HNA Group is facing a lawsuit in the US over a failed acquisition, with its takeover target alleging the Chinese conglomerate intentionally gave false information to US authorities and disguised its true ownership structure.
US-based software group Ness Technologies filed a complaint with the Supreme Court of the State of New York against HNA and its Beijing-based IT outsourcing unit Pactera, claiming the Chinese companies caused it material damage by not living up to their agreement.
Pactera agreed in March to buy Ness’s digital engineering entity, Jersey Holding, for $325m. The Chinese-owned group said regulatory approval from the Committee on Foreign Investment in the US, the watchdog that reviews inbound investment for national security risks, was a condition for closing the deal, according to the lawsuit.