Caixin
Apr 14, 2022 05:10 AM
BUSINESS

Chinese Metal Tycoon’s Companies Fined $1.83 Billion by U.S.

Liu Zhongtian/File photo
Liu Zhongtian/File photo

Six Southern California-based companies linked to Chinese metal tycoon Liu Zhongtian were fined $1.83 billion by a U.S. federal judge for a conspiracy to evade customs duties and inflate revenues of Hong Kong-traded China Zhongwang Holdings.

The companies, including two aluminum businesses and four warehousing companies, defrauded the United States by disguising huge amounts of aluminum exports to the country between 2011 and 2014 to avoid $1.8 billion in custom duties, the Justice Department said Monday in a statement.

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