Ex-Credit Suisse Chief Tidjane Thiam’s SPAC Sued by Chinese Partner

Former chief Tidjane Thiam has been embroiled in a bitter dispute with his SPAC partner Edward Zeng after the Chinese entrepreneur's firm sued Thiam's company for allegedly refusing to pay $6 million in advisory fees.

Thiam's special-purpose company Freedom Acquisition is in settlement talks with Zeng's company China Bridge Capital, The reported, citing two people with knowledge of the dispute.

In August, China Bridge filed a lawsuit in New York that alleged Thiam's company “failed and refused” to pay the fees even though Zeng's company had introduced it to Complete Solaria — the US solar business with which it merged a month earlier — and carried out due diligence, financial modelling and advisory work.

Freedom shareholders approved the deal in July, although nearly 99% redemptions compelled the SPAC to secure $80 million in new funding via a PIPE.

To cover the payout on various additional financing arrangements, the sponsor of Freedom I gave up almost 70% of its stake in the SPAC. A forward-purchase agreement with Polar, which agreed to hold onto 331,753 Class A shares, cost the sponsor 331,753 Class B shares.

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Source: Ex-Credit Suisse Chief Tidjane Thiam's SPAC Sued by Chinese Partner