Hearings on motions to suspend Founders Group International managing partner Dan Liu’s operation of the company have been postponed, with no new court date set.
The hearings on a requested injunction on Liu’s operation of FGI and the appointment of a receiver to oversee the company’s finances were scheduled Wednesday morning in the Horry County 15th Judicial Circuit Court of Common Pleas.
FGI owns and operates 22 golf courses on the Grand Strand, and owns numerous other area properties and businesses.
The hearings were requested in a lawsuit initially filed on June 22 by ousted FGI president Xian ‘Nick’ Dou against Liu, three Chinese companies represented by Liu that own approximately 90 percent of FGI, and 15 FGI-affiliated limited liability companies.
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The lawsuit accuses Liu of misappropriating company funds for his own benefit and placing the company’s future prosperity in jeopardy with his actions.
Liu’s answer to the suit denied wrongdoing and challenged Dou’s claimed approximate 10-percent ownership in FGI and affiliated LLCs because Liu says it was awarded based on “erroneous and incorrect information” provided by Dou.
Liu is a Chinese national who is in the U.S. on a work permit while awaiting approval of a visa, and Dou is a U.S. citizen who was an immigration consultant in New York City. The two men worked together to purchase the 22 courses and other holdings beginning in 2014.