NTP - Nam Tai Property announces court order freezing bank accounts of Kaisa Group allies

• Nam Tai Property ( NYSE: NTP ) said Thursday the Shenzhen Qianhai Cooperation Zone People's Court granted its unit's request to freeze bank accounts and assets of Wang Jiabiao and Zhang Yu, who were terminated by NTP's board in Q4 2021.
• This follows the court's recent order prohibiting Wang and Zhang from using the corporate chops and business licenses of NTP's unit Nam Tai Investment (Shenzhen) during ongoing litigation.
• Wang and Zhang, who are affiliates of Kaisa Group ( OTCPK:KKPFF ) and spent the last several months purporting to represent Nam Tai Investment, are restricted from dissipating assets of Nam Tai Investment and entering into new corporate arrangements on behalf of the unit.
• • "Our plan is to continue aggressively pursuing claims against Wang, Zhang and Kaisa, while also engaging in good faith discussions with policymakers to demonstrate our commitment to making long-term investments across mainland China," said NTP chairman Michael Cricenti.
• • Earlier this year, Wang blocked an orderly handover of business assets in China, refusing to acknowledge his formal termination .

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