Guo Wengui, the eccentric billionaire backer of Steve Bannon and social media web-site Gettr, has submitted for bankruptcy just times immediately after he was strike with a sizable fine for unpaid debts.
A court docket in New York gave Guo—a fugitive of the Chinese govt and vocal critic of its ruling party—five times to shell out a $134 million good, following being observed in contempt of court on February 10.
In a Gettr submit on Tuesday, he declared his private individual bankruptcy and signed the documents on digicam.
The self-styled Chinese dissident, also known as Miles Kwok or Kwok Ho Wan, said he “signed the individual personal bankruptcy application sort for the initial time in my daily life.”
“From this minute on, I am personally bankrupt because of to the persecution of the Chinese Communist Get together,” he mentioned, with out elaborating.
His troubles stem from $30 million he borrowed from Hong Kong-primarily based Pacific Alliance Asia Option Fund in 2008. Getting made use of to financial loan to finance a single of his firms, the funds was never repaid, the hedge fund said, ensuing in a 2017 lawsuit to reclaim the sum, which experienced developed with interest to more than $100 million.
Guo’s collectors eyed his $28 million superyacht, the Girl May well, which a court docket ordered to continue to be in the U.S., but he moved the boat outside the house of American jurisdiction in October 2020 in order to defend it from debt assortment, in accordance to New York condition court docket Justice Barry Ostrager, who observed Guo to be in contempt of court.
The Chinese exile was fined $500,000 for each working day the yacht remained outside of U.S. waters.
Guo, meanwhile, informed the court docket he will not personal the Lady Could, on which previous White Residence adviser Bannon was arrested for unrelated fraud charges in 2020.
The two gentlemen have experienced a business romantic relationship considering that Bannon stopped doing the job for previous President Donald Trump in 2017, with Guo funding media projects and selecting the China critic as a marketing consultant.
A basis owned by Guo is also at the rear of the operations of Gettr.
In Guo’s personal bankruptcy filing, which he also shared on the web, he explained he owed money to amongst 50 and 99 persons. He placed his particular really worth between $50,000 and $100,000—a assert certain to challenged by his quite a few lenders.
Guo owns a multimillion dollar penthouse in New York’s Higher East Facet, but, like his superyacht, he’s told the courtroom it just isn’t truly his.
Guo fled Beijing in 2014 immediately after Chinese authorities accused him of fraud. Dwelling in The us, he quickly grew to become a tough-line CCP critic and an influential political commentator between specified conservative Chinese-American circles.
Having said that, human legal rights activists and other individuals persecuted by the Chinese federal government have accused him of hijacking their cause.
In a live stream on his Gettr account on Sunday, Guo mentioned he had “no desire in political in any way [and] I want nothing at all but to consider down the CCP.”