Exiled Chinese billionaire and Steve Bannon financier files for bankruptcy – Politico

Facebook pages from self-exiled Chinese tycoon Guo Wengui's account are seen on computer screens in Beijing on Aug. 21, 2020. | Ng Han Guan/AP Photo

By Joseph Gedeon

02/16/2022 02:17 PM EST

Updated:02/16/2022 03:02 PM EST

Exiled Chinese billionaire and Steve Bannon ally Guo Wengui filed for Chapter 11 bankruptcy on Tuesday days after a court ordered him to pay $134 million for attempting to avoid debt collection.

In the petition, Guo, who also goes by Miles Kwok and Kwok Ho Wan, claims that his debts are not consumer or business-related, rather litigation expenses, claims and judgments. His legal issues are rooted in a $30 million loan from the Pacific Alliance Asia Opportunity Fund that was never repaid.

Last week, a judge ruled that Guo had five days to pay a fine after arranging for a yacht to move out of the U.S. to the Bahamas despite a court order requiring that it remain in New York. Guo claims he doesnt own the yacht, but if he didnt pay the fine in time, hed risk being arrested.

I was given only five days after the verdict came out [to pay the fine], Guo said in a video posted on GETTR, a social media site that he funds and is run by allies of former President Donald Trump. How could I possibly accept this? Thus I have to apply for personal bankruptcy.

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Exiled Chinese billionaire and Steve Bannon financier files for bankruptcy - Politico