A private membership casino for the tycoon situated at London Park Lane wants the Court of Appeal to grant the freezing of Chinese billionaire Yu Songbo assets worldwide.
Les Ambassadeur (Les A) hopes to recover more than $13.7 million that the Chinese national staked during a 2018 gambling session in the form of checks.
All the checks issued by Yu bounced, prompting London High Court to rule that Yu is indeed in debt. However, this week, an appellate panel refused to freeze assets noting that there was no risk of dissipation.
That suggests that there is no way Yu could have hidden his assets to avoid paying the debt. Yu chairs the Herun Group based in Zhoushan. It offers services that include shipbuilding, real estate development, logistics, and grain processing.
Yu was ranked 149th richest person in China in 2014 Forbes listing, in a recent ranking, Yu dropped below 150. However, Yu’s wealth has diminished. However, that does not mean that Yu’s wealth has disappeared, only that the number of billionaires has exploded in the last decade.
Yu struck a deal with the private casino to reduce the debt to $23 million late in 2018. However, Yu defaulted on the first payment prompting the casino’s lawyers to initiate proceedings against the tycoon.
Yu somehow reduced the debt to $10 million, but since then went off the radar. Eight months later, Les A decided to reinstate court proceedings. Last November, the court determined that Yu was liable for $13.7 million, a figure that included interest and legal costs.
Les A remains one of the discrete gambling venues for the super-rich. Premium membership to the club costs $33, 000. The casino is a feature in film including James Bond Dr. No, where the line.