Foreign media: Ruixing incident investigation law firm also represents Tim Hortons China financing project

Original title: Foreign media: Ruixing Incident Investigation Law Firm also represents Tim Hortons’ Chinese financing project Source: Global Technology
On May 21st, foreign media AllTechAsia published a news on social networking sites that pointed out that the investigation legal counsel appointed by the Ruixing Coffee Special Committee is the law firm Kirkland & Ellis. On behalf of Cartesian Capital, the founder of Tim Hortons.
This news caused industry attention and discussion: Does this agency relationship have a competitive relationship with Ruixing Coffee?
It is understood that on April 3, Ruixing Coffee reported that it had fabricated about 2.2 billion yuan in sales revenue from the second quarter of 2019 to the fourth quarter of 2019, and some costs and expenses were also significantly exaggerated due to false transactions. Subsequently, the company’s board of directors established a special committee to oversee internal investigations of these issues.
The special committee is composed of three independent directors of the board of directors, Mr. Xiao En, Mr. Park Tianruo and Mr. Wei Yuanzong. The Special Committee has retained independent consultants for internal investigations, including independent legal counsel and legal accountants. The Special Committee has appointed Kirkland & Ellis as independent external consultants. Kirkland & Ellis is an independent forensic accounting expert with the assistance of FTI Consulting.
It is worth noting that at the beginning of May this year, Canadian national coffee brand Tim Hortons Chinese company received an exclusive strategic investment from Tencent with an amount of more than 100 million yuan. Tencent holds a certain amount of shares in Tims China. Kirkland & Ellis is the law firm representing Cartesian Capital, the founder of Tim Hortons.