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
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