PERSONAL PROPERTY - Conversion - Elements - Defences - Remedies

Law360 Canada (January 31, 2023, 6:37 AM EST) -- Claim by CDN MSolar Corp. (MSolar) for judgment against its former president and a former director, Yu, in conversion and for breach of contract, alleging he wrongfully took company funds of $331,579 and $300,000. Yu denied the allegations. In a counterclaim he also claimed for judgment, alleging MSolar failed to pay him bonuses totalling $240,000 that he was entitled to under an agreement and to reimburse him for expenses in an unspecified amount that he incurred on behalf of the company. There was no dispute that a non-party, So, paid the Funds pursuant to an agreement with Dongying Minghui New Energy Science and Technology Co. Ltd. (Dongying Minghui) and Wudi Iceberg Industry Company Limited (Wudi Iceberg). So subsequently became the Chief Financial Officer (CFO) and a director of MSolar. Donying Minghui and Iceberg Ventures Inc. (Iceberg) were MSolar’s primary original shareholders. Yu owned and controlled Iceberg. At odds with the financial statements was a written agreement signed by So, Yu, Gordon, a former director of MSolar, and Zong on behalf of Dongying Minghui. Zong was the original CFO of MSolar and a former director....
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