Yida Zhang is expected to appear in court on Friday morning for a judgement summons that could see him sent to prison.
The principal investor in the country’s first special economic zone has failed to supply a local real estate firm attempting to sell his shares in the project with pertinent information, in defiance of a court order.
The so-called ‘Yida development’ – which would have seen homes, resorts and factories built across 2,000 acres of Antigua’s pristine north-east – ignited fury among local residents when first announced nine years ago.
Zhang has been locked in a legal battle with Jolly Harbour-based Lux Locations for almost a decade over an unpaid debt topping US$4 million.
He enlisted the firm’s help with purchasing the land for the controversial project between 2013 and 2014.
Despite the agreed-upon commission of nine percent, Zhang’s company failed to make the payment to Lux Locations, originally claiming that he did not understand the terms of the contract he was signing.
Earlier this month, the High Court froze all of Zhang’s assets, prohibiting him from removing or disposing of them—regardless of sole or joint ownership, or even if they are indirectly controlled by him—up to the value of the debt.
This followed a September ruling by the High Court that Lux Locations could sell any shares owned by Zhang in the company behind the development, under the court’s supervision.
The November court order mandated disclosure of the assets’ value, location, and details, except where such information may incriminate him, and Zhang must also inform Lux Locations’ legal representatives of the source of any funds spent.
The order will stay in force until the debt owed to Lux Locations has been paid.
