鲁南制药股权代持案判决书

On 14th June 2016 Wang Buqiang prepared a proposal for the restructuring of Endushantum which referred to Ms. Zhao as “the actual controller of Endushantum”. This proposal also included reference to the incentive plan for Lunan’s management.
2016年6月14日，王步强准备了重组Endushantum的备忘录，其中称赵女士为“Endushantum的实际控制人”，该备忘录还提及了给鲁南管理层的激励计划。

On 1st August 2016 Ms. Zhao attended the board meeting of Lunan, she says in her capacity as beneficial owner of Endushantum. At the board meeting the setting up of an employee incentive plan was discussed, but no final decision was made.
2016年8月1日赵女士参加了鲁南的董事会会议，按照赵女士的说法，她是作为Endushantum的受益人参加的。在董事会会议上，大家讨论了员工激励计划，但是没有做出任何决定。

On 5th August 2015 Mrs. Wei transferred the two issued shares in Endushantum to Jade Value. The same day 44,998 new shares in Endushantum were issued to Jade Value and 5,000 to Zhongzhi. Ms. Zhao was not told of this.
2015年8月5日，魏女士将2股已经发行的Endushantum股权转让给Jade Value，同一天，Endushantum对Jade Value发行了44998股，对Zhongzhi发行了5000股，未告知赵女士这件事情。

On 16th August 2016 Endushantum, on Mrs. Wei’s instructions, paid Ms. Zhao $687,000. Ms. Zhao says that Wang Jianping and Wang Buqiang were aware of the payment. On 5th September 2016 Ms. Zhao paid Wang Jianping $8,800 described in the transfer as a “trust fee”, although the explanation given her was that it was an “annual company maintenance fee”.
2016年8月16日，按照魏女士的指示，Endushantum支付了赵女士68.7万美元，赵女士说王建平和王步强知晓这一支付。2016年9月5日赵女士支付了王建平8800美元，备注是信托费，但是通知她的是每年公司维持费。

On 25th September 2016 Hengde was incorporated. Wang Jianping was the only director and shareholder.
2016年9月25日Hengde注册成立，王建平是唯一的董事和股东。

On 20th November 2016, Mrs. Wei as settlor executed a deed establishing the “Banyan Tree Trust”. She appointed Hengde as trustee to manage the trust property, which comprised all the shares in Jade Value. The original beneficiaries of the trust were Ms. Zhao and Wang Jiaoming, the daughter of Mrs. Wei and Wang Jianping. Wang Jianping was the protector with a power to add and remove beneficiaries.
2016年11月20日魏女士作为委托人签署证书建立Banyan Tree信托，任命Hengde为受托人管理信托财产，信托财产包括Jade Value全部股权。初始受益人是赵女士和Wang Jiaoming，Wang Jiaoming是王建平和魏女士的女儿，王建平是保护人，可以增加和移除信托收益人。

In December 2016 Shandong NT purchased all the shares in Better and Hope from Endushantum and Lunan for RMB 115 million.
2016年12月山东NT以人民币1.15亿元的价格自Endushantum 和鲁南收购了Better和Hope全部的股权。

On 15th February 2017 Mrs. Wei transferred the shares in her name in Jade Value to Hengde. (Mrs. Wei had earlier on 18th December 2016 executed an identical share transfer which does not appear to have been actioned. Nothing turns on the date.)
2017年2月15日魏女士将其名下Jade Value股权转移给Hengde。（魏女士之前在2016年12月18日还只做了转移同一批股权的文书，但是没有实际执行。）

By this time there was worsening tension between the directors of the board of Lunan. One faction (“the Guimin camp”) comprised the chairman, Zhang Guimin, Zhu Bingfeng, Li Bing and Su Ruiqiang. The other (“the Zeping camp”) comprised Zhang Zeping, Li Guangzhong and Wang Buqiang. The Zeping camp were dissatisfied with the direction in which Zhang Guimin was taking Lunan. They wanted to remove him as chairman. On 19th February 2017 they had approached Wang Jianping with a view to retaining him as their lawyer in the upcoming corporate battle.
在这个时候，鲁南的董事会开始严重分裂，一个派系，贵民派，包括董事长张贵民以及Zhu Bingfeng、Li Bing和Su Ruiqiang，另一个派系，泽平派包括张泽平、Li Guangzhong和王步强。泽平派不满张贵民正在控制鲁南，想撤换掉这个董事长，2017年2月19日他们找到王建平，雇佣他为马上到来的控制权战争中的律师。

