Steve Bannon’s Billionaire Backer Guo Wengui Reveals He is Bankrupt

Guo Wengui, the eccentric billionaire backer of Steve Bannon and social media web-site Gettr, has submitted for personal bankruptcy just times after he was hit with a sizable high-quality for unpaid money owed.

A court in New York gave Guo—a fugitive of the Chinese government and vocal critic of its ruling party—five days to pay back a $134 million great, right after remaining observed in contempt of court on February 10.

In a Gettr put up on Tuesday, he declared his particular bankruptcy and signed the paperwork on digicam.

The self-styled Chinese dissident, also known as Miles Kwok or Kwok Ho Wan, stated he “signed the individual bankruptcy software kind for the initial time in my everyday living.”

“From this minute on, I am individually bankrupt because of to the persecution of the Chinese Communist Celebration,” he stated, with out elaborating.

His difficulties stem from $30 million he borrowed from Hong Kong-based Pacific Alliance Asia Option Fund in 2008. Possessing utilized to mortgage to finance one particular of his businesses, the income was never ever repaid, the hedge fund stated, resulting in a 2017 lawsuit to reclaim the sum, which experienced developed with interest to extra than $100 million.

Guo’s collectors eyed his $28 million superyacht, the Woman May well, which a court docket purchased to remain in the U.S., but he moved the boat outside of American jurisdiction in Oct 2020 in get to shield it from debt collection, according to New York state courtroom Justice Barry Ostrager, who found Guo to be in contempt of court.

The Chinese exile was fined $500,000 for each individual day the yacht remained exterior of U.S. waters.

Guo, meanwhile, advised the courtroom he does not possess the Girl Might, on which previous White Home adviser Bannon was arrested for unrelated fraud fees in 2020.

The two males have experienced a business marriage because Bannon stopped doing the job for previous President Donald Trump in 2017, with Guo funding media projects and employing the China critic as a specialist.

A foundation owned by Guo is also driving the functions of Gettr.

Fugitive Chinese billionaire Guo Wengui at a press convention in New York on November 20, 2018. Guo submitted for own personal bankruptcy on February 15, 2022, immediately after a New York point out court docket fined him $134 million for unpaid debts.
DON EMMERT/AFP through Getty Images

In Guo’s bankruptcy filing, which he also shared on the web, he said he owed funds to amongst 50 and 99 folks. He put his particular well worth concerning $50,000 and $100,000—a declare sure to challenged by his quite a few creditors.

Guo owns a multimillion dollar penthouse in New York’s Upper East Side, but, like his superyacht, he is informed the court it isn’t really truly his.

Guo fled Beijing in 2014 just after Chinese authorities accused him of fraud. Dwelling in The usa, he before long grew to become a challenging-line CCP critic and an influential political commentator between specific conservative Chinese-American circles.

Having said that, human rights activists and other individuals persecuted by the Chinese authorities have accused him of hijacking their result in.

In a are living stream on his Gettr account on Sunday, Guo explained he experienced “no interest in political whatsoever [and] I want practically nothing but to choose down the CCP.”