Chinese businessman Guo Wengui, also referred to as Ho Wan Kwok, filed for particular person bankruptcy safety in a U.S. bankruptcy court in Bridgeport, a court submitting confirmed.
Guo listed belongings in the vary of $50,001 to $100,000 in the bankruptcy submitting, and liabilities between $100 million and $500 million.
Among the record of collectors who’ve claims in opposition to Guo, he listed Pacific Alliance Asia Opportunity fund because the one with the biggest declare of about $254 million.
The fund, which sued Guo for unpaid loans value $88 million, allegedly borrowed between 2008 and 2011, has been locked in a authorized battle with him in a New York State Court over this problem for 4 years.
In September, the U.S. Securities and Exchange Commission fined three media corporations, affiliated with Guo, $539 million on expenses of illegally promoting inventory and digital belongings to traders.
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli)