Chinese Billionaire-Linked Companies Convicted of Fraud in U.S.

Six companies tied to Chinese billionaire Liu Zhongtian were convicted in the U.S. of disguising aluminum shipments to avoid paying $1.8 billion in customs duties and to boost the value of China Zhongwang Holdings Ltd.

Two California-based companies, which were controlled by Liu, bought aluminum extrusions that were spot-welded to make them appear as pallets, which weren’t subject to anti-dumping duties, and stored them in warehouses, also controlled by Liu, according to the U.S. Justice Department.