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Aluminum firm Zhongwang Seeks Advice after US Smuggling Charges

Metal News - Published on Tue, 06 Aug 2019

Image Source: The Globe and Mail
Reuters reported that China Zhongwang Holdings was seeking legal advice after the company and its controlling shareholder, Liu Zhongtian, were indicted on charges they evaded $1.8 billion of tariffs by smuggling aluminum into the United States. Zhongwang said in a statement to the Hong Kong stock exchange that it and Liu had still not been served with any notice in relation to the legal proceedings. It said that “The company takes seriously any allegations that it may have violated any law, and is seeking legal advice in relation to the alleged proceeding adding it would keep shareholders informed of further developments.

US prosecutors have alleged that companies affiliated with Liu used ports in the Los Angeles area to import aluminum from China that was disguised as a finished product not subject to duties, before making bogus sales.

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Posted By : Rabi Wangkhem on Tue, 06 Aug 2019
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