• Thu. Sep 16th, 2021

London’s Les Ambassadeurs On line casino Fails to Freeze Chinese language Billionaire’s Property


Aug 26, 2021

Posted on: August 25, 2021, 04:50h. 
Final up to date on: August 25, 2021, 05:52h.

Philip Conneller Learn Extra

A high-end personal members on line casino that was the scene of Sean Connery’s well-known chemin de fer session in Dr No can’t freeze the property of certainly one of China’s richest males.

“Les A” is a non-public members’ on line casino for the super-rich, together with Yu Songbo, left inset, and James Bond, proper inset. (Picture: Les Ambassadeurs/Eon/United Artists/On line casino.org)

Les Ambassadeurs in London’s prosperous Park Lane requested the Court docket of Attraction to grant a worldwide freezing injunction on the property of billionaire Yu Songbo.
The on line casino is in search of to get well greater than £10 million (US$13.7 million) in bounced checks issued by the Chinese language nationwide throughout a high-stakes playing session in 2018.
London’s Excessive Court docket has already dominated that Yu is responsible for the debt. However this week, an appellate panel declined to approve the injunction, ruling that there was “no actual danger of dissipation.”
Which means there may be little proof to counsel Yu might conceal his property to keep away from paying his money owed.
Yu Who?
Yu is the chairman of the Zhoushan, China-based Herun Group, whose providers embody real-estate improvement, power transport, shipbuilding, grain processing, and logistic and industrial funding, in line with its web site.
In 2014, he was ranked by Forbes because the 149th-richest particular person in China, however has since dropped off the listing of the highest 150. This doesn’t essentially counsel Yu’s wealth has diminished considerably since then, simply that he has been overtaken by an explosion of the super-rich. Forbes estimated final 12 months that the variety of billionaires in China had sextupled within the earlier decade.

In response to court docket paperwork, Yu blew £19 million (US$26 million) at Les Ambassadeurs throughout a five-day playing spree in April 2018. However the checks he wrote to cowl these periods have been “subsequently dishonored” by his financial institution.

In late 2018, the on line casino struck a cope with Yu to cut back the debt to £16.54 million (USD$23 million), which might be paid again in installments.
Summoned By way of WeChat
However Yu defaulted on the primary cost, which meant the complete quantity was due instantly. The on line casino’s attorneys sued, serving proceedings in opposition to the tycoon through his private account on Chinese language social media platform WeChat.
Yu subsequently made some funds, lowering the debt to £6.5 million (US$10 million). However then he went off the radar once more. Eight months later, Les Ambassadeurs reinitiated court docket proceedings.
Final November, the Excessive Court docket dominated the Chinese language nationwide was responsible for £10 million (US$13.7 million), a determine that included curiosity and authorized prices, in addition to the principal debt.
“Les A,” as it’s identified in playing circles, was featured in Connery’s first scene in Dr No, the place the road “Bond, James Bond” is uttered for the primary time. The on line casino was additionally featured in The Beatles’ movie A Exhausting Day’s Evening.
However it stays a discrete venue for the super-rich. Premium membership to the membership prices £25,000 per 12 months (US$33,000).

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