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SOCIETY & CULTURE

Former Billionaire Steel Magnate Banned From Leaving China

Li Zhaohui (center) was once considered one of China’s most promising entrepreneurs. Photo: Visual China
Li Zhaohui (center) was once considered one of China’s most promising entrepreneurs. Photo: Visual China

Former steel tycoon Li Zhaohui – once the richest businessman in China’s coal heartland of Shanxi province—is under court order not to leave the country over unpaid debts after the collapse of his steel empire.

Li was the chairman of Shanxi Highsee Iron and Steel Group Co. between 2003 and 2014. The company declared bankruptcy after its business slumped and its debts exploded when China’s steel sector suffered from severe overcapacity.

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