After a lengthy legal battle, Chinese businessman Yuzhu Kang has emerged victorious in the High Court’s ruling on the ownership of the prestigious Fota Island Resort in Co. Cork. Following intense negotiations spanning two days, a settlement was reached, marking the conclusion of the four-year dispute.
Mr. Kang, who resides in Dublin but hails from Hebei province, claimed to have invested €30 million in various Irish properties, including the renowned five-star hotel and spa in Co. Cork. Central to the dispute was the alleged conspiracy to defraud him through the transfer of shares and property ownership.
The settlement, reached with the consent of all parties, has declared certain stock transfers null and void, affirming Mr. Kang as the 100 percent shareholder of Xiu Lan Holdings Ltd, the parent company of Xiu Lan Riverside Hotel Ltd., which owns Fota Island Resort and the Kingsley Hotel, among other disputed properties.
The legal action involved multiple defendants, including businesswoman Xiu Xiang Kelly and her son, Tuo Du, along with three companies. Mr. Kang had alleged that he agreed to purchase Fota Island Resort in 2013, with Ms. Kelly assisting in the transaction. However, Ms. Kelly contended that she used Mr. Kang’s name as a front for the purchase and had always been the true owner of the luxury resort.
With the dismissal of Ms. Kelly’s counter-claim, the settlement brings closure to the legal proceedings. While no costs order was made, the parties retain the option to return to court for enforcement if necessary.
Speaking outside the High Court, Mr. Kang expressed his intention to fulfil his long-held vision for Fota Island Resort, emphasising the delayed but eventual achievement of justice.
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