Thursday, 15 September 2016

Chinese Tycoon pays wife $1.1billion in divorce settlement


Zhou Yahui the tycoon who bought Grindr( a gay dating app) and the chairman of online gaming firm Beijing Kunlun Tech has divorced his wife in one of the most expensive divorce settlements in the country and world at large.

Stock Exchange filing gathered that he agreed to pay his wife, Li Qiong millions of shares in the firm. This settlement has got the whole media talking in China.

The couple were ranked 11th in a global list of self made billionaires under 40 with a combined estimated wealth of $3.5billion.

Under a civil mediation agreement issued by a Beijing court, Zhou will hand over 278 million Kunlun shares to Li. The company's stock in Shenzhen closed Wednesday at 26.44 yuan, putting the value of the settlement at 7.35 billion yuan ($1.1 billion).

  With China's climbing divorce rates, thee might be more of this type of settlements in the near future as new billionaires are springing up despsite the economic meltdown. In other part of the world Billionaires Bernie Ecclestone F1and Rupert Murdoch US oil tycoon have dolled out well over a billion dollars for divorces i nthe past.

A Swiss court in 2014 ordered Russian oligarch Dmitry Rybolovlev to pay his former wife a record $4.5 billion, but a higher court reduced the sum last year to around $600 million.


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