Writer: adminsp
Translator: adminsp
July 20, 2007 06:51 Beijing Time
SHANGHAI: French food conglomerate Group Danone SA yesterday asked the boards of its joint ventures with Chinese partner Wahaha to file lawsuits against its former chairman for what it said was his breach of interests regarding the ventures, taking their acrimonious dispute to a new level.In a letter sent to the 39 joint ventures with Wahaha, Danone said it had asked the boards to file lawsuits against Zong Qinghou, the former chairman of the ventures.The letter asserted Zong, without consent from the boards or shareholders, had "directly or indirectly invested in and operated several companies that were competing with the joint ventures".Zong's actions, which Danone said were "aimed ultimately at seeking economic gain had seriously encroached upon the interests of the joint ventures and the interests of Danone as a shareholder", the food company said in a statement.Neither Wahaha, Danone's partner and China's largest beverage maker, nor Zong were availa...
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