Chapter 371: Chapter 371: Overnight, the Lin Family Lost Everything
Lin Cheng hadn’t even reacted before Huace completely usurped control of the Lin Family business.
The other shareholders were equally blindsided; Huace had suddenly acquired a massive amount of shares, flipping the table and becoming the largest stakeholder in the Lin Family company.
Overnight, the Lin Family company was “bleeding out” under Huace’s ruthless takeover!
When Lin Cheng hurried to the office, the finance department was already under Huace’s control.
Every accountant in the finance department was blocked from entering, while Huace’s appointed specialists emptied out all the documents in the finance office. All client records and archived files on the company’s computers had been fully accessed.
Lin Cheng was at a complete loss!
On the way, his secretary called to inform him that Huace’s specialists had parachuted into the Lin Family’s company, dissolved the original board of directors, and installed an interim board. Furthermore, everything from department heads in human resources to the external CEO had been reshuffled.
Over 1,000 employees at the Lin Family’s headquarters received termination notices. Yet because the company had signed labor contracts with the employees, terminating them abruptly required paying breach-of-contract compensation. Simply the added penalties from these over 1,000 contracts totaled upward of ten million US Dollars, all of which would be charged to the legal representative.
Furthermore, the shareholder representatives hired by Huace unilaterally canceled many established contracts. They then handed several quarters’ worth of financial reports from the finance office over to the Tax Bureau.
The Lin Family company was now under suspicion of illegal tax evasion and avoidance!
And all of this liability still fell squarely on the legal representative!
Lin Cheng was finding it harder to sit still.
Years ago, he’d maneuvered Zhou Qin into the legal representative role, ensuring that any liability or compensation stemming from the company’s operations would be borne by her.
But if the charges of tax evasion against the Lin Family company were proven true, Zhou Qin would face an unrelenting prison sentence!
Yet Zhou Qin was his wife, which meant he also carried joint liability along with her.
Huo Tingdong was never one for dragging things out. His ruthlessly decisive actions now threatened catastrophic doom for the Lin Family’s entire company!
Outside the shareholders’ meeting room.
All original shareholders of the Lin Family company were blocked outside.
The shares they held had been entirely wiped out, and they’d lost their positions within the board of directors.
Lin Cheng pushed open the door and walked inside.
Inside the meeting room.
Under the cold glare of fluorescent lights.
Huo Tingdong was seated at the head of the table, his expression cold and flat, idly spinning a two-million-dollar Calland steel pen.
He lifted his gaze and directed an icy look at Lin Cheng, his lips curling faintly. “Mr. Lin, you’re here. Please, have a seat.”
Lin Cheng, visibly shell-shocked, took the seat opposite him.
He glanced around the room. There were many unfamiliar faces in attendance, along with several seasoned senior shareholders—all of whom looked visibly disturbed, pale-faced, and uneasy.
In front of each person lay a copy of a share transfer agreement.
Aside from Lin Cheng’s 20% stake in the original shares, the remaining shareholders collectively still held the final 12% equity.
Lin Cheng lamented with anguish, “Mr. Huo, what are you doing? Why would you…”
Paying no attention to his protests, Huo Tingdong swept his gaze around the room. “This is your last chance. Sign these transfer agreements, and you can leave unscathed.”
Huo Tingdong was utterly cutthroat.
Under his employ were hundreds of Wall Street trading geniuses.
The Lin Family company’s stock, originally valued at 10 billion, had cost him just 4 billion to acquire in full.
When the market opened, he began with an acquisition of 30% equity at the market price. Many of Lin Family’s shareholders held scattered shares, and seeing Huace’s aggressive movements, they immediately sensed that Lin Family must have offended Huace!
As a result, many shareholders panicked and rushed to dump their shares, along with retail investors holding Lin Family stocks.
In just one day, Lin Family’s stocks experienced ten consecutive falls, closing at the limit down.
By the time trading ended, Huace had acquired 68% ownership!
The remaining shareholders had all assembled in this meeting room.
One by one, Huo Tingdong handed out share transfer agreements, demanding they sign and leave.
They didn’t dare refuse.
But signing the agreements was nothing short of cutting off their own limbs.
The purchase price offered by Huo Tingdong was insultingly low—so low it defied belief. Still, within one short day, Lin Family had reached a point of no return. Even if they clung to the remaining equity in their hands, it wouldn’t reverse the situation.
If they didn’t cut their losses promptly, Huace’s subsequent maneuvers might leave them financially ruined and destitute.
One of the shareholders sighed heavily, picked up a pen, and prepared to sign.
Lin Cheng immediately tensed up. “Don’t sign!”
This particular shareholder was one of the original foundational shareholders.
If he took the lead in signing, it would spell absolute doom for the Lin Family company!
The shareholder glanced at him and retorted, “Lin Cheng, how… did you end up provoking Huace?! You’re telling me not to sign, but then tell me—what should I do now?! Do you think I want to sign?!”
Originally, one Lin Family share was priced at 190. Now, Huo Tingdong was offering only 50 to buy them back.
The problem was—they dared not refuse to sign.
Lin Cheng anxiously turned to face Huo Tingdong, his complexion pale as a ghost: “Mr. Huo, what do you gain from targeting the Lin Family company like this? All you’re doing is hitting us at a loss to yourself—hurting your enemy by a thousand, but losing eight hundred in the process!”
Huo Tingdong sneered coldly. “Yes, sacrificing a thousand to hurt my enemy, losing eight hundred. But let’s be clear, Lin Cheng. You’ve only got a thousand, whereas I have far more than this trivial eight hundred.”
He rose to his feet slowly. “With Huace’s resources, companies of Lin Family’s scale—how many we want to acquire is entirely up to us. You ask me why I’m doing this? Am I obligated to answer you? I want to do it, so I do it.”
Lin Cheng’s lips began trembling uncontrollably.
Huo Tingdong said, “Don’t rush, Lin Cheng. This is only the beginning.”
Lin Cheng’s eyes widened. “What do you mean…”
Huo Tingdong’s lips curved slightly in amusement. “I’ve already reviewed all the audit documents from the finance office. The Lin Family company’s tax evasion and avoidance activities over the past three quarters involve reported amounts reaching 150 million US Dollars.”
Lin Cheng’s face instantly turned ashen!
Huo Tingdong continued. “And that’s just from the last three quarters. I’ve pulled up all financial records from the past five years, and tomorrow morning, they’ll be sent directly to the Tax Bureau. Within three days, the Tax Bureau will start an exhaustive audit of Lin Family’s tax evasion and avoidance cases. By then, a rough estimate predicts that the tax penalties alone will leave you utterly penniless.”
Lin Cheng’s legs gave out, and he collapsed into a chair.
Picking up a document casually from the table, Huo Tingdong flipped through a few pages. “I just noticed—the Lin Family’s previous legal representative was your wife, Zhou Qin. While tax evasion isn’t punishable by death, a fine of this magnitude? The Lin Family will never recover—not even in a lifetime.”
Lin Cheng’s eyes twitched, his heart pounding erratically.
Unhurried, Huo Tingdong walked behind him, leaned in slightly, and placed a hand lightly on his shoulder. “Don’t think of escaping abroad. Tomorrow morning, your US Dollar accounts will be frozen, blacklisted, and forever blocked from converting foreign currency.”
Leaning down to his ear, his voice was dangerously calm. “Lin Cheng, how does it feel watching the Lin Family crumble overnight? How does it feel knowing you’ll spend the rest of your days burdened with debts that generations can’t possibly pay off?”