Federal prosecutors revealed a previously sealed indictment against a Chinese aluminum magnate which contained allegations of global money laundering.
China's Liaoning province Deputy Governor Liu Guoqiang , China Zhongwang Holdings Chairman Liu Zhongtian and Hong Kong Stock Exchange Chairman Ronald Arculli toast just after trading had started at the stock exchange in Hong Kong on May 8, 2009.A Chinese billionaire aluminum magnate has been indicted by a federal grand jury on charges of conspiracy, wire fraud and international money laundering in connection with an alleged scheme to evade U.S.
"This indictment outlines the unscrupulous and anti-competitive practices of a corrupt businessman who defrauded the United States out of $1.8 billion in tariffs due on Chinese imports," United States Attorney Nick Hanna said in a statement."Moreover, the bogus sales of hundreds of millions of dollars of aluminum artificially inflated the value of a publicly traded company, putting at risk investors around the world.
The alleged scheme outlined in the Liu indictment involved passing off unfinished aluminum exports from China as finished"pallets," helping China Zhongwang Holdings avoid duties as high as 400 percent. In addition, prosecutors allege that there were"no customers" for the 2.2 million pallets imported into the U.S. from 2011 to 2014 and that these pallets were never ultimately sold to third parties.
"The charges filed against these defendants are extremely serious," Joseph Macias, special agent in charge for Homeland Security Investigations in Los Angeles said in a statement."Organized assistance and subsidies by foreign nations such as China have a detrimental effect on U.S. production and employment. Of greater concern, our national security is jeopardized when domestic industry loses its ability to develop and supply products for U.S.
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