The struggle for control of Jiangsu Saleen Automotive Technology had escalated, putting the joint venture in which CNY10 billion (USD1.4 billion) has been invested at risk of becoming yet another failed Chinese electric carmaker, The Paper reported. Chairman Wang Xiaoling has filed an arbitration in Hong Kong over the breach of a joint venture agreement by an investment firm under the government of Rugao in China’s Jiangsu province, the report said yesterday. In a statement, Wang said Nantong Jiahe Technology Investment Development, which owns about 34 percent of Saleen, has refused to communicate with four overseas-funded firms controlled by him, which jointly own the remaining 66 percent, since May 29. That includes refusal to attend the Saleen’s shareholder meeting. According to a resolution adopted by the company at an extraordinary shareholders’ meeting on July 4, Nantong Jiahe was required to pay off the CNY300 million (USD42.8 million) it owes to the company within five working ...