On 20th February 2017 there was a meeting in KWM’s Beijing offices between Ms. Zhao and Wang Jianping, where Ms. Zhao learnt for the first time of the existence of the Banyan Tree Trust and its terms. She was given a copy of the trust deed. Wang Jianping wanted her to sign a document to ensure that her interest in the trust would pass on her death to her (Ms. Zhao’s) daughter, but Ms. Zhao refused.
2017年2月20日，在金杜北京办公室赵女士和王建平见面，赵女士第一次知晓了Banyan Tree信托及其条款，她获得了信托证书的复印件，王建平希望赵女士签署文件让她在信托文件中的利益可以在她死后转移给赵女士的女儿，但是赵女士拒绝了。

On 27th February 2017, Ms. Zhao sent Wang Jianping via WeChat a query about the relevance of Jade Value to Endushantum. Originally Wang Jianping said that Jade Value held all the shares in Endushantum, but then corrected that to say that Jade Value held 90 per cent, with 10 per cent held by a management company owned by himself, Wang Buqiang and Zhang Guimin. That management company was Zhongzhi.
2017年2月27日，赵女士通过微信向王建平询问Jade Value和Endushantum的关系，一开始王建平说Jade Value持有Endushantum全部股权，然后纠正说Jade Value持有90%，另外10%被他、王步强和张贵民拥有的一个公司持有，这个公司就是Zhongzhi。

Ms. Zhao says that these revelations destroyed her confidence in Wang Jianping. She threated to sue Wang Jianping. In return Wang Jianping offered to resign as protector of the Banyan Tree Trust and appoint Ms. Zhao’s mother as the protector. The following day, 28th February 2017, Ms. Zhao was sent a renunciation by Wang Jiaoming of her interest in the Banyan Tree Trust, purportedly dated 1st February 2017, but probably backdated from 27th or 28th February.
赵女士说这些信息摧毁了她对王建平的信任，她威胁起诉王建平，王建平提议她辞去Banyan Tree信托保护人的职务，改由赵女士的母亲担任。第二天，2017年2月28日，赵女士收到了Wang Jiaoming放弃Banyan Tree信托信托利益的文件，日期为2017年2月1日，但可能是从2月27日或28日倒签的。

On 27th February 2017, Ms. Zhao gave an instruction to Lunan stating that she was the only legitimate owner of Endushantum and Endushantum’s property. She said: “I hereby entrust my mother to manage the dividend collection on my behalf. I no longer empower Sharon Wei to do so.” Zhang Guimin sent this to the Finance Department with the instruction: “Please handle accordingly.” Wang Buqiang saw this.
2017年2月27日，赵女士指示鲁南她是Endushantum和Endushantum的财产的唯一合法所有者，她说：“我在此委托我的母亲代表我收取股息，我不再授权魏女士这么做了。”张贵民转发财务部，批注“请按此办理。”王步强亲眼看到。

On 2nd March 2017 the Zeping camp gave notice of a meeting of the board of Lunan to discuss removing Zhang Guimin as chairman. Before they could hold the meeting, however, on 7th March 2017 Zhang Guimin purported to dismiss them as directors and took physical control of Lunan. The directors in the Zeping camp were forcibly removed from Lunan’s premises in Linyi. Subsequently each camp purported to pass board resolutions removing the other side from office. These efforts were legally ineffective, because it was only a shareholders’ resolution which would permit the removal of directors.
2017年3月2日，泽平派系发出通知召开鲁南的董事会罢免董事长张贵民。但在他们可以开会以前，2017年3月7日，张贵民将他们全部开除然后物理控制了鲁南，泽平派系的董事被强制带出临沂的鲁南办公场地，随后每一个派系的董事都通过董事会决议开除对方，这些决议都是非法的，因为只有股东会决议可以开除董事。

