In brief: Ofo CEO blacklisted by Chinese government for payment obligations

Ofo CEO Dai Wei has been put on the Chinese government’s blacklist for not fulfilling his payment obligations, restricting him from the purchase of high-end goods and services, including airline travel and real estate. A court approval is required before he can participate in any “excessive spending” activities, such as sending his children to private schools, purchasing certain types of insurance or wealth management products, and buying cars.

Source: TechNode