Mr. Mo never dreamed that because of a loan of only 250,000 yuan, he would lose the gold mine with reserves worth 160 million yuan and all mining equipment. In addition, he was sentenced to pay the other party more than 400,000 yuan in litigation costs. This is tantamount to going bankrupt!
Mr. Mo inherited more than 1,200 acres of gold mining rights in BC inland from his father. The stretch of mountains, the boundless territory at a glance, is full of infinite hope. The geological prospecting report shows that the mining area can make a net profit of 750,000 yuan in half a year, and a net profit of 7 million yuan in five years.
In 2010, after spending more than 800,000 yuan to apply for a mining license and purchase equipment, everything was ready, and only more than 200,000 yuan was needed to add some equipment and labor to make a big splash. Mr. Mo began to raise 250,000 loans. A Mr. Du took the initiative to come to the door. Mr. Du is well-informed and powerful. Mr. Du is willing to provide loans with an annual interest rate of 12%. The two chatted happily and hit it off. Mr. Du also said that he is interested in deepening cooperation in the future, including buying part of the mining rights. Mr. Mo expresses this cautiously, sincerity, take your time.
Mr. Du acted boldly, as long as Mr. Mo said the number, he would write a check immediately. In just one month, more than 160,000 yuan was paid, which solved Mr. Mo's urgent needs time and time again. Could you ask for a better partner? When Mr. Mo asked for another 50,000 yuan to buy equipment, Mr. Du said that my lawyer said that no matter how good the relationship is, we should make a formal legal document about our business. Mr. Mo was so focused on digging out the gold as soon as possible, so he simply agreed, you can get it if you want.
Mr. Du quickly brought a set of legal documents, including loan agreement, mortgage preservation agreement and IOU. Mr. Mo comes from a business family, and he has borrowed money before, so he knows that these are routine documents in commercial loans. The lawyer wrote dozens of pages of miscellaneous words and sentences. Mr. Mo felt that he knew the basic content, and finding another lawyer to review the documents would not be the same thing. So I took a rough look, confirmed that the interest rate of the loan amount was correct, and signed it with a swipe of a pen.
After the contract was signed, Mr. Du began to ask to intervene in the operation and management of the gold mine, and the relationship between the two took a turn for the worse. Just a few months later, when Mr. Mo received a letter from Mr. Du's lawyer requesting the immediate repayment of all the loans (more than 300,000 yuan at this time) and the immediate transfer of 50% of the mining rights to Mr. Du, he couldn't help feeling angry: what? Gotta give me some time to fundraise, too? Besides, it's only 300,000 yuan, why should I have half of the mining rights? Mr. Du did not say anything else, and directly sued Mr. Mo for breach of the loan contract, demanding performance and compensation.