Latest US lawsuit filed against fugitive tycoon Guo Wengui brings total claims to US$5.3 billion
New claim, worth US$3.7 billion, will be lodged by lawyer Kevin Tung pending further examination of the plaintiff’s arbitration in Chinese courts
China’s fugitive tycoon Guo Wengui may face additional legal action in the US, bringing total claims being pursued against him in New York State courts by mainland Chinese plaintiffs to about US$5.3 billion.
The latest claim, worth US$3.7 billion, will be lodged by Kevin Tung of the law firm Kevin Kerveng Tung PC pending further examination of the plaintiff’s arbitration in Chinese courts, said the attorney, who has filed two other lawsuits since June on behalf of clients trying to find recourse in a New York court for assets they weren’t able to recover in China.
Tung spoke to reporters in a briefing in New York arranged jointly with Beijing-based Wuchen Law Firm, an event that was just as much a demonstration as it was a press conference. The Beijing firm’s managing partner Li Yanxin also addressed a standing-room-only group of mostly Chinese journalists as well as pro- and anti-Guo demonstrators.
“Mr. Guo has never denied owing these creditors the amounts they haven’t been paid,” Tung told reporters at a press conference in New York. “The responsible thing for Guo to do would be to explain that the government has frozen his assets and ask his creditors for patience.
