HONG KONG, April 5, 2024 /PRNewswire/ -- Reference is made to our Clarification Announcement dated August 24, 2023. Since October 2021, there have been ongoing arbitration and litigation proceedings ("Dispute Proceedings") between us and Minsheng Vocation Education Company Limited ("Minsheng Vocational Education"), a wholly-owned subsidiary of Minsheng Education Group Company Limited (Hong Kong Stock Exchange Stock Code 1569) ("Minsheng Group"), regarding the sale of 49% of the issued share capital ("49% Shares") of Leed International Education Group Inc. ("Leed Education"). By a judgement of the Grand Court of the Cayman Islands dated August 3, 2023, we successfully obtained a quia timet injunction to prevent Minsheng Vocational Education from enforcing its security over the 49% Shares ("Cayman Injunction"), which judgment has been published on the website of the Judicial Administration of the Cayman Islands.
We hereby issue this Press Release to update shareholders of Minsheng Group, relevant stakeholders and/or potential investors on recent development of the Dispute Proceedings and preempt any possible inaccurate, untrue or misleading disclosures or statements by Minsheng Group. This Press Release does not and is not intended to give up or waive any privilege over any information relating to the Dispute Proceedings.
On September 11, 2023, Minsheng Vocational Education lodged an appeal to the Court of Appeal of the Cayman Islands ("Cayman Court of Appeal") against the Cayman Injunction ("Cayman Appeal"). The Cayman Appeal was heard on January 23, 2024, before the Right Honourable Sir John Goldring, President of the Cayman Court of Appeal, the Honourable Sir Michael Birt, Justice of Appeal of the Cayman Court of Appeal, and the Honourable Sir Anthony Smellie, Justice of Appeal of the Cayman Court of Appeal, where arguments from the legal representatives of both Minsheng Vocational Education and Leed Education were thoroughly heard.
On March 28, 2024, the Cayman Court of Appeal delivered a judgment unanimously dismissing the Cayman Appeal and confirming the rulings made by the Grand Court of the Cayman Islands on August 3, 2023. The judgment of the Cayman Court of Appeal has also been published on the website of the Judicial Administration of the Cayman Islands.
In summary, the Cayman Injunction is valid and in effect, and enjoins Minsheng Vocational Education from purporting to enforce its security over the 49% Shares. We will continue to update shareholders of Minsheng Group, relevant stakeholders and/or potential investors in respect of further developments of the Dispute Proceedings.
Leed Education Holding Limited
National Education Holding Limited
Hyde Education Holding Limited
CONTACT: information@nedugroup.com
