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Guo Wengui.Credit:Screengrab/Voice of America

He found that Guo “exercised dominion and control” over the yachtLady May and had arranged for it to leave New York waters despite an earlier court order requiring it to remain in the jurisdiction. The yacht made its way to the Bahamas.

Bannon was arrested while aboard the yacht in August 2020, charged with defrauding hundreds of thousands of donors over a scheme to build a wall along the Mexican border.

The court said Guo has racked up fines of $US500,000 a day over 268 days in violation of a prior order. Ostrager told Guo to pay $US134 million ($186 million) in five business days.

Guo filed for bankruptcy in Connecticut late on Tuesday (Wednesday AEDT),estimating assets of no more than $US500,000 and liabilities of as much as $US500 million,according to court papers.

TheLady May was purchased for £28 million in 2015 ($52 million today).

In 2018,Bannon and Guo Wengui joined forces in an ambitious challenge to Beijing’s leadership.

The pair inaugurated the‘New Federal State of China’ movement in June 2020 by flying a fleet of propeller planes with flags draped between them over the Statue of Liberty in New York before Guo shed blood on a declaration that vowed to overthrow the Communist Party.

Steve Bannon and Guo Wengui announcing the launch of their venture.Credit:Internet

The same year,theWall Street Journal reported the FBI investigated the source of funds for the movement and a $US1 million contract between Bannon and Guo.

Guo has been accused by the Chinese government ofmoney laundering,fraud,kidnapping and rape – charges he claims have been trumped up in retaliation for a series of videos that made unverified corruption allegations against Chinese Communist Party officials.

Guo is appealing Ostrager’s decision and has said in court papers that he doesn’t control the yacht.

The businessman’s bankruptcy lawyer,William Baldiga,didn’t immediately return a request for comment.

A 15-room Manhattan property where Guo has lived for years is listed for sale for $US45 million,about $US23 million less than it was purchased for in 2015.

In his bankruptcy petition,Guo said he resided at a townhouse on the Upper East Side.

Guo fled China in 2014 after corruption investigators froze his assets worth $US17 billion. Authorities there claimed Guo paid ($12 million) in bribes to the feared former Chinese state security vice minister,Ma Jian.

Bloombergwith staff

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