Chapter 11“Nut Case”
On May 14, 2003, Newbridge filed a lawsuit against Chinatrust in Texas for “tortious interference.” In the filing, we asked that Chinatrust “cease and desist” its interference. The lawsuit also named Zhou Lin as “aiding and abetting” the interference. Our petition was soon picked up by the media. Several English‐language newspapers, including the Wall Street Journal, the Financial Times, BusinessWeek, and the South China Morning Post covered the lawsuit, some on their front pages. Taiwan's Economic Daily published the news. A Chinese newsletter, Major Financial and Economic News Weekly, also reported the story and specifically mentioned the reference to Zhou.
BusinessWeek ran an article on May 23, under the title China Banking's Great Wall, and a subheading that went like this: Newbridge Capital's plan to run a Chinese bank comes undone—and the U.S. firm is doing the unheard‐of by taking the case to court. The article pointed out the significance of Newbridge's setback:
It was the deal that would change Chinese banking forever. When U.S.‐based Newbridge Capital Inc. agreed last October to buy a controlling interest in Shenzhen Development Bank Co., Chinese officials were so enthusiastic that they even allowed Newbridge to install its own management team before final details had been ironed out. At last, Chinese regulators and bankers seemed ready to allow a real commercial bank to flourish under foreign control.
As for the lawsuit, the reporter wrote: ...
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