Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Football
1-min read

China Blacklists Former AC Milan Owner Over Unpaid Debt

The former Chinese owner of AC Milan has been added to China's blacklist of untrustworthy individuals over millions of dollars in unpaid debt, according to a local court, which ordered that his passport be confiscated.

AFP

Updated:October 18, 2018, 2:02 PM IST
facebookTwitterskypewhatsapp
China Blacklists Former AC Milan Owner Over Unpaid Debt
(Courtesy: Reuters)
Loading...

Beijing: The former Chinese owner of AC Milan has been added to China's blacklist of untrustworthy individuals over millions of dollars in unpaid debt, according to a local court, which ordered that his passport be confiscated.

Li Yonghong emerged from obscurity to purchase one of Europe's most high-profile and decorated football clubs from former Italian prime minister Silvio Berlusconi in 2017.

He was one of dozens of wealthy Chinese investing in or simply buying up some of the sport's biggest clubs after President Xi Jinping declared he wanted to turn China into a football superpower.

But Li's control of AC Milan was plagued from the start and this summer a creditor took over the club.

The order from the Jingmen City Intermediate People's Court in central China this autumn, made public in October, is the latest indication of Li's declining fortunes.

Li was on the hook for 60 million yuan ($8.7 million) in unpaid debt to a Hubei province investment company, and a 12 million yuan ($1.7 million) penalty, according to the court.

But the court found no assets to seize and repay the creditor as Li had no bank deposits or cars registered in his name.

Instead, Li's name was added to China's national blacklist of untrustworthy individuals, which restricts people from travel by high-speed train and airplane, staying in pricey hotels, or getting a credit card.

As a Hong Kong resident, Li's passport was ordered confiscated and he was prohibited from entering or exiting China, though his current whereabouts are unknown.

The $740 million deal for AC Milan faced payment problems, with Li's bid secured only by a last minute, high-interest loan from a US hedge fund.

In July, Li's group was unable to repay the loan and the hedge fund Elliot Management took control of the club.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Suyash Upadhyaya
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results