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Liu Zhongtian, 55, Zhongwang, China (1333.HK), and several defendants were indicted by the Los Angeles Grand Jury on 24 counts. Liu Zhongtian is the founder of Zhongwang in China.
The indictment, dated May 7, was not disclosed until late Tuesday night. At this time, the United States and Chinese trade negotiators are resuming negotiations, hoping to end trade tensions between the two countries.
Zhongwang, China, has not immediately responded to requests for comment because it is not normal working hours.
According to the Wall Street Journal, Liu Zhongtian is believed to be still in China and has been issued an arrest warrant. China and the United States have not signed an extradition agreement. It is not clear whether Liu Zhongtian is hiring a lawyer in the United States. According to Forbes magazine, Liu Zhongtian and his family are worth $3.2 billion.
According to prosecutors, the tax avoidance plan started in 2008 and ultimately involved the evasion of the 2011 US Department of Commerce tariffs on imports of extruded aluminium from China.
According to the indictment, companies associated with Liu Zhongtian imported spot-welded aluminium profiles through ports in the Los Angeles area, which looked like finished "aluminium sheets" that were not within the scope of taxation.
The prosecution said Liu Zhongtian then stored the aluminium in four warehouses in Southern California and arranged with his associates to sell it to companies under his control in a fake way, thereby exaggerating China's loyal financial situation and making it more valuable.
According to the indictment, Liu Zhongtian, known as "Big Boss" or "Uncle Liu", was also accused of "large-scale" money laundering operations involving the use of shell companies to transfer funds to Zhongwang, China.


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