Chinese billionaire indicted in US aluminum import scheme
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August 1, 2019
LOS ANGELES (AP) — A Chinese billionaire has been charged in Los Angeles in a complex scheme to avoid $1.8 billion in aluminum tariffs, federal prosecutors announced Wednesday.
Zhongtian Liu, the founder of China Zhongwang Holdings Limited, and the aluminum company he previously headed, were charged with conspiracy, wire fraud and international money laundering.
The charges come as the U.S. and China try to reach a trade agreement aimed at ending a tariff war.
Liu, 55, schemed to import aluminum in the shape of pallets, which would avoid 2011 customs duties up to 400% that were not imposed on...
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