A legal battle between a Beijing-based conglomerate and one of China’s most prestigious universities is threatening Credit Suisse’s plans to take majority control of a securities brokerage connected to the dispute.
Peking University has launched a lawsuit against shareholders in Founder Group, alleging that its sale of 65 per cent of the company to three investors 15 years ago was invalid due to fraud and the use of state money to make the purchase.
The suit seeks to bring the shares held by the trio — Li You, Wei Xin and Yu Li — back under Peking University’s control.
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