Skip to content
Subscriber Only

What Fake Bank Documents Say About China M&A Risks

  • First-time Chinese buyers are going overseas at record pace
  • ‘We’re seeing a lot of deals where people scratch their heads’
Video player cover image

The Risks in China's M&A Boom

Updated on

The Chinese account statement had all the trappings of the real thing: a red oval seal bearing Bank of Jiangsu Co.’s name, a balance printed to the last decimal (852,468,304.56 yuan) and a time stamp of 4:14 p.m. on April 25.

Provided by a little-known Chinese investor group during early-stage acquisition talks with AC Milan, the document was among paperwork purporting to show the consortium’s ability to buy Silvio Berlusconi’s storied Italian soccer club, according to people with knowledge of the matter.