Yu Songbo is considered to be one of the top 150 richest people in China and often frequented London’s most widely recognised Casino Les Ambassadeurs Club. However, the club is now embroiled in a high court battle to recoup more than £10 million from Mr. Yu after cheques he cashed with the casino bounced.In 2014, the high roller’s net worth was said to be around 1Billion with a debt of 19Million. Unfortunately for the casino, after a Court of Appeal ruling failed to freeze Mr. Yu’s assets worldwide the debt is still unpaid.
Cashed Cheques Bounced
In 2018, Mr. Yu cashed cheques worth 19 million chips which were later discredited. During the latter part of 2018, an agreement was reached with Yu where he agreed to pay back £16.54 million in increment payments, but unfortunately, he reneged on the agreement. The full amount of the debt was then to be paid by immediate effect under the terms of the agreement.Mr. Yu was served legal papers via the Chinese social media platform WeChat at the end of 2018. Yu did respond initially and did go on to pay a chunk of the debt reducing the amount to £6.5 million. Another 8 months passed with no contact from the high roller, the club had no alternative but to resume their High Court Appeal against Mr. Yu.
Another Court Appeal Rejection
He remained silent, and during November 2020 the court ruled in favour of a £10 million payment to the gambling establishment covering the main debt and other legal expenses the club had incurred. Still, no word from the defendant, the casino appealed to the High Court for the Chinese citizens’ assets to be seized worldwide, unfortunately, this was rejected. The High Court ruled there was not sufficient evidence to prove Mr. Yu hid his assets to avoid paying the debt, and the debate rumbles on.