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Envision Facing Potential HK Court Injunction For Stealing Commercial Secrets

Summary

Nissan Motor Co agreed to sell its electric car battery unit to Envision Group.

The Hong Kong High Court filing requests for injunction against Envision for breaching the Limited Partnership Agreement, and alleging Envision for stealing commercial secrets for the transaction with Nissan.

Envision Energy was one of the syndicated investor and limited partner of GSR's ‘AESC acquisition fund’.

Nissan Motor Co said on August 3, 2018 it agreed to sell its electric car battery unit to Chinese renewable energy firm Envision Group for an undisclosed sum.

From legal search on file, record from Hong Kong High Court this week shows a legal lawsuit by GSR Electric Vehicle Partners, L.P. against Envision Energy International Ltd.

The court filing requests for injunction against Envision for breaching the Limited Partnership Agreement, and alleging Envision for stealing commercial secrets for the transaction with Nissan.

A source close to the plaintiff told that, Envision Energy was one of the syndicated investor and limited partner of GSR's 'AESC acquisition fund', bypassed GSR Capital and contact AESC directly to make the deal.

GSR Capital has submitted summon to The High Court of Hong Kong SAR, Envision Energy International Limited facing the potential legal injunction and legal penalties over the AESC deal for breaching of Limited Partnership Agreement basic rules.

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