An exiled Chinese businessman known to be an associate of Steve Bannon filed for Chapter 11 bankruptcy Tuesday after he was fined $134 million for breaking a court order, according to court documents.
Justice Barry Ostrager of the Supreme Court of New York issued the fine last week because Guo Wengui, also known as Miles Kwok and Kwok Ho Wan, moved a 152-foot yacht called The Lady May out of the New York harbor multiple times last year, a direct violation of a court order amid litigation over an unpaid loan. Ostrager made the fine $500,000 for every day the yacht was out of the New York harbor, and, as of last week, it had been out of the harbor for 238 days, leading to the high fee. Guo claims he does not own the yacht, according to Politico.
Guo said he was given less than a week to pay $134 million in fines, as seen in a video on conservative social media site GETTR, which he helps fund.
“I was given only five days after the verdict came out [to pay the fine],” Guo said. “How could I possibly accept this? Thus I have to apply for personal bankruptcy.”
THE DEBRIEF: HUGO GURDON ON US TENSIONS WITH CHINA
In his bankruptcy declaration, Guo said his debts were from legal and litigation expenses rather than business or personal debts. He listed assets of $50,000-$100,000 and liabilities between $100 million and $500 million. His largest liability claim was a $254 million debt from the Pacific Alliance Asia Opportunity Fund LP, an investment fund with which he has been in litigation for years, according to the Wall Street Journal. Guo checked the box in his filing indicating that he owes money to 50-99 lenders.
Guo created his empire of wealth through real estate in China. However, he was exiled after the Chinese government accused him of money laundering and bribery and fled to the United States, seeking asylum. He has denied the money laundering and bribery charges. After his arrival in the U.S., Guo lived in New York and started a partnership with Bannon, who served as a political adviser to former President Donald Trump. He is currently Bannon’s partner in GTV, a media company. He has also appeared in photos and videos alongside Bannon.
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Bannon, a former executive chairman of Breitbart News, joined Trump’s 2016 campaign and became his White House chief strategist for much of 2017. Bannon was pardoned during Trump’s final day in office, reversing criminal charges the former campaign CEO faced for his role in an alleged “We Build the Wall” scam that raked in hundreds of thousands of dollars from unsuspecting donors. When Bannon was indicted on fraud charges, he was found by U.S. authorities aboard a yacht officials said was owned by Wengui.
Bannon was indicted in November by a federal grand jury for defying a subpoena from the House committee investigating the Jan. 6 Capitol riot.
