Zhao Bingxian. (Internet Photo)
On top of his many troubles in recent years, Zhao Bingxian — sometimes dubbed China's Warren Buffet — is now being sued by none other than his nine-year-old son Zhao Xiaoxing (pseudonym), who is asking for 100,000 yuan (US$16,300) in child support and visitation twice a week.
Standing in front of the Haidian district court in Beijing, his wife Lu Juan, who is currently in divorce litigation with Zhao, said that her son has filed the suit due to their financial plight, as Zhao has cut off financial support to both of them.
The couple, who married in 1988, have two children, the son and a daughter who is studying in the US. Lu charged that Zhao has failed to care for them for many years, forcing her to bear the heavy cost of raising their son alone the son.
The closed-door son-versus-father trial took place on the morning of Sept. 26. Lu and her lawyer attended the trial, while Zhao was represented by his lawyer. The trial lasted more than two hours before being adjourned at 11:30 am and will be heard again on Oct. 10. According to Lu and her lawyer, Zhao refuses to pay the previously agreed upon child support fee, and has asked that the amount be reduced in line with the average monthly wage in Beijing, or less 5,000 yuan (US$820).
Lu refused to accept the reduction, saying that "While neighbors are sending their children to private schools with several hundreds of thousands of yuan of tuition, I can only send my son to a common school and will even not be able to afford that."
Lu accused Zhao of being heartless by failing to care for the basic living conditions of his son, despite his huge fortune reportedly to be worth more than 10 billion yuan (US$1.6 billion).
Zhao is chairman and CEO of China International Capital.