(Yicai Global) Sept. 16 -- Meijin Energy Group has offered a reward of up to CNY21 million (USD3.3 million) for clues as to the whereabouts of the former richest man in China’s Shanxi province and his assets in a case involving about CNY216 million (USD33.5) of outstanding debt, a court said yesterday.

The Shanghai No. 1 Intermediate People’s Court ruled on a dispute regarding Meijin Energy’s right to seek compensation from Li Zhaohui and Shanghai Haibo Xinhui International Trading.

The court said the Shanghai-based trading company should pay CNY216 million plus interest to Meijin Energy, while Li should bear a quarter of the joint liability for the unpaid portion of the payment obligations, per the announcement.

Since Li, the person supposed to execute the ruling, has not fulfilled the obligations set out in the legal instruments in force, the court shall, in accordance with relevant legal provisions, issue a public notice of the execution of the reward in accordance with the application of the executor Meijin Energy. The reward period is for one year from Sept. 10, 2021 to Sept. 9, 2022.

Meijin Energy promised a reward of CNY100,000 (USD15,510) to whistleblowers who provide information about Li’s whereabouts and succeed in finding him.

Those offering genuine and effective clues about his assets, which have not yet been ascertained by the court, can earn rewards of up to CNY21 million, the equivalent of 10 percent of the executed assets. That will happen only if the assets are proved to be real, qualified for execution and are actually disposed of.

Taiyuan, Shanxi province-based Meijin Energy mainly makes and sells coal and coking products. The group owns the listed company Shanxi Meijin Energy, whose market value is CNY52 billion (USD8.1 billion).

Born in 1981, Li was once the wealthiest man in Shanxi and a former chairman of Haixin Group. Haixin, which went bankrupt in 2014, was the province’s biggest private firm and second-largest iron and steelmaker after Taiyuan Iron and Steel Group, according to court information.

Li Zhaoxia, chairperson of Shanghai Haibo Xinhui International Trading, is Li’s younger sister and the firm’s legal representative Zhang Yamin was office director at Haixin Group.

Editor: Peter Thomas