Chinese businessman Guo Wengui, also known as Ho Wan Kwok, filed for individual bankruptcy protection in a U.S. bankruptcy court in Bridgeport, a court filing showed.
Guo listed assets in the range of $50,001 to $100,000 in the bankruptcy filing, and liabilities between $100 million and $500 million.
Among the list of creditors who have claims against Guo, he listed Pacific Alliance Asia Opportunity fund as the one with the largest claim of about $254 million.
The fund, which sued Guo for unpaid loans worth $88 million, allegedly borrowed between 2008 and 2011, has been locked in a legal battle with him in a New York State Court over this issue for four years.
In September, the U.S. Securities and Exchange Commission fined three media companies, affiliated with Guo, $539 million on charges of illegally selling stock and digital assets to investors.
– Reuters