HONG KONG—Charles Lu, the co-founder and former chairman of Luckin Coffee Inc., has lost control of all his shares in the Chinese coffee chain following a recent court ruling, according to people familiar with the matter.
A court in the British Virgin Islands granted on July 9 an application by banks to wind up Haode Investments Inc., an entity controlled by Mr. Lu’s family trust that holds Luckin shares, and appointed KPMG as the liquidator of the assets, according to the people.
Ouch !!!
Lots of blood in the water on the Luckin Coffee fraud. Starbucks warned investors...
They tried to compete with Starbucks but couldn't
Unluckin
he is lucky he is not in jail.
Bad Luck?
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