Taiwanese shipping company Wan Hai Lines’s chairman Chen Ching-Shih has been accused of breach of trust by a business partner in a dispute over a private investment.
Denise Li, a Taiwanese businesswoman and former Miss Taiwan, formed a joint venture called Prosperous Global China Holding with Chen in 2015 looking at real estate business in the UK. Chen and Li hold 51% and 49% shares in the company respectively.
Li claims that Chen used an immaterial loan contract as capital replenishment to increase his shareholding in the company and forced her to sign the agreement by threatening not to offer extra funds for the company, and Chen also used his majority shareholding to make major changes in the company without her knowledge, which have all infringed her rights and interests as a shareholder.
Li has filed a legal case against Chen for breach of trust at Taipei District Prosecutor’s Office.
When contacted by Splash, Wan Hai Lines declined to comment on the issue.
According to Alphaliner, Wan Hai Lines is the 12th largest container line in the world, controlling a capacity of around 259,000 teu.
