Hong Kong-traded shares in Brilliance China Automotive were suspended on Thursday after the outlawed former chairman of the car manufacturer won a court order in the Supreme Court of Bermuda.

Mr Yang Rong, founder and former chairman of Brilliance China Automotive, (Brilliance), had to flee to the United States in October 2002 after Chinese authorities accused him of economic crimes.

On Wednesday, the Supreme Court of Bermuda granted an application by Mr. Yang to block the sale of a major stake in Brilliance to Huachen Automotive Group Holdings Co., a company controlled by the Liaoning provincial government. Back in December, another major shareholder of Brilliance, the Chinese Financial Education Development Foundation, accepted an offer from Huachen Automotive Group Holdings Co., to buy its 39.45% stake for a mere HK$0.10 per share.

The sale would amount to HK$144.6 million.

The size of the stake covered by Huachen's December offer to the foundation triggered a stock exchange requirement that the offer be made to all shareholders.

On Thursday, HK-based financial advisors such as SBI E2 Capital said that the offer was not fair and reasonable as the company's share price was trading at HK$1.88 last week.

Mr. Yang stepped back into the arena to instruct local Bermuda law firm, Wakefield Quin, to get an emergency court order to block the sale.

Brilliance China is a wholly owned subsidiary of Broadsino Finance Ltd, a Bermuda company.

Wakefield Quin, representing Broadsino, in a faxed letter to the Hong Kong Stock exchange on Wednesday, asked the exchange to restrain the sale.

Earlier this month, a group of Brilliance minority shareholders urged Hong Kong's securities regulator to investigate the share sale.