Earlier last year, reports emerged, alleging that director Li Yapeng was in heavy debt — to the tune of RMB40 million (S$7.76 million), to be exact.
According to the said reports, Yapeng holds stocks in Lijiang Snow Mountain Investment Company, which entered a partnership with Beijing Taihe Youlian Investment Company in 2012. The latter invested a total of RMB60 million (S$11.64 million) as part of their deal.
At that time, both companies had agreed that after three years, Beijing Taihe Youlian Investment Company would be paid RMB40 million (S$7.76 million). However, the company has yet to receive the sum from Lijiang Snow Mountain Investment Company. As a result, a lawsuit was filed against Yapeng, his older brother, and Lijiang Snow Mountain Investment Company.
On November 5, details about the court case were revealed to the public. Yapeng and his associates had lost both the initial lawsuit, as well as their first appeal. An appeal was then filed, and the appeal hearing was on November 4. During the hearing, Yapeng was represented by a lawyer, and was not physically present.
According to evidence presented in court, Yapeng claimed that he has not paid the money as he is being extorted. However, the plaintiff claims to have records of the director “willing to go down on his knees and begging to borrow money” from them.
As of press time, Yapeng has yet to reply to the reports.
In recent days, Yapeng’s daughter with his ex-wife, singer Faye Wong, has made the news after it was reported that she’s currently attending a boarding school in Switzerland that costs over S$178,00 a year. A painting by the 13-year-old for charity was recently auctioned off for over S$170,000.
Photos: PBE Media