The Chinese aluminum Liu Zhongtian is accused of having lost $ 1.8 billion in tariffs in the United States.
Liu Zhongtian may have ruined his fortune in the aluminum business since 1993, but when he was accused of evading US tariffs of $ 1.8 billion, one of China’s biggest leaders may have got into trouble in his business.
Conspiracy, Wire Fraud, and Fake Pallets
In a nine-day process, six Southern California affiliates were embroiled in a large wire and customs program. All six are accused of making aluminum alloys that were exported to the United States as pallets. These counterfeit products are exported to avoid paying billions of dollars for personalized services. According to a lawsuit filed by the Justice Department, “large quantities of aluminum have been exported and ‘sold'” from Liu, China Zhongwang Holdings Ltd, and the United States to fraudulently cheat the profits of Chinese companies and mislead investors around the world. “
Many companies and warehouses involved in the program have been charged with conspiracy to commit fraud. The statement also indicates that the building has been misused to hold fraudulent documents. The aluminum pumps sold in the USA are “combo points” that gave their products their kind of paddle face. They are located in four different warehouses in Southern California, all of which are owned by Liu.
The fraudulent import target is an anti-waste service introduced in 2011 that will cost the entrepreneur nearly $ 2 million in tariffs.
The Creation Of Liu’s Lie
A few years ago, Liu said that his pallet was urgently needed. However, the Ministry of Justice requested an exception. Their introduction made these items cheaper because they did the opposite and did not require pallets.
The statement said: “Between 2011 and 2014 there were no buyers for the £ 2.2 million imported by the controlling company, Liu,” and no pallets were sold. Companies merge to create products that increase the business’s bottom line.
The lies didn’t stop there. China’s spokesman Zhongwang told Forbes and denied any involvement.
“After reviewing the [Ministry of Justice] report and communicating and approving it with the company’s CEO, Mr. Liu Zhongtian, we declare that the six convicted companies have no relationship with China Zhongwang and Mr. Liu.”. The process begins on December 13th.
The Billionaire’s Sketchy Past
All of these problems have marred Liu’s courage. In the year following the accident, his net worth was $ 3.2 billion. However, every year it seems to be closing, and prices fell to $ 2.1 billion earlier this year. According to Forbes, his net worth is $ 1.8 billion, a huge loss to the owner of the world’s second-largest aluminum maker.
Like billions of self-employed billionaires, Liu entered the business world at a young age. At the age of 14, he began painting a fire in one of the factories in the area. In the 1980s, a billionaire worked hard to build some factories and factories, most notably the Futian Chemical resin factory. He landed on gold in 1993 when he founded China Zhongwang Holdings. When his company went public in 2009, it was listed as Hong Kong’s most profitable IPO. Until his resignation in 2017, he held the title of chairman and chairman for 20 years. When the company made waves in Hong Kong products during its turmoil, CNN reports that its stake has fallen 14% two years after Liu’s resignation.
Unfortunately, pallet board fees weren’t the first thing an aluminum businessman did against the fee rumors. In 2016, Chinese researcher Zhongwang Holdings alleged that his company was hiding aluminum products in Mexican desserts. The giant does not begin to explain the scope of what is described in the field – there are allegations that 6% of the world’s aluminum, valued at $ 2 billion, has been identified. The Wall Street Journal, the first to get the news, estimates the reserves are enough to produce 77 billion beers.
