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Chinese billionaire refuses to pay a gambling debt

Chinese billionaire refuses to pay a gambling debt

The English Casino Les Ambassadeurs Club is still waiting for a sum of 11.7 million euros. Chinese billionaire Yu Songbo built up the immense debt and refuses to pay the amount. The casino decided to go to court in the hope that the Chinese's assets would be frozen. It turned out to be a hopeless mission, as the attempt was run into the ground.

Payment terms for the millionaire

The owner of the Herun Group made several visits to the London casino in 2018. The Chinese came to gamble daily between April 27 and May 1. It was not small amounts, as 22 million euros were lost in that short period. Songbo wrote cheques for this purpose, but it turned out that they could not be cashed.

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Les Ambassadeurs Club contacted Songbo and came to an agreement. The Chinese tycoon only had to pay 19.23 million euros and was allowed to do so in installments. A bizarre development, given that the Chinese would have accumulated a fortune of 1.3 billion dollars. The first payment instalment did not appear on the account of the English casino, which nullified all previously made agreements. A lawsuit was immediately filed. Songbo was very difficult to reach and eventually received the news via the chat application WeChat. The app can be compared to Whatsapp, only WeChat is mainly active in Asian countries.

Payments from Songbo

The Chinese soon managed to reduce the debt to an amount of 7.63 million euros. The payments successfully arrived at the casino, but this came to an abrupt end. Songbo did not show up for a period of eight months, only a New Year's greeting on the first day of 2019.

The court found in favor of the London casino and ruled that the billionaire had to remit a sum of 10 million pounds. In addition to the remaining debt, the Chinese must also pay interest and legal fees. The ruling seemed to fall flat, as the gambler did not hear from him. By April 2021, a penny had still not arrived in the account of the Les Ambassadeurs Club Casino.

Return to court

In turn, the English casino decided to once again go to court. The casino asked the court to freeze the billionaire's assets immediately. The request was rejected by the Supreme Court. The casino's assumption that Songbo would try to siphon off his money was not considered plausible. The appeal was also rejected.

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Ability of Yu Songbo

Yu Songbo is the owner of the large Chinese company Herun Group. The company focuses on real estate, energy transportation, grain processing and shipbuilding. The Chinese's wealth today is said to be estimated at $1.3 billion. Despite his status, he knows the Advantages of Live Mode Casino. He also neglects to be a customer of many casinos.