You can now listen to Antigua News articles!
Yida Zhang, the principal investor in Antigua’s first special economic zone, is facing a court appearance that could potentially lead to his imprisonment.
The legal trouble stems from a long-standing dispute with Lux Locations, a local real estate firm that helped Zhang acquire land for the Yida development project between 2013 and 2014.
Zhang has failed to comply with a court order related to the dispute, withholding information from Lux Locations and violating the court’s directives.
The Yida development project, which was proposed nine years ago, has been a controversial issue for the local community, sparking outrage.
Zhang currently owes Lux Locations over US$4 million, and in response to the unpaid debt, the High Court has frozen all of his assets. These assets cannot be disposed of until the debt is settled.
In November of last year, a court order was issued requiring Zhang to disclose details of his assets, with the exception of any incriminating information, and to notify Lux Locations of any sources of funds.
The court order is valid until Zhang’s debt is fully paid off.