Chinese Exiled Billionaire Guo Wengui to Pay $134 Million for Moving Yacht to Avoid Creditor, Sues UBS $500 Million in Trading Loss
12th February 2022 | Hong Kong
Chinese exiled billionaire Guo Wengui has been ordered to pay $134 million to creditor Pacific Alliance Asia Opportunity Fund within 5 days or to face arrest for moving a yacht out of United States water to avoid creditor. The yacht “Lady May” was moved to Bahamas despite a court order for it to remain in United States waters (New York). In 2008, Guo Wengui had received a $30 million loan from Pacific Alliance Asia Opportunity Fund, which has accrued to $116 million including interest. In 2020, the yacht was moved out of United States and a judge had imposed a fine of $500,000 a day. In the court filing, Guo Wengui stated he does not own the yacht “Lady May” and the yacht was reported to be transacted for GDP 28 million in 2015. Separately, Chinese exiled billionaire Guo Wengui had filed a lawsuit against UBS for $500 million, for UBS force-selling of a stock (Haitong Securities) for margin call during a market rout in 2015 which wiped out all his investment.
“ Chinese Exiled Billionaire Guo Wengui to Pay $134 Million for Moving Yacht to Avoid Creditor “
Guo Wengui Exiled Chinese Billionaire
Guo Wengui is an exiled Chinese billionaire and known for his strong political opinions against Chinese leaders, fleeing to the United States in late 2014 on allegations of corruption, bribing, kidnapping, money laundering, fraud.
In 2021, UBS, Credit Suisse, Nomura, MUFJ and Morgan Stanley incurred losses of $10 billion for $120 billion Archegos Family Office margin call. Read: Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
In February 2022, UBS had failed to dismiss the trial in the London court to hear UBS $500 million lawsuit by Chinese billionaire Guo Wengui, for UBS force-selling of a stock (Haitong Securities) for margin call during a market rout in 2015 which wiped out all his investment. The London High Court Justice Sara Cockerill said: “UBS was a critical part of the deal structure … The misstatements relied upon were made about UBS London’s policies. The claim resides in a disconnect between what he was told about the policies and intentions of the London branch were and what those policies actually were.” In January 2022, UBS has applied to the London court to dismiss a $500 million lawsuit filed by Chinese billionaire Guo Wengui, for UBS force-selling of a stock (Haitong Securities) for margin call during a market rout in 2015 which wiped out all his investment. In the filing, UBS asked the London court to dismiss the suit on the ground that the London court does not have the right to hear part of the case. Previously, UBS had officially made a statement that it “strongly disagrees with the claim and will vigorously defend itself.” In 2021, UBS, Credit Suisse, Nomura, MUFJ and Morgan Stanley incurred losses of $10 billion for $120 billion Archegos Family Office margin call. Read: Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
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