FF cash famine is still going on | Employees vomit | ' Toilet paper has been suspended for two weeks'

Just after Evergrande Health announced that Faraday Future and FF founder and CEO Jia Yueting had filed a comprehensive counterclaim against arbitration. On November 8, FF immediately issued an announcement to respond, stopping the cashier and relevant financial review personnel of Evergrande. The unilateral breach of contract by Evergrande. 'For the arbitration and legal proceedings brought by Evergrande, FF will reserve the right to take further legal action.'

At this point, the negotiating table of Evergrande and FF was officially moved to the courts of Hong Kong and Cayman.

FF said that Evergrande knows everything about finance.

Just yesterday, Evergrande Health said that Jia Yueting and the joint venture company forcibly escorted the cashier appointed by Yingying, forcibly preventing Shiying’s financial personnel from entering the market for financial review, which caused Shiying to be unable to know the financial status of the joint venture company.

In fact, the focus of the dispute between the two parties is whether the financial situation is known or not. Evergrande Health believes that Jia Yueting and the joint venture company 'forced to rush away from the cashier’s cashier, forcibly preventing Shiying’s financial personnel from entering the market for financial review. Know the financial status of the joint venture company'.

It is reported that FF has not yet provided Evergrande with the audited statements for 2017 and the first half of 2018. Moreover, the financial statements provided by FF to Evergrande are general summary data - expenditures, funding requirements, etc. , there is no specific use of details, resulting in Evergrande can not know the financial status of the joint venture company.

In response, FF responded: Evergrande has always been familiar with FF's financial status and capital planning, which is completely inconsistent with Evergrande's statement in the announcement that “Hengda cannot know FF financial status”.

FF stressed that since the beginning of 2018, FF has repeatedly provided investors with complete financial reports and capital planning, including regular monthly financial and operational reports, as well as more detailed additional financial information, there is no Evergrande health in The 'FF refuses to provide financial information and related documents' mentioned in the announcement.

Some people close to the FF company disclosed to the "Securities Daily" reporter that in FF China, all employees know that the company's finances are controlled by a female person in charge of Evergrande. 'Without her permission, one penny can't be adjusted. The above-mentioned person said that, so that she had a meeting, she publicly stated that she would not delay the reimbursement of employees in the future, and she would applaud for a while.

In this regard, FF employees also told reporters that when the annual budget was reported to FF Global at the beginning of this year, there were many feedbacks from the US, and the changes were made in accordance with the requirements of Evergrande Finance. Modify ' .

At the same time, the reporter also conducted cross-checks with Evergrande. The answer was that it was not easy to respond because of the involvement of confidential information.

'Cash famine' toilet paper stopped for two weeks

In fact, as early as October 25, Jia Yueting and Evergrande had their first confrontation. After the results of the first arbitration against the base, the two sides gave a completely different interpretation.

At that time, Evergrande Health believed that the arbitration was comprehensive. The arbitrator not only rejected Smart King's application for deprivation of the financing right of the company, but also rejected Smart King's new application for lifting the mortgage of the Season Smart asset, allowing only before the final arbitration. More than $500 million in financing; on the other hand, FF announced that the emergency arbitration was fully won and officially opened up global financing. FF said that the arbitrators ruled that Evergrande could no longer prevent FF from obtaining funds from other financing sources.

Some industry lawyers told reporters that the application for emergency interim relief is an interim measure. During the progress of the emergency arbitration procedure, the formal arbitration procedure can also be carried out simultaneously. This indicates that the emergency arbitration result will not make a final decision on the case, FF and Heng. The big battle is not in the air.

The latest news shows that on November 2nd, FF announced that it signed a contract with US investment bank Stifel as a financial adviser to help it customize the debt financing plan. But in fact, whether it is equity financing or asset financing, FF is still subject to major shareholders. Evergrande, the FF 'cash famine' caused by this court order is still continuing. Recently, the employees of Evergrande Faraday Beijing Company poured into the "Securities Daily" reporter: 'The company toilet paper has been suspended for two weeks. I don't know when I can recover.'

It is worth mentioning that the reporter noted that at the end of this announcement, FF also reported the latest mass production progress of FF 91. The company stated that despite the temporary cash flow difficulties, the core team of production, R&D, supply chain and other departments Still pushing the mass production and test verification of FF 91, and the US investment bank Stifel is also actively seeking cooperation with FF and promoting external financing, and has made breakthrough progress.