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Liu Zhongtian, the 55-year-old founder of aluminum giant China Zhongwang Holdings Ltd, faces fraud and international money laundering

Chinese billionaire known as & # 39; Big Boss & # 39; is sued in the US for & # 39; evasion of $ 2 billion in rates & # 39; in a smuggling scheme for aluminum

  • Liu Zhongtian, 55, was sued by a federal grand jury in California
  • He is confronted with fraud and international money laundering items of 465 years
  • Zhongtian is the founder of the Chinese aluminum giant China Zhongwang Holdings
  • According to the indictment, the company has misidentified aluminum on customs forms
  • Aluminum magnate known as & # 39; Uncle Liu & # 39; and & # 39; Big Boss & # 39; is supposed to be in China
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Liu Zhongtian, the 55-year-old founder of aluminum giant China Zhongwang Holdings Ltd, faces fraud and international money laundering

Liu Zhongtian, the 55-year-old founder of aluminum giant China Zhongwang Holdings Ltd, faces fraud and international money laundering

A Chinese billionaire has been sued by a US federal grand jury on charges of being part of a conspiracy to evade nearly $ 2 billion in rates on aluminum.

Liu Zhongtian, the 55-year-old founder of aluminum giant China Zhongwang Holdings Ltd, faces fraud and international money laundering with a maximum sentence of 465 years, the Wall Street Journal reported.

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The indictment was reached in May, but only this week was unsealed and an arrest warrant was issued for Zhongtian, who is reportedly currently in China.

Prosecutors say that Zhongtian, known by the aliases & # 39; Uncle Liu & # 39; and & # 39; Big Boss & # 39 ;, had a huge smuggling plan dating from 2008.

Liu (center) controls China Zhongwang Holdings Ltd, & # 39; the world's second largest aluminum producer in its category. His current fortune is estimated at 3.2 billion dollars

Liu (center) controls China Zhongwang Holdings Ltd, & # 39; the world's second largest aluminum producer in its category. His current fortune is estimated at 3.2 billion dollars

Liu (center) controls China Zhongwang Holdings Ltd, & # 39; the world's second largest aluminum producer in its category. His current fortune is estimated at 3.2 billion dollars

The indictment accuses Zhongtian of evading rates by sending raw aluminum to the US in the form of pallets, an end product that is not on the list of tax items.

But the charges are not really finished products, the accusation claims.

Zhongtian has an estimated net worth of $ 3.2 billion and has long been suspected by US authorities.

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In 2016, he was accused of collecting a huge stock of aluminum in the Mexican desert, which represents 6% of the total global aluminum stock.

American executives claimed that the mysterious cache was part of a scheme to avoid trade rules, possibly by passing on Chinese aluminum as Mexican in origin.

Zhongtian then denied misconduct and could not be reached for comment on the new indictment.

In 2016, the authorities discovered this huge stock of aluminum in the Mexican desert, which represents 6% of the total global aluminum stock

In 2016, the authorities discovered this huge stock of aluminum in the Mexican desert, which represents 6% of the total global aluminum stock

In 2016, the authorities discovered this huge stock of aluminum in the Mexican desert, which represents 6% of the total global aluminum stock

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It comes when the US and Chinese met in Shanghai for the final round of trade negotiations.

Negotiators concluded a short round of trade negotiations on Wednesday that both parties consider constructively & # 39; constructive & # 39; have marked, including discussions about further Chinese purchases of US agricultural products and an agreement to meet again in September.

The first personal talks since a ceasefire were agreed last month in the trade war between the two largest economies in the world, signifying a working dinner on Tuesday at the historic Fairmont Peace Hotel in Shanghai and a half-day meeting on Wednesday, before US Trade Representative Robert Lighthizer and Finance Minister Steven Mnuchin flew away.

& # 39; The meetings were constructive and we expect negotiations on a enforceable trade agreement in Washington to continue … early September & # 39 ;, White House spokeswoman Stephanie Grisham said in a statement.

US Trade Representative Robert Lighthizer shakes hands with Chinese Deputy Prime Minister Liu He as US Finance Minister Steven Mnuchin and Chinese Trade Minister Zhong Shan look on during a photo at the Xijiao Conference Center in Shanghai on Wednesday

US Trade Representative Robert Lighthizer shakes hands with Chinese Deputy Prime Minister Liu He as US Finance Minister Steven Mnuchin and Chinese Trade Minister Zhong Shan look on during a photo at the Xijiao Conference Center in Shanghai on Wednesday

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US Trade Representative Robert Lighthizer shakes hands with Chinese Deputy Prime Minister Liu He as US Finance Minister Steven Mnuchin and Chinese Trade Minister Zhong Shan look on during a photo at the Xijiao Conference Center in Shanghai on Wednesday

& # 39; According to the consensus of the two leaders in Osaka, both parties had a frank, highly effective, constructive and deep exchange on important trade and economic issues of mutual interest & # 39 ;, said the Chinese Ministry of Commerce shortly after the US team has left Shanghai.

It was not immediately clear what, and if so, other, agricultural products that China agreed to buy from the United States and when – an issue that became a dispute after US President Donald Trump said China had not delivered on the promised purchases.

& # 39; The Chinese side confirmed their commitment to increase agricultural exports to the United States & # 39 ;, said White House Grisham, without further details.

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