Kris Wu’s Company Assets are Frozen

Arrested for teen rape charges last year, Canadian-Chinese singer Kris Wu (吳亦凡) has been detained at Beijing Chaoyang Detention Center for one year. Court proceedings started this June, but were held in private to protect the victims’ privacy. As the star also faces litigation involving millions in financial dispute, his companies’ financial assets have been frozen.

Since Kris’ arrest, all the brands that he endorsed had swiftly cut ties and are seeking contract violation fees. Last November, a cosmetics company based in Shanghai submitted an application to freeze Kris’ companies’ assets.

The company applied to the Beijing Arbitration Commission for property preservation, requesting to freeze the assets of two companies, namely a company in Inner Mongolia with assets valued at around 13.32 million Chinese yuan and the equity of a Shanghai-based company worth about CNY 1 million.

After review, the court found that the applicant’s request complied with the law and ruled to freeze the property of the respondent’s CNY 13.32 million for one year, while the Shanghainese company’s equity will be frozen for three years.

Source: On.cc

This article is written by Kiki for JayneStars.com.

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