Exiled Chinese businessman and self-proclaimed billionaire Guo Wengui filed for bankruptcy protection after a New York judge ordered him to pay $134 million in fines for moving a yacht out of the reach of an unpaid lender
Exiled Chinese businessman and self-proclaimed billionaire Guo Wengui filed for bankruptcy protection on Tuesday after a New York judge ordered him to pay $134 million in fines for moving a yacht out of the reach of an unpaid lender.
Mr. Guo, a prominent critic of China’s Communist Party, built a real-estate empire in Beijing but fled the country in 2014 to seek asylum in the U.S. after Chinese authorities accused him of bribery and money laundering, which he has denied. Mr. Guo, also known by the name Kwok Ho Wan, listed assets of $50,000 to $100,000 on his chapter 11 petition in the U.S. Bankruptcy Court in Bridgeport, Conn. and liabilities of between $100 million and $500 million.
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