involving a 50 million yuan private lending dispute

Hunan Silver Co., Ltd. (stock code: 002716, stock abbreviation: Hunan Silver) announced on March 27 that the company recently received the “Civil Ruling” delivered by the Hunan Provincial High People’s Court, which ruled to dismiss Cao Yongde’s application for retrial regarding the private lending dispute with the company.

The announcement shows that this litigation originated from multiple “Loan Agreements” signed between Cao Yongde (then a director and general manager of the company) and the company from 2015 to 2019. Cao Yongde claimed that he transferred multiple sums to the personal account of the then company cashier Cao Yeyu (Cao Yongde’s sister) between June 2015 and July 2018, with a balance of 50 million yuan as of July 2, 2018, and that the company owed him 50 million yuan in principal and interest of the loan along with 6 million yuan in interest. Due to the company’s failure to acknowledge this debt, Cao Yongde filed a lawsuit.

The case had already gone through first and second-instance procedures. The People’s Court of Suxian District, Chenzhou City, Hunan Province, ruled in the first instance to dismiss all of Cao Yongde’s litigation requests, which he appealed against. The Intermediate People’s Court of Chenzhou City, Hunan Province, ruled to dismiss the appeal, upholding the original judgment. Cao Yongde was still dissatisfied and applied for a retrial to the Hunan Provincial High People’s Court.

After review, the Hunan Provincial High People’s Court found that the reasons given by Cao Yongde for the retrial were untenable, the original judgment was based on clear facts, the law was correctly applied, and there were no procedural violations. Therefore, the court ruled to dismiss Cao Yongde’s application for retrial.

Hunan Silver stated that this ruling is a retrial review ruling and will not affect the company’s current or future profits. As of the date of this announcement, the company and its subsidiaries have no other major litigation or arbitration matters that should have been disclosed but were not.

Important time nodes of the case are as follows:

Click to view the original announcement >>

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Editor: Xiao Lang Quick Report