London Casino Takes Chinese Businessman to Court
A London casino which is famous for featuring in the James Bond film ‘Dr No’ as well as the Beatles film, ‘A Hard Day’s Night’, has taken a wealthy Chinese businessman to court in an attempt to recover £10 million after he presented cheques to the casino which bounced.
Yu Songbo spent £19 million at London’s Ambassadeurs Club over a period of five days with an outstanding debt of £10 million, which the casino is attempting to recover.
A worldwide freezing order on the assets of Yu Songbo was also applied for whilst the casino recovers the amount owing.
Mr Yu, who purchased the Grade 1 listed Brocket Hall in Hertfordshire, was once thought to be one of the wealthiest people in China with an estimated family fortune of £1 billion in 2014.
It is claimed that between April 27th and May 1st, 2018, Songbo presented cheques worth £19 million in order to purchase gambling chips at the casino, which bounced.
The judge ruled that the cheques were dishonored and that the Ambassadeurs Club Casino are owed £10 million, which includes legal costs and interest.
The application to freeze Mr Yu’s assets was rejected on the basis that there is little evidence to suggest that Mr Yu would hide his assets in an attempt to get away with paying the amount owed.
The Court of Appeal also declined to grant a freezing order because “there is undoubted evidence that Mr Yu was disinclined to pay his gambling debts voluntarily”.
But they added: “There was no evidence that Mr Yu had ever taken any steps to put his assets out of the reach of creditors”.
This is not the first time that this casino has taken such action against a customer.
The chairman of a Saudi Arabian construction and property business, Sheikh Salah Hamdan Albluewi, was also taken to court for presenting cheques worth £2 million which bounced, and he was, in fact, subject to a freezing order on his assets which was lifted in 2012.
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