The son of one of China’s richest billionaires has agreed to pay $286 million to investors in his bankrupt startup. His father distanced himself from the proceedings by letting the heir, who gave a gold Apple Watch to his dog, deal with the problems himself
The only son of Dalian Wanda Group founder Wang Sytsun has settled a dispute with creditors of his failed venture and will pay them $286 million, Bloomberg reported, citing a statement from the heir’s investment company Prometheus Capital. Sytsun was in the event and entertainment business, but the organization went bankrupt. A court in November found him liable. His father Wang Jianlin’s company, Wanda, chose not to intervene and distanced itself from the heir’s process and problems.
Wang Xiqun invested in a number of startups and ran Prometheus Capital. But he’s best known for buying two gold Apple Watches, which cost about $17,000 at the time, for his dog in 2015. Now a court has banned him from making unreasonable purchases, from new real estate to first-class travel.
Wang Jianlin said in 2016 that his son wasn’t too interested in taking over his father’s company. Therefore, Jianlin would prefer to turn Wanda over to professional managers under the supervision of the board of directors. Jianlin is the 14th richest businessman in China according to Forbes. His fortune is estimated at $12.5 billion.