The company released the following public statement to clarify the reason behind its decision: “The loss of rights and interests not only caused the Pangu company’s original business plan to fail, incurring huge losses, more seriously, it has affected Pangu Plaza’s image and reputation,”
Pangu explained it will bring in court its Chinese partners after it demanded that scenes from the new Transformers movie that feature images of its logo are deleted. Because its Chinese partners reportedly never delivered on their promises the company sees its $1.6 million funding as a total loss. Until Paramount complies with its request the company went a step further in making sure that its properties and logo are not seen. Pangu asked film regulators to stop any screening of the movie which was due to hit Chinese cinemas on June 27.