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News & Press: Industry News

Wall Street Journal exposes elaborate duty evasion scheme by Zhongwang

Friday, September 09, 2016   (0 Comments)
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The Wall Street Journal (subscription publication) has reported on the scheme by Chinese billionaire Liu Zhongtian, founder of Chinese metals conglomerate China Zhongwang, to use a factory in Mexico to game the global trade system.


The article lays out in detail the scheme uncovered two years ago. Aerial photos of a remote desert factory in Mexico that was stockpiling nearly one million metric tons of aluminum worth some $2 billion and representing about 6% of the world's total inventory. U.S executives contend that the mysterious cache was part of a brazen scheme by one of China's richest men to game the global trade system. More...

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