Apple-bashing Chinese CEO’s mountain of debt lands him on official ‘deadbeat’ list
- Smartisan founder Luo Yonghao is now barred from taking flights or high-speed train trips as well as any sort of lavish spending
Luo Yonghao, founder of Smartisan Technology, was once hailed for his savvy marketing skills, which helped build a niche Chinese smartphone brand with a cult following.
But the 49-year-old entrepreneur’s financial troubles have landed him a place among the current 15 million “deadbeats” – officially designated as “discredited individuals”, or laolai in Chinese – on a national database maintained by China’s Supreme Court.
Daily life for Luo, a former English teacher, is now a series of inflicted indignities. He is barred from taking flights or high-speed train trips as well as any sort of lavish spending, such as staying in luxurious hotels or golf clubs, according to a Chinese court’s recent ruling.
Luo, who has also been legally barred from buying property or sending his children to private schools, said in a post on microblog site Weibo on Sunday that he will work hard to pay his debt. He also apologised to Smartisan’s creditors, investors and users. He declined to make any further comments on his situation, according to a company spokeswoman.
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