ChinaMart Sues Global Trade Center for $100 Million

China Mart USA LLC, known as China Mart® and ChinaMart™ Los Angeles, and 1st PMF Bancorp®  have filed a USD $100,000,000 million lawsuit against Global Trade Center, Inc (a Nevada corporation) owned by parent company, Hong Kong Global Trade Center Holdings Co. Ltd. for breach of fiduciary duty, misappropriation of trade secrets, unfair business practices, declaratory relief and two counts of fraud. The suit was filed in Los Angeles Superior Court on February 03, 2011 naming Global Trade Center, Inc.and AZI Holdings LTD, a Hong Kong Corporation and Mr. Hotyan Hwang aka Henry Hwang as defendants.

The lawsuit alleges that Global Trade Center Inc. and AZI Holdings, and its executive staff including Mr. Hotyan (“Henry”) Hwang, have been allegedly stealing proprietary sales data, business plans, and contact lists to secretly build, plan, fund and launch a direct competitor to China Mart® USA. Global Trade Center aka “GTC” is also accused in that lawsuit of unlawfully gaining access to important confidential government relations, customers and marketing information safeguarded by China Mart®.

China Mart® is privately funded, government supported trade platform that unites Chinese and International Businesses through its comprehensive service platform (www.ChinaMartUSA.com). CEO, Stephen Perl, is also the CEO of 1st PMF Bancorp , a privately held commercial lender based out of Los Angeles, CA. Founded in 2007, China Mart® is home to leading manufacturers and exporters that need marketing and immigration assistance to the United States. China Mart® has offices in Los Angeles and China.  ChinaMart® serves as an incubator and facility for private businesses entering the US Markets, while also providing a convenient forum for discussions between China Mart® business clients and government agencies from the USA and China.