Editor’s note:
Shanghai authorities have officially launched the nation’s first foreign-related judicial documentary series, “Foreigners Tell Stories: A Rule-of-Law Business Environment.” This highly anticipated sequel builds on the success of its first season, which garnered worldwide attention. The second season delves deeper into Shanghai’s ambitious “Five Centers” initiative.
Xinmin Evening News
Jean-Louis Grumet
Jean-Louis Grumet, from France, who has served as general manager and director of Stellantis Automotive Finance Co since 2021, is a witness to the rapid growth of Shanghai’s financial market.
Set up in Huangpu District in 2007, his company has been mainly engaged in automotive financial services related to car wholesale and retail.
In 2022, Stellantis ran into a business dispute with a Shanghai-based auto sales company.
The dealership failed to assist loan customers in handling vehicle mortgage registration as agreed during the business process, and subsequently the loan customers fell into arrears.
Stellantis requested the sales company to bear its share of responsibility, based on several guarantees given in the contract. But the latter refused.
Faced with a predicament, Stellantis had no choice but to seek a legal settlement, by suing the car sales company at the local Huangpu District People’s Court.
The judges learned that the plaintiff and defendant had been trustworthy partners for many years.
Consequently, the judges proposed a mediation plan that essentially boiled down to a commercial arrangement, whereby allowances could be made for extenuating circumstances for the defendant’s financial liability, while the plaintiff’s business volume would expand.
The two parties reached a settlement after several rounds of meticulous mediation work, with the dealership committed to a sales target within a specific time frame, so as to offset the debt incurred in this case.
This win-win settlement resolved the dispute without undermining the basis for future cooperation between the two parties.
The outcome was gratifying to both: The car sales company honored its commitment, and the cooperation between the two companies continues.
At this juncture, Grumet waxed sentimental: “As a financial professional, I am impressed by the expertise and efficiency of Shanghai’s judges. They not only help level the playing field in legal terms, by efficiently addressing the liabilities concerning financial institutions in the light of law, but skillfully apply Oriental wisdom in maximizing commercial value. This settlement not only safeguarded our legitimate rights and interests, but boosted our confidence in the Chinese market.”
Grumet firmly believes that given steady improvement of the legal environment and sustained economic growth, Shanghai is well-placed to become a formidable force in leading global financial growth.
“I am happy to work and live here, and have high hopes for Shanghai’s future,” he said.
,https://www.shine.cn/news/metro/2503077681/