Regarding the 5U Sport share deal I can’t comment on this particular case obviously. However any deal I have any experience of on a personal or professional level to purchase any entity has required legal representation. But leaving that aside for a minute, once money has been paid and received by the vendor, the entity becomes the legal property of the purchaser. I can’t think of a contractual or legal mechanism to reverse this or a allow the vendor any element of control once the payment has been received. I’m no legal expert so that doesn’t mean it doesn’t exist, but it does leave me with a sense of incredulity. The scenario is that someone has agreed to buy a shareholding for millions from a vendor by paying the agreed price into the vendors offshore bank account. Somehow the vendors have managed to keep the money and the ultimately the ownership and by definition control of the shares overcoming one of the significant principles of the point of ownership under contract law. This probably applies under the jurisdiction of UK law due to this being where the asset is situated. All requiring a spectacular failure on the part of the purchasers legal representation to protect their client or even more unlikely the case that they didn’t engage legal representation at all. As I said I am no legal expert but if someone can come up with a plausible explanation for all this I would be grateful because it’s a complete mystery to me.
I’m led to believe they defaulted on the final payment, after the Chinese stopped foreign investment in sport, therefore breaking the contract.
I’m serious when I say why don’t you contact KT and ask him?