Share

Chinese tycoon’s $1 billion divorce settlement

Michael Jordan joins list of billionaires

The Chinese tech aristocrat who bought happy dating app Grindr is profitable his mother an eye-watering $1.1 billion in a large divorce settlement.

Zhou Yahui, a authority of online gaming organisation Beijing Kunlun Tech, has concluded to send hundreds of millions of shares in a organisation to his wife, Li Qiong, according to a batch sell filing this week.

The outrageous allotment has done headlines in Chinese state media, that have described it as one of a costliest splits in a country’s history.

Earlier this year, a integrate were ranked 11th in a tellurian list of self-made billionaires underneath 40. Compiled by the Hurun Report, their total resources was estimated during $3.5 billion.

Related: Chinese tech organisation buys happy dating app Grindr

But underneath a polite intervention agreement released by a Beijing court, Zhou will palm over 278 million Kunlun shares to Li. The company’s batch in Shenzhen sealed Wednesday during 26.44 yuan, putting a value of a allotment during 7.35 billion yuan ($1.1 billion).

Zhou will sojourn a largest shareholder of Kunlun, that bought a infancy interest in Grindr progressing this year. Kunlun declined to criticism serve on a settlement.

Beijing Kunlun Tech
Zhou Yahui will send hundreds of millions of shares in his association to his mother underneath a justice settlement.

It’s doubtful to be a final megabucks separate in China. The country’s divorce rate has climbed steeply in new years, according to state media. Meanwhile, new billionaires are being minted at a towering pace notwithstanding a economic slowdown.

The allotment between Zhou and Li eclipses a $975 million that U.S. oil aristocrat Harold Hamm paid his ex-wife final year.

Related: Beijing now has some-more billionaires than New York

But other super abounding businessmen — including media noble Rupert Murdoch and Formula 1 trainer Bernie Ecclestone — are reported to have shelled out good over a billion dollars for divorces in a past.

A Swiss justice in 2014 systematic Russian oligarch Dmitry Rybolovlev to pay his former mother a record $4.5 billion, though a aloft justice reduced a sum final year to around $600 million.

Article source: http://rss.cnn.com/~r/rss/edition_business/~3/2DTWgNkQ_Hw/index.html