Chinese businessman Guo Wengui files for bankruptcy in U.S. court

Guo listed assets in the range of $50,001 to $100,000 in the bankruptcy filing, and liabilities between $100 million and $500 million.

Among the list of creditors who have claims against Guo, he listed Pacific Alliance Asia Opportunity fund as the one with the largest claim of about $254 million.

The fund, which sued Guo for unpaid loans worth $88 million, allegedly borrowed between 2008 and 2011, has been locked in a legal battle with him in a New York State Court over this issue for four years.

In September, the U.S. Securities and Exchange Commission fined three media companies, affiliated with Guo, $539 million on charges of illegally selling stock and digital assets to investors.

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