Wang Sicong, the only son of Wanda Group founder Wang Jianlin, has landed on the country’s list of debtors this week.
A Beijing court announced that the Prometheus Capital chairman owes at least 150 million yuan, equivalent to at least $21.5 million, according to a notice published in the official website of the Chinese Supreme Court.
Wang is now listed in China’s national database for debt recovery as an “enforced person,” but his creditors have not been identified. The move reportedly followed a court case in the Beijing No. 2 Intermediate People’s Court.
“The court has not yet enforced measures such as spending restrictions against Wang Sicong nor added [him] to the list of defaulters. Therefore, Wang Sicong is only an ‘enforced person’ and not a defaulter,” said a Weibo post from People’s Court Daily, a newspaper affiliate of the Supreme People’s Court, according to the South China Morning Post.
Wang is personally liable for the amount owed. Should he fail to pay his debt in time, the court could seize his assets, according to lawyer Zhang Weiwei from Guangdong Xinggong Law Firm.
“From a business perspective, his reputation would be affected negatively by this case. He is now a debtor and the media has reported widely about this,” Zhang told SCMP.
Wang has reportedly made his social media accounts private and declined media inquiries as of this writing.
Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.
Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.
We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.