Former Billionaire Lost $500 Million in UBS Margin Call
Former China billionaire Guo Wengui who is wanted in China due to bribery accusations lost about $500 million as a result of a margin call from UBS. Guo had left China due to a corruption investigation and in 2015 secretly bought a luxurious apartment for $67.5 million in Manhattan’s Sherry-Netherlands Hotel.
“Former China billionaire Guo Wengui who is wanted in China due to bribery accusations lost about $500 million as a result of a margin call from UBS.”
Guo’s investment loss was due to an investment in Haitong Securities shares. Shares of Haitong Securities surged in 2015 and then plunged amidst a huge market sell off. Last week, Pacific Alliance Asia Opportunity fund sued Guo in New York and claimed that he owed the hedge fund $88 million.
Related Report: Forbes
The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals. Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.
Get The Wealth Insider Daily
- For Press Release, please contact email@example.com
- For Media-related enquiries, please contact firstname.lastname@example.org
- For Advertisement, please contact our official ad agency