Tycoon's Son Wang Sicong Has Further USD3.1 Million in Assets Frozen
Xu Wei
/SOURCE : yicai
Tycoon's Son Wang Sicong Has Further USD3.1 Million in Assets Frozen

(Yicai Global) Dec. 10 -- Wang Sicong, the son of one of China's richest men, has had a further CNY22 million (USD3.1 million) of bank deposits and assets frozen by a Shanghai court in the latest dispute involving money owed by the firms he runs.

The Shanghai Baoshan District People's Court granted Shanghai Jingling Investment Center's petition to block CNY22 million in the 31-year-old's bank accounts or the equivalent value in assets over a stock ownership dispute, The Paper reported today, citing the court's ruling. No further details were given.

As controller and owner of Qunyu Huzhou Cultural Development Center and chairman of Shanghai Panda Entertainment Culture, Wang is being held personally responsible for a number of financial disputes that they are embroiled in.

In recent months, the Shanghai Jiading District Court and the Beijing No. 2 Intermediate People's Court have both clamped down on Wang's extravagant lifestyle in a bid to force him to meet his obligations. They have imposed spending bans, preventing him from luxury activities such as travelling first class and staying in five-star hotels, and have seized assets, including real estate and vehicles.

Wang is the only son of Wang Jianlin, chairman of Dalian Wanda Group. According to Hurun's 2015 Global Chinese Rich List, Wang Jianlin was the country's richest person with CNY260 billion (USD36.9 billion), surpassing Hong Kong business magnate Li Ka-shing for the first time.

But Wang Jianlin's assets have since shrunk by CNY68.2 billion, pushing him into 14th place from 4th on the Forbes China Rich List released on Nov. 7.

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Keywords: Wang Sicong , Assets Frozen