Chinese billionaire booked in $1.8bn US tariff evasion scheme
Chinese billionaire Liu Zhongtian, founder of metals giant Zhongwang has been indicted in the United States for his alleged role in an elaborate scheme to avoid paying USD 1.8 billion in tariffs on aluminum shipped to the US.
The former chairman of China Zhongwang Holdings is accused of exporting huge amounts of aluminum disguised as pallets to avoid paying customs duties of up to 400 percent.
Also named in the indictment, filed in Los Angeles federal court, is the company as well as several individuals and shell companies.
"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," said prosecutor Nick Hanna.
"Moreover, the bogus sales of hundreds of ...