A Chinese billionaire has been indicted by a grand jury on charges he schemed wi...
WASHINGTON/NEW YORK - A Chinese billionaire has been indicted by a grand jury on charges he schemed with the aluminum company he founded to evade $1.8 billion of tariffs by smuggling huge amounts of the metal into the United States, federal prosecutors said on Wednesday.
The May 7 indictment had been kept under seal until late Tuesday. It came as U.S. and Chinese negotiators resumed talks to end trade tensions between the world’s two largest economies.Liu is believed to be in China, which does not have an extradition treaty with the United States, and an arrest warrant has been drawn up, according to The Wall Street Journal. It was unclear whether Liu has a U.S.-based lawyer. Liu and his family are worth $3.2 billion, Forbes magazine said.
Prosecutors said Liu would then stockpile the aluminum at four southern California warehouses, and with his associates orchestrate bogus sales to companies he controlled to inflate China Zhongwang’s financials and make it appear more valuable.
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