Chinese billionaire indicted in U.S. for alleged $1.8 billion aluminum tariff evasion

Chinese billionaire indicted in U.S. for alleged $1.8 billion aluminum tariff evasionWASHINGTON/NEW YORK (Reuters) - A Chinese billionaire has been indicted by a grand jury on charges he schemed with the aluminum company he founded to evade $1.8 billion of tariffs by smuggling huge amounts of the metal into the United States, federal prosecutors said on Wednesday. Liu Zhongtian, 55, and China Zhongwang Holdings Ltd <1333.HK>, where he served as chairman and president, were among several defendants charged in a 24-count indictment by a Los Angeles grand jury. Neither Zhongwang or Liu, who is still the company's controlling shareholder, have received any notice of the proceedings, the company said in a statement to the Hong Kong stock exchange on Thursday.




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