Fugitive tycoon Guo Wengui facing US$1.5 billion in new claims from Chinese firms
Guo’s US assets, including a Manhattan luxury apartment, are targeted in a complaint that will be filed in New York on behalf of 10 Chinese companies
Guo Wengui, the billionaire fugitive from China, is facing new claims worth US$1.5 billion against him in the US as more mainland Chinese companies try to recover assets awarded to them in Beijing.
Escalating a war of words with Guo’s attorney David Boies, New York-based attorney Kevin Tung said he will file a complaint in the local court system next week on behalf of 10 Chinese companies. As with a lawsuit filed last month, the companies alleged that assets Guo owns in the US – including a luxury apartment near Central Park in Manhattan – were acquired with assets illegally transferred out of China.
Those assets had previously belonged to entities under Guo’s direct control, including Beijing Pangu Investment Co Limited, and were subject to distribution to Guo’s creditors, according to the complaint prepared by Tung’s firm, Kevin Kerveng Tung PC.
The lawsuit in New York is the latest escalation of legal action against Guo, who is wanted on corruption charges in China and has made a series of graft allegations against the Chinese government and company officials on the mainland.