What then happened was that the Guimin camp continued to exercise day-to-day control of the business. In the current litigation, however, (until the reconciliation to which I shall come) Appleby took instructions from the Zeping camp. Lunan continued to pay the Zeping directors, notwithstanding that they were refused access to the premises or participation at board meetings.
接下来发生的事情贵民派系继续控制公司的日常经营，但在当前的诉讼中，直到我要提及的和解前，鲁南继续支付泽平派系董事的薪水，虽然他们被禁止访问公司和参与董事会决议。

In early March 2017, both sides in the battle for control of Lunan took steps to seek Ms. Zhao’s support in the forthcoming shareholder fights. Zhang Guimin introduced her to a woman called Zhao Xiaoai, but also known as Zhao Aili. He said she was a lawyer representing Lunan’s supervisory board. (Some documents say Zhao Xiaoai was the board’s legal representation, which may be different, but nothing turns on this.)
2017年3月初期，想要控制鲁南的双方都寻求赵女士在马上开始的股东会大战上支持自己，张贵民向赵女士介绍了Zhao Xiaoai，或者叫Zhao Aili，声称她代表鲁南的监事会。（一些文件说Zhao Xiaoai代表董事会，这里虽有区别，但是对结果没有影响。）

On 8th March 2017, Ms. Zhao called (or purported to call) a shareholders’ meeting. However, Mrs. Wei issued a declaration to Lunan’s board stating that neither Ms. Zhao nor her mother were shareholders in Endushantum.
2017年3月8日，赵女士召开，或者打算召开股东会，但是魏女士向鲁南的董事会宣布赵女士和她的母亲都不是Endushantum的股东。

On 9th March 2017 Zhao Xiaoai via WeChat showed Ms. Zhao a copy of the 2001 share entrustment agreement. This was the first time Ms. Zhao had seen it.
2017年3月9日Zhao Xiaoai通过微信向赵女士出具了2001年股权信托协议，这是赵女士第一次见到这个文件。

On 10th March 2017, Lunan (probably on the Guimin camp’s instructions) wrote to Mrs.Wei as follows:“Ms. Wei Sharon (Original Settlor): Lunan… entrusted 25.7% of the total shares to [Endushantum] for nominal shareholding. [Endushantum] signed a Trust Agreement with your company without the permission of Lunan Pharmaceutical, which in our opinion hurts our interest. We now demand you to immediately stop performing and terminate the Trust Agreement. We have engaged lawyers to take legal actions to pursue relevant liabilities.”
2017年3月10日，鲁南，可能是按照贵民派系的指示，向魏女士发文：“鲁南将其27.5%的股权信托给Endushantum代持，未经鲁南同意Endushantum与你签署了信托文件，我们认为损害了我们的合法权益，我们要求你立刻停止侵害并终止信托，我们已经聘请了律师追究有关责任。”

On 21st March 2017, Lunan (but on the Zeping camp’s instructions) wrote to Mrs. Wei to say:“Considering the chaos in the Company and that the nature and ownership of the shares of [Endushantum] are still in controversy, in order to equally protect the interest of all shareholders and staff of the Company, the Company would like to maintain the current equity structure before the new Chairman and General Manager take control of the Company and order is restored. Please do not transfer your shares of the Company during this period.”
2017年3月21日鲁南，可能是按照泽平派系的知识，向魏女士发文：“考虑到目前公司的混乱以及Endushantum股权的性质和所有人处于争议状态，为了平等保护所有股东和公司员工的利益，公司决定维持目前的股权结构直到新董事长和总经理控制了公司恢复了秩序，请勿转让你手中的股权。”

