Invested money, the cooperation is terminated, but the intention money can’t be taken back!
On March 1, China United Travel Co.Ltd(600358) ( China United Travel Co.Ltd(600358) , SH) released the announcement of litigation involving the wholly-owned subsidiary China United Travel Co.Ltd(600358) outdoor cultural tourism development Co., Ltd. (hereinafter referred to as CITS outdoor) after hours. Previously, CITS outdoor intended to cooperate with Xiamen Junyi Health Management Co., Ltd. (hereinafter referred to as Xiamen Junyi) and paid the latter 20 million yuan of cooperation intention. However, after the termination of the cooperation intention, the other party failed to return the intention.
The reporter of “daily economic news” noted that China United Travel Co.Ltd(600358) wants to ask for more debts than that.
termination of cooperation without recovery of intention money
It is understood that in July 2018, CITS outdoor and Xiamen Junyi signed a cooperation intention agreement on the cooperation of leisure tourism resort in Changtai County, Zhangzhou City, Fujian Province. After the signing of the agreement, CITS outdoor paid 10 million yuan to the other party on July 3, 2018 and July 11, 2018 respectively, with a total intention payment of 20 million yuan.
However, after the signing of the agreement, Xiamen Junyi did not negotiate any specific matters of project cooperation with CITS outdoor. As of January 20, 2022, the two sides have not reached an agreement on specific project cooperation, let alone signed any formal project cooperation agreement. According to the agreement, the cooperation intention was automatically terminated on October 10, 2018.
Paragraph 2 of Article 3 of the cooperation intention agreement stipulates that if Party A and Party B do not reach an agreement on specific project cooperation and sign a formal project cooperation agreement within three months after the signing of this agreement, this agreement will be automatically terminated. Party A has the right to require Party B to return the above 20 million yuan of cooperation intention.
However, according to the announcement, after the termination of the cooperation intention, Xiamen Junyi has neither negotiated any specific project cooperation with CITS outdoor nor returned any money to CITS outdoor, which has been a serious breach of contract. CITS outdoor repeatedly contacted Xiamen Junyi and its natural person shareholder Jin Zhengfa to ask for the return of 20 million yuan of cooperation intention and the payment of liquidated damages, but the other party ignored them.
Therefore, CITS outdoor filed a lawsuit to the court, requiring Xiamen Junyi to return the cooperation intention fine of 20 million yuan and pay the liquidated damages of 5.2515 million yuan. Jin Zhengfa shall be jointly and severally liable for the above contents; At the same time, Xiamen Junyi and Jin Zhengfa are required to bear the litigation fees, preservation fees, lawyer fees, announcement fees and other expenses to realize the creditor’s rights.
Source: screenshot of announcement
China United Travel Co.Ltd(600358) many lawsuits have been filed in recent years
In fact, China United Travel Co.Ltd(600358) needs to pay more than this.
On May 16, 2018, China United Travel Co.Ltd(600358) and Xiamen Jingzhou paradise Development Co., Ltd. (hereinafter referred to as “Jingzhou paradise”) signed a cooperation intention agreement on the land cooperation and development of Jingzhou paradise project, and China United Travel Co.Ltd(600358) paid 25 million yuan of cooperation intention to Jingzhou paradise on May 21, 2018.
However, since both parties have not reached an agreement on specific project cooperation and signed a formal project cooperation agreement, the cooperation intention is terminated according to the agreement. After the termination, China United Travel Co.Ltd(600358) repeatedly contacted Jingzhou paradise to ask for the return of the intention money of 25 million yuan and the fund occupation fee, but Jingzhou paradise refused to return it, China United Travel Co.Ltd(600358) and then filed a lawsuit.
On July 6, 2018, China United Travel Co.Ltd(600358) and Xiamen contemporary asset management Co., Ltd. (hereinafter referred to as “Xiamen contemporary”) signed an agreement on the transfer of China United Travel Co.Ltd(600358) holding 49% equity of Zhongnong Guolian Cold Chain Logistics Co., Ltd. (hereinafter referred to as “Zhongnong cold chain”). After the agreement came into force, China United Travel Co.Ltd(600358) fulfilled the agreed obligations and completed the equity delivery and industrial and commercial change registration, but Xiamen contemporary failed to pay the equity transfer price within the time limit. Accordingly, China United Travel Co.Ltd(600358) filed a lawsuit on October 20, 2020. At present, the lawsuit has been suspended.
In addition, in July 2021, China United Travel Co.Ltd(600358) filed a lawsuit against Qingdao Renyi Real Estate Co., Ltd., Qingdao Shengyue Trading Co., Ltd. and Qingdao China United Travel Co.Ltd(600358) Chengfa Investment Co., Ltd. on contract disputes, asking them to assist in handling the property transfer procedures and compensate for the loss of breach of contract. If the property cannot be transferred, they will compensate for the debt and liquidated damages. Due to the above-mentioned defendant’s appeal, the case is still in the stage of second instance.
In addition to the above matters, China United Travel Co.Ltd(600358) there are disputes over loans. In October 2021, China United Travel Co.Ltd(600358) received the notification of case acceptance. Previously, China United Travel Co.Ltd(600358) signed two loan contracts with Beijing Yingbo xuncai Network Technology Co., Ltd. (hereinafter referred to as Yingbo xuncai), lending Yingbo xuncai 1.68 million yuan and 1 million yuan respectively, but Yingbo xuncai has also failed to repay.
