Hong Kong High Court freezes Guo Wenguis HK$8.7 billion assets

(Hong Kong Comprehensive News) Guo Wengui, a Chinese tycoon in exile in the United States, was enforced by the Hong Kong High Court last month under the Organized and Serious Crimes Act, and his assets of HK$8.7 billion (S$1.5 billion) were frozen.This court document exposes the companies and personal accounts he manipulated, including that he controls about 14.98% of Haitong Securities H shares (Hong Kong stocks) through offshore companies.

According to Hong Kong 01 reports, the Hong Kong High Court approved on the 23rd of last month that the Department of Justice quoted relevant laws and regulations to freeze the assets of Guo Wengui and his controlled companies and head accounts.During the defense, there were Guo Wengui himself, his son Guo Qiang, niece Guo Lijie, assistant Qu Guojiao, bodyguard Han Chunguang, and a number of local and offshore companies.According to court documents, Guo Wengui holds a Hong Kong identity card and a SAR passport in the name of KWOK Ho Wan (郭浩云).

The frozen assets of Guo Wengui include his cash, deposits, stocks and properties in Hong Kong. Among them, apart from the H shares of Haitong Securities controlled by him, there is also the Nanwan Mansion with a market value of 2.2 billion Hong Kong dollars.According to the restraining order, these assets cannot be bought or sold. If Guo Wengui and other respondent violate the restraining order of freezing assets, if convicted, they will be fined up to 500,000 Hong Kong dollars and imprisoned for five years.

Court documents also show that Guo Wengui, the main shareholder of Haitong Securities, BSA Strategic Fund IInsight Phoenix Fund, is effectively controlled by Guo Wengui.14.98%.However, the shares have been frozen for nearly a month, and Haitong Securities has not issued an announcement.

According to the Organized and Serious Crimes Ordinance, once convicted, the police can apply to the court for a confiscation order under the Ordinance, ordering the defendant to realize the property acquired by the crime within a certain period of time and return it to the treasury as a fine.

According to the report, the restriction on freezing Guo Wengui's assets is until April 30 next year, and the High Court has scheduled another review of the restriction order. It is currently unknown whether the respondent has taken any legal action against the restriction order.