Jiangsu Muyang Group files multi-billion yuan lawsuit against former executives
The Jiangsu Higher People’s Court has admitted a case brought by Jiangsu Muyang Group against former executives over alleged misappropriation of company interests.
Jiangsu Muyang Group has initiated legal proceedings against former executives, including Fan Tianming, and affiliated entities such as the FAMSUN group. The lawsuit seeks damages in the tens of billions of yuan, alleging that these parties systematically diverted business and harmed the company’s financial interests.
This litigation follows a protracted decade-long ownership dispute. In 2020, the Jiangsu Higher People’s Court ruled that a 2008 share transfer, which saw a major shareholder coerced into selling his stake while in custody, was invalid. Control of the firm was eventually restored to the current management, led by Xu Youhui.
Court findings previously indicated that the defendants transferred key contracts and business operations from Muyang Group to external entities to dilute the firm’s value and undermine its ownership structure. The current case aims to secure legal accountability for these actions and recover misappropriated corporate assets.