Dear friends from the media, when you receive this letter, it means that Newmotown (Beijing) Entertainment Co., Ltd. has been forced to the brink of bankruptcy by Wanda Media Co. Ltd Media Co., Ltd. Since Wanda Media Co., Ltd has chosen various reasons to breach the contract between us for three years, and has refused to pay our due project funds regardless of the consequences. Newmotown Entertainment respects the disreputable behavior of Wanda Media Co. Ltd, and publicizes Wanda’s evil deeds of losing face to Newmotown Entertainment:
I am Ma Bolun, the actual controller of Newmotown Entertainment:
In November 2019, our company signed four film investment contracts for “Mistake Killing”, “Liberation Final Rescue”, “Chinatown Detective 3” and “Goodfellas”. Due to the outbreak of the epidemic, our company will pay the contract investment until 2021. Among them, in 2019, the project of “Mistake Killing” and “Liberation Final Rescue” released in that year has been paid, and the contract stipulates that the film revenue statement should be issued on June 30 and December 31 of the following year and settled separately within 45 days, but so far our company has not received Wanda’s payment for “Mistake Killing” and “Liberation”. The epidemic situation in 2020 is slightly better. We sympathize with the impact of the epidemic on the industry and give Wanda time. In 2020 and 2021, there is still no settlement action. After the film “Chinatown Detective 3” was released in 2021, it should have been settled as scheduled according to the contract. Wanda Media Co. Ltd also informed us to issue VAT invoices in December 2021. We were very much looking forward to finally getting the normal payment of several projects, but contrary to our wishes, after issuing the invoice, Wanda Media Co. Ltd delayed payment for various reasons (financial process, company leadership change, etc.) and refused to pay our company’s receivables. The second time Wanda Media Co. Ltd fooled us to issue invoices and receipts was at the end of October 2022, but so far it has not mentioned or paid the corresponding amount, which led to the overdue tax payment of Newmotown Entertainment on the tax blacklist. During this period, Ma Bolun and shareholders and investors on behalf of the company went to Wanda Media Co. Ltd for many times to collect the project funds, but the negotiations were still fruitless.
Ask the national media and tax authorities, no matter how slow the financial process is, they can pay one quarter after receiving the invoice. Why has Wanda received the invoice for more than one year? Twice, we have asked Newmotown Entertainment to issue VAT invoices separately. After defrauding the original invoice, we still fail to fulfill our payment obligations. We hope that the tax authorities will thoroughly investigate Wanda’s shortcomings. What reason do they have to delay the settlement of our company for three years.
While facing the legitimate rights and interests of investors and shareholders and the pressure of repayment, we cooperated in good faith and maintained the reputation of Wanda Media Co. Ltd. Until the end of 2022, we still did not get a penny of repayment, which led to the trust of Newmotown Entertainment shareholders and individual investors’families. Since the summer of 2022, shareholders and investors have come to court to report lawsuits and economic investigations, and the tax and industrial and commercial departments have complained about the company. Newmotown Entertainment and investors always stand in the perspective of the interest community of repayment. Our investors and I, as well as the shareholders of the company, are in the same mood. We all believe that Wanda Media Co. Ltd can cooperate in good faith and repay the money smoothly, so we bet all our money to invest in Wanda Media Co. Ltd projects.
But the practice of Wanda Media Co. Ltd really makes the society chill and let us chill. Wanda Media Co. Ltd would rather cause social impact and insist on blackening these funds, rather than give us any money under normal communication. The contract has been broken for three years.
Here, Newmotown Entertainment hopes that through the supervision of the national media, Wanda Media Co. Ltd, which has seriously defaulted, will pay our due money.
It has been three years since the outbreak of the epidemic in China, and only the normal repayment of Wanda Media Co. Ltd can save our enterprises and save the families in difficulty. Does the public really want to see Wanda Media Co. Ltd act so maliciously and procrastinate, resulting in the bankruptcy of the cooperative company and the destruction of investors and shareholders.
The company has filed a contract dispute lawsuit against Wanda Media Co. Ltd. The shareholders and investors are requested to support the company to safeguard the legitimate rights and interests of all parties by legal means. Please wait patiently for the judgment of Beijing Chaoyang Court.