In early April 2017 Ms. Zhao went back to China. She and her husband, Wang Rui, arrived in Linyi on 3rd April. There she met Zhao Xiaoai for lunch, who subsequently allowed her to take various screenshots of documents off Lunan computers and an Excel spreadsheet. Ms. Zhao discovered that Zhao Xiaoai had broken into her father’s desk in his office at Lunan (which had otherwise been left untouched after his death) on Zhang Guimin’s instructions and found documents, including, it would seem, the 2001 share entrustment agreement. Ms. Zhao met Wang Buqiang on 7th April 2017 for dinner. I shall come back to this conversation. The following day, 8th April 2017, she again met Zhao Xiaoai. Relations broke down after Ms. Zhao indicated that she would not be supporting Zhang Guimin in the shareholder dispute. Zhao Xiaoai then refused Ms. Zhao further access to Lunan’s computers.
2017年4月赵女士回到中国，她和她的丈夫Wang Rui4月3日来到临沂，与Zhao Xiaoai一起吃饭，Zhao Xiaoai允许赵女士拍摄大量鲁南的文件和表格，赵女士发现Zhao Xiaoai按照张桂敏的闯入了她父亲在鲁南的办公室——自从去世后他的办公室一直无人打扰——发现了包括2001股权信托协议在内的文件。赵女士2017年4月7日与王步强一起吃完饭，我接下来再回到这次晚饭。第二天2017年4月8日赵女士又见到了Zhao Xiaoai，在赵女士表示她不会在股东会支持张贵民以后双方闹翻，Zhao Xiaoai拒绝赵女士进一步访问鲁南的电脑。

On 26th June 2017, Walkers, on Ms. Zhao’s behalf, issued a stop notice in respect of shares in Endushantum. On 7th July 2017 Harneys, on Hengde’s behalf, gave an undertaking to preserve the status quo. On 17th July 2017 Zhongzhi gave an undertaking to preserve the status quo of its 10 per cent shareholding in Endushantum. On 20th July 2017 Hengde and Endushantum issued the 2017/0125 proceedings which I am currently trying. These proceedings sought directions as regards the Banyan Tree Trust.
2017年6月26日代表赵女士的Walkers律所发布了关于Endushantum股权的停止通知，2017年7月7日代表Hengde的Harneys保证要维持现状，2017年7月17日Zhongzhi也保证要维持持股10%的现状。2017年7月20日Hengde和Endushantum提起了我正在审理的2017/0125号诉讼，这些诉讼寻求关于Banyan Tree信托的指示。

On 18th August 2017 Hengde gave a further undertaking not to deal with shares held by Endushantum.
2017年8月18日Hengde进一步发布指示不要处置Endushantum持有的股权。

On 21st August 2017 Ms. Zhao and Kunlun BVI issued the current proceedings under action number 2017/0151. I shall not give a full account of the procedural steps taken in the action. Issues of disclosure I shall deal with in a separate section. By order of 10th April 2017, this action was ordered to be heard together with Hengde’s action. The trial was originally listed for hearing in April 2019, but that was adjourned and then adjourned again due to Covid, so it only came before me for hearing in March 2021.
2017年8月121日赵女士和英属维京群岛昆仑提起了2017/0151号诉讼，我就不详细叙述诉讼的过成了，我将在单独的部分再介绍。根据2017年4月10日的裁定，本诉讼与Hengde的诉讼合并审理，本诉讼原本计划2019年4月开庭，但是因为新冠疫情2021年3月才来到我面前。

On 16th November 2017 Ms. Zhao was able to visit Lunan’s premises again and take some further photographs of Lunan’s records.
2017年11月16日赵女士再次可以访问鲁南公司，进一步拍照了鲁南的记录。

On 23rd October 2019, the Zeping group of directors issued an open letter, complaining that Zhang Guimin had not obeyed a court order to reinstate them as active directors. Among numerous allegations of mismanagement was one of embezzling money:“At the beginning of this year, Zhang Guimin illegally transferred RMB 24,974 million2 into the accounts of eight companies named after Zhang Guimin, including Shandong Guimin Pharmaceutical Sales Co Ltd (details of the 17 illegal transfers are attached below). These companies are basically newly established this year and have no business relationship with Lunan… Socially, it is public knowledge that a certain company in Linyi is laundering hundreds of millions of yuan for Zhang Guimin. Zhang Guimin is suspected of misappropriating huge amounts of money.”
2019年10月23日泽平派系的股东发布了公开信，职指责张贵民没有遵守让他们重新成为董事的法庭命令，无数的指控之中包括管理不善，贪污财产，“本年年初的时候，张贵民非法转移了249.74亿[原文注：这里应该是笔误，应为2497.4万]资产到8个以他命名的公司，其中包括山东贵民药物销售公司（具体17笔非法财产转移请见附录）”，这些公司基本上是今年设立的与鲁南没有商业关系，大家都知道临沂的一个公司正在为张贵民非法大量洗钱，张贵民被怀疑盗窃了巨额资金。

