HomeBusinessChinese businessman Guo Wengui files for bankruptcy in US court

Chinese businessman Guo Wengui files for bankruptcy in US court

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)

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