The former AC Milan owner Yonghong Li has been declared bankrupt over money that he owes to creditors, a report claims.
According to official Hong Kong court documents seen by Calcio e Finanza, the Chinese businessman was declared bankrupt last July due to unpaid debts of $280m, with a liquidation hearing scheduled for next January.
In fact, the decision came last July at the end of a proceeding brought by five investment funds based in the Cayman Islands, indirectly controlled by China CITIC Financial AMC International Holding Limited, a Chinese state-owned group listed on the Hong Kong Stock Exchange.
Yonghong Li declared bankrupt
At the heart of the case is a debt of $289.17m (approximately €250m) relating to the personal guarantee Li…