« home | asiaone.com
« prev next »
Most expensive divorces in China - Zhao Bingxian and Lu Juan. China's 'Warren Buffet' Zhao Bingxian and wife Lu Juan have been in a high-profile divorce since August 2011, said online reports.
Most expensive divorces in China - Zhao Bingxian and Lu Juan. China's 'Warren Buffet' Zhao Bingxian and wife Lu Juan have been in a high-profile divorce since August 2011, said online reports.
China's 'Warren Buffett' sued by 9-year-old son for child support

Beijing - The high-profile divorce battle between Chinese billionaire Zhao Bingxian and his wife Lu Juan has taken a new twist - brought about by their 9-year-old-son.

Dubbed as China's 'Warren Buffett', the 49-year-old chairman and CEO of China International Capital Zhao is being sued by his son, who is seeking 100,000 yuan (S$20,500) in child support and visitation twice a week, reported news site Want China Times. His estranged wife Lu said that her son had filed the lawsuit as his father had stopped financial support to the both of them for many years.

The court case which took place in Beijing behind closed doors on Sep 26 saw Lu Juan and her lawyer presenting her son's suit up to the judge. Zhao was not present and was represented by his lawyer. The trial was said to have lasted two hours, according to Want China Times, and will be heard again on Oct 10.

The paper reported that his ex-wife and her lawyer alleged in court that investment guru Zhao, who has a reported net worth of 10 billion yuan (S$2 billion), had refused to pay the previously agreed amount of child support fee and that he even asked the sum to be reduced to the average monthly wage in Beijing, which is less than 5,000 yuan (S$1,000).

Lu said that while her neighbours are sending their kids to expensive private schools, she might not be able to afford to send her son to a common school.

According to previous news reports, the couple, who wed in 1988, has been in a divorce litigation since 2010. Mother of two Lu Juan alleged that her tycoon husband was abusive physically and found fault in everything she does, said various online news sites.

Click here to view the most expensive divorces in China.

In a video interview with Le TV, Lu Juan said Zhao used various ways to threaten her such as sending his friends from the authorities to lock her up, sending gangsters from the triads to destroy her and even having the power to put her in a mental institution.

She was so frightened of Zhao that she had many sleepless nights and in the end, she changed the locks at her home, in case he ever came in unannounced.

She filed for divorce in 2010 and demanded 2 billion yuan (S$395 million) in alimony. This amount propelled the couple's divorce into the fifth most expensive divorces in China by media site China.Org even though the case is still not settled.

Since the start of the divorce proceedings, online reports said Zhao had frequently missed court hearings and postponed dates. Zhao is said to be contesting the divorce, reported China Want Times, as it could affect his company's value on the stock market.

The divorce case also took a sensational turn in 2012 when wife Lu Juan was put in jail for 37 days after Zhao accused her of company property theft, said news site Whats On Dalian.

The couple also have a daughter in her early twenties who is currently studying in a university in the United States.

Photos: House.china.com.cn, Baike.com, orientaldaily.on.cc, forum.jetsoguide.com, Apple Daily, hm.people.com.cn, finance.people.com.cn, http://fashion.women.sohu.com, hk.apple.nextmedia.com, news.hitvs.cn, Internet, China.org, China Daily, Sina.com, Sany, Haxiu.com, Toocle.com, Reuters, Bloomberg, Wedding411.cn, fs0757.com, v.163.com, house.jiaodong.net, photo.cnhubei.com, ent.cnr.cn, Sino Weibo, gb.cri.cn, info.wuhan.net.cn, gztv.com, tech.hexun.com

Click here to view the most expensive divorces in China.

Most expensive divorces in China - Zhao Bingxian and Lu Juan. China's 'Warren Buffet' Zhao Bingxian and wife Lu Juan have been in a high-profile divorce since August 2011, said online reports. Zhao is said to be an investment guru and has been dubbed China's Warren Buffet. The couple met while they were serving in the army and got married in 1988, said China.org. Zhao, the CEO and president of China Capital Investment Group, is being sued by his wife for alleged domestic violence, infidelity and for concealing the transfer of family assets, said China.org.
Lu first filed for divorce in July 2010 but it was unsuccessful as Zhao was said to have refused to turn up for the court proceedings. In Sep 2013, the divorce proceedings took a twist when his son, 9, sued him for visitation and financial support. He has reportedly stopped supporting this estranged wife and children financially. Lu reported that their combined wealth stands at approximately over 2 billion yuan (S$413 million) in 2011. According to WantChinatimes.com, Zhao is currently worth more than 10 billion yuan (S$2 billion).
Online reports said Zhao's refusal to go through with the divorce is due to fear of affecting his company's value in the stock market. In a video interview with Le TV in Aug 2012, Lu Juan said financial tycoon Zhao devised various methods to threaten and stop her from filing for divorce. He used various ways to threaten her such as sending his friends from the authorities to lock her up, sending gangsters from the triads to destroy her and even telling her that he has the power to put her in a mental institution.
Would you like to comment?
Join Plush or if you are already a member.
POST COMMENTS HERE:
comments