The ousted co-founder of Bitmain, Micree Keutan Zhan, who has been fighting a legal battle with his former employer, partially won it.

On April 28, 2020, the Beijing Haidian District Bureau of Justice, while supporting the request of Zhan, <a href="https://mp.weixin.qq.com/s/82fk08IQp8LMn-oKRqekNg" target="_blank" rel="noopener">announced</a> that Bitmain could not register Luyao Liu, the CFO of the company, as the legal representative of Beijing branch.
<h2>Bureau Supports Zhan’s Request </h2>
At present, the CEO of Bitmain, Jihan Wu, is the registered representative of the company’s Beijing branch. But the leading manufacturer of Bitcoin mining equipment wanted to change its representative to Liu, as according to the company, he would have improved its efficiency.

On January 02, 2020, the district bureau permitted the company to switch the registration, but in February 2020, Zhan filed a petition against the decision and requested the bureau to register him as the legal representative, because earlier, only held that title.

Although the district bureau decided not to register Zhan, it still made the changes by registering Wu as the legal representative.

In China, legal representatives have more powers than the chairman or CEO of a company.

In its public statement, the Bitmain has stated, “We deeply regret the decision and think the bureau has violated corporate laws, and our company’s autonomy via administrative measures”.
<h2>Bitmain Technologies Can Switch Legal Representatives</h2>
The company has further mentioned that it’s Hong Kong-based has the right to switch its legal representative Bitmain Technologies is the soled shareholder of the Beijing subsidiary.

Additionally, it has stated that now the company would register a case against the bureau so that it could protect everything related to the company, whether they are shareholders or its employees.

Since a long time, Zhan has been struggling with the company. In early 2015, various management issue started between the co-founders of Bitmain and then in October 2019, Wu plotted against Zhan to send him out of the company.

After Zhan was ousted from Bitcoin, he registered a case in Cayman Island court and urged it to nullify the decision taken by the company ar shareholder meeting.

The holding entity of Bitmain is registered in the Cayman Islands.

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Micree Keutan Zhan Records Partial Victory In Legal Dispute

The ousted co-founder of Bitmain, Micree Keutan Zhan, who has been fighting a legal battle with his former employer, partially won it.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Micree Keutan Zhan Records Partial Victory In Legal Dispute

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