The former head of Bitmain will try through the court to achieve reinstatement
Ex-CEO of mining giant Bitmain Technologies Mikri Zhang intends to achieve reinstatement, initiating a lawsuit against the Chinese company for this purpose. It is reported by Bloomberg.
The lawsuit on behalf of Zhang’s Great Simplicity Investment Corporation was filed with the Cayman Islands Court in December 2019. It sought to cancel the November decision of Bitmain shareholders to reduce the number of votes per share of Bitmain Class B from ten to one, as a result of which Mikri Zhang lost the pre-emptive right to vote in company.
The management of Bitmain is currently carried out by another co-founder of the company Cihan Wu.
At the beginning of the year, Cihan Wu and Mikri Zhang left their leadership positions at Bitmain, while retaining the right to make decisions. It was reported that the leaders of Bitmain diverged in their views on the further vector of development of the company in the conditions of a falling cryptocurrency market.
Mikri Jean was a supporter of the development of high-tech business lines of the company, in particular in the field of artificial intelligence. Cihan Wu is also known as a supporter of Bitcoin Cash.
In October, Wu, by his own decision, relieved Zhang of his duties as CEO of the company, announcing his intention to focus on “an original vision of business development while maintaining world-class technological standards.” In response, Mikri Zhang threatened a war, however, an attempt in December to convince shareholders to return to him the post of the sole head of the company was unsuccessful.
Now, Zhang, apparently, intends to implement his “military plans” through the court.
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