Notwithstanding that letter, there appears to have been some kind of reconciliation. On 29th January 2020 Appleby (representing Lunan) told Walkers (representing Ms. Zhao) that they were taking instructions now from the Guimin directors.
尽管有这封公开信，似乎发生了一些和解，2020年1月29日代表鲁南的Appleby告诉代表赵女士的Walkers他们现在遵守贵民派系董事的指示。

In the meantime on 5th December 2019, Lunan issued proceedings against Endushantum before the Intermediate People’s Court of Linyi City. Whether this was before or after the reconciliation between the two camps of directors is not in evidence, but it is likely to be after the reconciliation. Although Lunan asked for the proceedings to be heard in private (as is possible in the PRC), the Linyi court did not grant this request. The trial was heard in open court on 7th February 2020. Zhang Guimin as chairman was the legal representative of Lunan. Two lawyers from the Shanghai Kingsway law firm, Wang Huaigang and Ceng Yan, appeared for Lunan. Mrs. Wei was the legal representative of Endushantum. Two lawyers from the Beijing Jing Xuan law firm, Wang Longhai and He Bei, appeared for Endushantum.
与此同时，2019年12月5日，鲁南在临沂中院起诉Endushantum，不清楚诉讼是在两个派系的董事和解以前还是和解以后提起的，但有可能是和解以后，虽然鲁南要求不公开审理（中国法律允许不公开审理），但是临沂院拒绝，2020年1月7日法庭公开审理，张贵民作为董事长是鲁南的法定代表人，Shanghai Kingsway律师事务所的两位律师，Wang Huaigang和Ceng Yan代理鲁南出庭，魏女士是Endushantum的法定代表人，Beijing Jing Xuan律师事务所的Wang Longhai和He Bei代理Endushantum。

In its statement of claim, Lunan alleges that “[Kunlun US] and [Endushantum] signed an Agreement for Shareholding Rights Transfer on 11 September 2006. [Kunlun US] transferred its Entrusted Shareholding Interests to [Endushantum] to hold on its behalf. [Endushantum] promised to succeed all the rights and liabilities of Kunlun US based on the [Entrusted Shareholding Agreement]. On 11 October 2006 [Lunan’s] Board of Directors passed a resolution and confirmed that variation.”

在起诉状中，鲁南认为“在美国昆仑和Endushantum于2006年9月11日签署的股权转让合同中，美国昆仑将其受托持股利益转让给Endushantum为自己代持，Endushantum保证根据受托持有协议继受美国昆仑的所有权利和义务，2006年10月11日鲁南的董事会决议批准了这一行为。”

Endushantum admitted these averments in its defence. Importantly, it did not include in its list of documents submitted to the Linyi court the 2006 transfer agreement. That document was never before the Linyi court. Instead Endushantum conceded that it “enjoys all rights and assumes all obligations originally enjoyed and assumed by [Kunlun US] under the Agreement for Shareholding Entrustment.” It simply asked for its annual fees. Further (despite this not being part of Lunan’s case) Endushantum volunteered that it held shares in Shandong NT on the basis that Lunan funded the purchase. No mention was made of Zhao snr, Ms. Zhao or the litigation in the BVI. Nor were the issues raised in the current proceedings pleaded. No challenge was made to the jurisdiction of the Linyi court; instead Endushantum voluntarily submitted to the Chinese jurisdiction.

Endushantum在答辩状中认可一点，但是非常重要的一点是，Endushantum未向临沂法院提交2006年转让协议，临邑法院从来没有看到这一协议，Endushantum承认其“承受股权信托心意项下美国昆仑原本享有的全部权利。”它仅仅主张年费，而且（尽管鲁南没有主张），Endushantum主动提起它持有的山东NT的股权来自于鲁南的出资，没有提交老赵、赵女士或者英属维京群岛等等诉讼，也没有提及当前程序中提出的争议点，没有提出管辖权异议，Endushantum自愿承认中国法院的管辖。