Vicki Zhao Might Have To Pay S$16mil In Compensation After Losing 102 Lawsuits In A Row
Things haven't been going smoothly for the Chinese actress.
Apart from rumours of a rocky relationship, things do not seem to be looking good for Chinese actress Vicki Zhao and her husband, businessman Huang Youlong, financially as well.
Though they are one of China’s richest and most powerful couples with a combined net worth of US$1bil (S$1.3bil), Youlong has incurred a huge debt in recent years after being sued for over HK$200mil (about S$36mil).
And yesterday (Oct 7), reports are saying Vicki, 44, might have to fork out an estimated 84mil yuan (S$16mil) in compensation after losing 102 lawsuits for securities disputes involving false statements.
Vicki has another 400 more cases to go
According to reports, Vicki’s losses aren’t new. She had appealed the first instance judgement last year, however, as her legal team did not present any new materials on the case, the court rejected the appeal and upheld the first judgement.
In total, she has lost 102 consecutive second instance judgements in her lawsuit. If she loses the remaining 400 cases, she might have to pay an estimated 84mil yuan (S$16mil) in compensation.
Vicki and her hubby
The lawsuits concern a 2016 takeover by Vicki and Youlong's company Longwei Culture & Media of Zhejiang Sunriver Culture Company, known at the time as Zhejiang Wanjia in December 2016.
In 2018, Vicki and her husband were banned from China’s stock market, and prohibited from holding senior positions in any listed company in China for five years. They were found to have “misled the market with fake information” by banking on Vicki’s celebrity status while announcing the takeover bid, despite having inadequate financial backing for their bid.
Vicki has been trying hard to recoup her losses
According to sources close to the star, since her failed investments, Vicki has been actively making appearances on variety shows, which she previously balked at, to recoup her losses.
It was rumoured that she had signed a contract to take home 50mil yuan (S$10mil) every quarter, however, due to The National Radio and Television Administration 10mil yuan (S$2mil) “remuneration limit” for variety show guests, she would have to return 40mil yuan (S$8mil).
Photos: Vicki Zhao/Weibo
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