Becoming Rich with Daily Scavenging APP-Chapter 684: Trust Fund Breach

After the meeting.

Wang Chunyun actively approached Wu Changxun.

"President Ma wants all departments to cooperate with me on this matter, what do you think?"

"Feel free to make any requests you have," Wu Changxun glanced at Wang Chunyun.

If not necessary, he really wasn't willing to talk to Wang Chunyun.

Because the relationship between the two had reached a point where they wanted each other out of the company immediately.

But to maintain the company's dignity, they had to pretend to be friendly when meeting face to face.

This was really not the kind of communication Wu Changxun enjoyed.

"Sugar Bean Man Adventure has been integrated into our QiuQiu open platform, right? Users can log into the game using either QiuQiu or Micro."

"Yes." Wu Changxun nodded.

"I need QiuQiu and Micro to immediately terminate cooperation with Sugar Bean Man Adventure, preventing users from logging into the game with these two social accounts."

"We have a contract with them," Wu Changxun said.

"I'm aware of the standard contracts for open platforms, and the breach penalties are not severe, at most compensating with some money," Wang Chunsheng said.

"We did not sign a standard contract with Yiyang Game, the breach penalties are quite severe." Wu Changxun sighed and showed Wang Chunsheng the contract signed with Yiyang Game.

"Why sign such a contract with them?" Wang Chunsheng understood instantly after reading the contract details that the approach to stop them from accessing the open platform was unfeasible.

"I reported this to President Ma, go ask him yourself." Wu Changxun rolled his eyes.

"I'll go find President Ma." Wang Chunyun glared at Wu Changxun and walked away.

Although he could disgust Wang Chunyun, he was still quite happy.

If he could do it over again, Wu Changxun definitely would not sign this contract with Chen Yiyang.

Because originally Wang Chunyun would definitely use this matter to push for greater authority for himself.

If the contract didn't exist, Wu Changxun could agree superficially but intentionally not cooperate actively.

But now, with this situation, as long as Wang Chunyun exploits it, he will surely gain more authority from President Ma, bypass Wu Changxun, and get the social platforms to fully cooperate with him, leaving him with no room to maneuver.

Forget it, let him make a fuss.

Wu Changxun recalled Chen Yiyang's miraculous investment success rate. He felt that Wang Chunyun might not necessarily outdo Chen Yiyang this time.

After returning home, he retrieved a phone from the safe, sent a text message to Chen Yiyang with it, and then destroyed the SIM card himself.

When Chen Yiyang received the message, he was chatting with some people from a financial company.

He glanced at the text message and noticed that the number was stored but not marked, realizing it was from Wu Changxun.

People like them naturally didn't trust telecom companies to guarantee their privacy completely.

So for confidential matters, they use special software, or unregistered phone cards, which they use once and then no longer.

The text message from Wu Changxun to Chen Yiyang contained only one line, stating 'Two months, 1.4 billion, Sugar Bean Man competitor'.

Chen Yiyang immediately realized that Tengxu was likely developing a competitor to Sugar Bean Man Adventure, probably launching within two months.

This was a rather important piece of information for Chen Yiyang.

Facing Tengxu's full-scale deployment, with a budget of 1.4 billion.

If Chen Yiyang was caught unprepared, he could easily be caught off guard.

And since the message was from Wu Changxun's unregistered number, the leader of this project must be Wu Changxun's competitor within the company.

Wu Changxun likely couldn't help him at all.

Dealing with Tengxu straight on might be good.

Chen Yiyang thought to himself, it's been a long time since he made a big move, and if this continues, he might be seen as weak.

Since it's like this, take on Tengxu head-on, make it known that no one can take advantage of him.

After deleting the text, Chen Yiyang continued discussing the previous topic with the people in front of him.

"You've mentioned many advantages of trust funds, but I still have doubts.

If trust funds are truly flawless, why was Hengda's Xu Jiayin's trust fund recently pierced?"

"This." The few financial experts exchanged awkward glances.

Xu Jiayin's trust fund being pierced was a recent occurrence.

Although the guy had been imprisoned for two years.

But no one had thought his established trust fund would be pierced.

It wasn't unprecedented for a wealthy person's trust fund to be pierced.

But such occurrences have a distinguishing feature, namely the wealthy people trying to exert influence on these funds post-establishment, manipulating assets, which leads the court to deem the trust fund invalid, allowing creditors to claim funds.

The main function of trust funds is risk isolation.

A wealthy person handing their assets to a trust means the money no longer belongs to them, and the trust will only return it to the predetermined beneficiaries as initially agreed.

Thus, even if the wealthy person commits a crime later on, goes bankrupt, creditors have no right to claim from the trust.

Because from a legal standpoint, the money was spent a long time ago.

Creditors can't claim money that was spent previously.

Hence, despite occasional issues, overseas trust funds remain a favored risk-aversion method for many domestic wealthy individuals.

The recent event of Xu Jiayin's trust fund being pierced brought significant shock to many domestic wealthy individuals.

Given Xu Jiayin's trust was established in '17 during Hengda's peak times.

Xu Jiayin siphoned off tens of billions in US Dollars' profits from Hengda to set up considerable assets overseas and a 2.3 billion US Dollars trust fund.

Xu Jiayin understood the rules, he never attempted to interfere with the money within the trust fund after setting it up.

Yet, despite this, recently Hong Kong Island's court ruled the trust was illegal, allowing creditors to claim the funds.

"Well." The few financial experts pondered their words before speaking to Chen Yiyang.

"Hong Kong Island's laws emphasize substance over form, so the High Court found loopholes in this trust.

Although Hengda wasn't facing a financial crisis in '17 itself, internal financial fraud began in '17.

Accordingly, the court determined Xu Jiayin's motive for establishing the trust wasn't pure, with intentions to evade debts.

Thus ruling this trust could be pierced."

"If that's the case." Chen Yiyang leaned against his chair and said bluntly.

"So from the point they started making money, if there's any illegal conduct, then establishing a trust would definitely be pierced, right?"