CVC Capital has secured a court order freezing the assets of a flamboyant Chinese restaurant owner who sold a majority stake in her company to the European private equity group last year for $300m.
The order, granted on March 6, was directed against Zhang Lan and two other respondents, Grand Lan Holdings Group (BVI) Limited and South Beauty Development Limited.
Last April, CVC said it had taken an 83 per cent stake in Ms Zhang’s South Beauty restaurant chain, but the two parties are now involved in an arbitration case.
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