U.S. District Court for the NMI Chief Judge Ramona V. Manglona ordered the clerk of court yesterday to release the $224,548.07 that were disputed by some shareholders of a company and dragged a bank to a lawsuit.<\/p>\n
Manglona directed the clerk of court to release $20,000 to First Hawaiian Bank for its reasonable attorneys\u2019 fees, and the remaining $204,548.07 to Universal Group Development Inc. through its president, Wanzhong Yu.<\/p>\n
Manglona dismissed the lawsuit and all claims and cross-claims and directed the clerk to close the case.<\/p>\n
The judge issued the release of the money and the dismissal of the case at the parties\u2019 request.<\/p>\n
The underlying issue in this case, the true ownership of 440,000 shares of Universal Group\u2019s stock and the $224,548.07 has been resolved in favor of Yu as its president.<\/p>\n
In April 2015, Manglona ordered First Hawaiian Bank to deposit with the court the disputed $224,548.07 in Universal Group\u2019s maximizer savings account. <\/p>\n
Manglona issued the order after the parties in the lawsuit signed a stipulation in which they agreed to deposit funds with the court. <\/p>\n
FHB, Universal Group, and Yu, through their respective counsels, entered the agreement to deposit the money. <\/p>\n
Last March, Manglona issued a default judgment and awarded Yu $125,699.60 in damages. <\/p>\n
Yu alleged that he was detained in China for 22 months, caused by political influence exerted by his former business partners on Saipan. <\/p>\n
Manglona issued a default judgment in favor of Yu and against Mingnan Jin and Jinwei Guo.<\/p>\n
Universal Group, through its then-counsel Samuel Mok, sued Yu for conversion and First Hawaiian Bank for breach of contract. <\/p>\n
Universal Group alleged that Yu and the bank have blocked the company from gaining access to its $225,000 of its own funds from a business savings account. <\/p>\n
Yu, through counsel Mark Scoggins, filed a cross-claim, alleging he was wrongfully detained in China for 22 months, caused by political influence exerted by his former business partners. Yu named Jin and Guo as defendants in his cross-claim. <\/p>\n
Jin and Guo were then claiming as the officers and directors of Universal Group and that Guo is now the sole shareholder. <\/p>\n","protected":false},"excerpt":{"rendered":"
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