Chinese billionaire Guo Wengui denied bail in US fraud case
- The judge called his proposed bail package insufficient, noting he has filed for bankruptcy and saying he has ‘the means and know-how to flee’
- Guo and his financial adviser, Kin Ming Je, are accused of scheming to cheat thousands of victims out of more than US$1 billion
Chinese billionaire Guo Wengui, the exiled businessman and vocal critic of Beijing with ties to former Donald Trump adviser Steve Bannon, was denied bail after being charged by the US with fraud last month.
US District Judge Analisa Torres on Thursday rejected Guo’s bid to remain free pending trial, saying that “no conditions or set of conditions” would ensure his return to court or the safety of the community.
Torres said Guo’s proposed bail package – which would have him released on a US$25 million bond, US$5 million of which would be secured by cash or real estate – is insufficient, noting he has filed for bankruptcy and claims to have only US$10,000 in assets.
The judge said Guo “has the means and know-how to flee”.
She noted that law enforcement recovered two passports during the raid of his home and said a “clever defendant with sufficient resources could figure out a way to leave the country without travel documents”, citing the escape of former Nissan Motor Co. chairman Carlos Ghosn from custody in Japan.
