HNA Group chairman banned from flying

HNA Group chairman banned from flying | Insurance Business Asia

HNA Group chairman banned from flying

These are difficult times for HNA chairman and legal representative Chen Feng.

The leader of the insurance group is currently prevented from flying, travelling on high-speed trains and going on vacation because the Chinese conglomerate failed to pay US$5,300 in a lawsuit, as ordered by a court.

The firm, which also owns Hainan Airlines, is currently restructuring to resolve liquidity risks after a series of acquisitions abroad and the group, along with some of its affiliates, has, according to a Reuters report, delayed payments on several bond products.

Now, Feng has been barred from a variety of activities which also include spending the night at star-rated hotels, attending golf clubs, buying properties and high premium insurance products, and even going to nightclubs. The order, according to Reuters, also stops his children from attending private schools.

It was outlined that bans of this nature are usually indefinite – but that they are often lifted when the defendant pays.

The money owed by HNA Group amounts to 36,000 yuan and should be paid to a plaintiff named Chai Jin after a dispute involving the company’s online investment platform Jubaohui.