Fan Bingbing reportedly borrowed S$77.2 million from friends to pay off tax evasion fine

Many have speculated that this is why the actress is focused on ensuring that her beauty brand does well.

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Actress Fan Bingbing was caught up in a tax evasion scandal last year, which resulted in her disappearing from the spotlight for months. She was eventually slapped with a S$95.84 million fine from the authorities, on top of having to pay back S$51 million in overdue taxes. The actress is reported to have paid the authorities in full earlier this year.

According to reports, the reason why Bingbing was able to pay off her tax evasion fine so swiftly was due to the fact that her friends had loaned her RMB400 million (S$77.2 million).

However, apart from her tax evasion fines, the actress reportedly has to pay penalty fees to a number of brands and products who had engaged her as an endorsement model as well.

Bingbing is said to owe up to 122 different brands money, as her tax evasion scandal meant that advertisements that she previously shot could not be published anywhere, causing great losses for the brands. The total sum owed to these brands is said to total RMB600 million (S$110 million).

As a result, Bingbing is said to be focusing her energy on her recently launched beauty brand, Fan Beauty, in a bid to make money to repay these debts.

In a recent livestream with billionaire Wang Sicong’s ex-girlfriend, an internet celebrity who goes by the name Xue Li, Bingbing reportedly made RMB10 million (S$2 million) after her masks were snapped up by fans within minutes.

Earlier reports had also speculated that Bingbing was selling her pre-owned luxury goods online last year, to raise funds. At the same time, the actress’s legal team was also busy filing defamation lawsuits against netizens who had spread rumours about Bingbing, which netted her a tidy sum. The actress is also believed to have sold off her shares in various companies as well.

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However, a recent sighting of Bingbing at the airport in Beijing had cast doubts on the veracity of the reports claiming that the actress was in financial trouble.

The actress, who was returning from a vacation in Hong Kong with her family, was photographed with a diamond ring worth HKD$50 million (approximately S$8.68 million) on her. Bingbing had also dined at the “most expensive restaurant in Shanghai” earlier this month, where she is estimated to have spent a minimum of RMB40,000 (S$7695) on a single meal.

Photos: PBE Media

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