ECONOMY   Exchange & Stocks  

China Zhongwang seeks legal advice after the company and its owner accused of ditching U.S. tariffs

After Liu Zhongtian, the largest shareholder of China Zhongwang Holdings Ltd had been accused of ditching the U.S. about US$1.8 billion in tariffs through a scheme, the company said on Sunday it was seeking legal advice on the matter.

China Zhongwang said in a statement to the Hong Kong stock exchange that neither the company nor Liu had been served any notice in relation to the legal proceedings.

“The company takes seriously any allegations that it may have violated any law, and is seeking legal advice in relation to the alleged proceeding,” it said in the statement.

The company assured its shareholders that they would be informed of further developments related to this. Zhongwang had previously described smuggling allegations as “misleading” and “without any factual basis.”

According to Refinitiv Eikon data, Liu stepped down as Zhongwang chairman in 2017 but remains its largest shareholder with a 74.16% stake.

“If the allegations were proven in court, the company could face monetary penalties,” Zhongwang said in the statement.

Zhongwang’s share price fell by 14.2% on August 1, after the indictment was reported, and fell a further 7.6% on Friday to end the week on HK$3.18 ($0.4062), its lowest close since October 2015.

Zhongwang’s statement also adds that the company is operating as usual and so far no adverse impact has been felt on the company’s operations or its financial conditions. Further announcement will be published if there is any situational change.

News No: 5791
Date: 2019/08/06 - 19:25
News Source: Alcircle

China  Zhongwang  US  price 


Leave a Comment:


Iran Planning 3rd Step to Reduce Nuclear Commitments: Spokesman

Iranian Foreign Ministry Spokesman Seyed Abbas Mousavi highlighted the continued failure of the European parties to the 2015 nuclear deal to live up to their obligations, and said the Islamic Republic is planning the third step to reduce its nuclear commitments.

Iran Admin Required to Submit Bill on Changing Nat’l Budget Structure

The spokesman for the Iranian parliament’s presiding board said the administration has been obliged to submit a bill by late September that would change the structure of the country’s national budget.

Almex to provide aluminium billet and slab casting technology and equipment to Western Extrusions

Almex USA Inc. has announced its selection as the technology and equipment provider for the future casthouse of Western Extrusions Corporation of Carrollton, Texas, USA. Western is one of the leading independent aluminum extruders in North America and its Carrollton facility among the largest in America at a single site.

Australian crude output keeps falling

Australian crude production of 113,000 b/d fell to its lowest level in more than 35 years in the 2018-19 fiscal year to 30 June, down by 16pc from the previous low of 134,000 b/d the previous year, while condensate output reached a record high.

Detained Iran tanker departs Gibraltar waters

An Iranian oil tanker that was detained by Gibraltar's authorities early last month on suspicion of taking crude to Syria has departed the UK overseas territory, after a last-ditch request by the US to halt the vessel's release was turned down.

Indonesian coal prices flat as tender details emerge

The Indonesian physical coal market made a typically slow start to the week, as details of cargoes awarded in a relatively large Chinese-state controlled utility tender late last week began to emerge.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners