Chinese firms hit fugitive tycoon Guo Wengui with US$50 million lawsuit over lost assets
The lawsuit, filed in New York on behalf of nine plaintiffs, seeks compensation for unrecovered assets following a legal victory in China
A group of Chinese companies launched a US$50 million lawsuit against fugitive tycoon Guo Wengui in the US in a bid to obtain compensation for assets they weren’t able to recover following a legal victory in China.
Represented by New York-area law firm Kevin Kerveng Tung PC, nine plaintiffs filed a complaint in New York against Guo and four of his companies, according to a statement issued by Kevin Tung, founder of the New York firm.
The plantiffs include construction firms Beijing Cheng Jian Wu Jian She Group Limited and Jiang Su Province Jian Gong Group Limited.
Guo’s four companies involved are Beijing Zenith Holdings Co Limited, Beijing Pangu Investment Co Limited, Genever Holdings LLC and Golden Spring (New York) Limited.
The plaintiffs – who previously sued two of the defendants, Zenith and Pangu, in Chinese courts – are seeking more than $40 million in direct damages and $10 million in punitive damages.
