Space Industry and Business News  
TRADE WARS
French police seize 10 Chinese-owned vineyards in fraud inquiry
by Staff Writers
Bordeaux (AFP) June 29, 2018

French financial police have seized 10 wineries in the Bordeaux area which are owned by Chinese conglomerate Haichang over suspicions of tax fraud, a police source told AFP on Friday.

Haichang Group, based in the northeastern Chinese port city of Dalian, is the biggest of numerous Chinese investors which have bought into one of France's most famous wine-growing regions in recent years.

It spent an estimated 55 million euros ($64 million) to acquire 24 estates producing an array of brand-name wines.

But the group's purchases have been under investigation by financial prosecutors for several years.

"For 10 chateaux, we discovered a certain number of tax crimes: laundering of the proceeds of tax fraud, forgery, use of forgery, etc," a police source told AFP, confirming a report by France 2 television.

"In the second quarter of the year, we seized those that were acquired fraudulently," the source said.

Investigators found evidence of transactions between French and offshore companies with no business links, and a 30-million-euro loan by the Chinese bank ICBC in Paris based on falsified notary statements.

"We have filed an appeal against the seizure order, which only aims to prevent any sale and does not imply any guilt," a lawyer for Haichang in Paris, Maxime Delhomme, told AFP.

- 'Increased vigilance' -

Chinese buyers have purchased about 160 estates in the greater Bordeaux area in the past several years, accounting for some three percent of the region's vineyard acreage.

Most of them, including the 10 seized from Haichang, are not among the region's most prestigious brands, but that hasn't dented the enthusiasm of the new owners.

In 2016, Jack Ma, the billionaire founder of the e-commerce giant Alibaba, bought the Chateau de Sours, a little-known estate that nonetheless boasts an 18th-century castle and produces 500,000 bottles a year.

The investments reflect a surge in demand from China's emerging middle class which has been a boon for French vineyards.

But already in 2013 Paris's anti-money laundering agency Tracfin had raised the alarm about Chinese investments in the French wine industry, calling for "increased vigilance."

Investigators began looking into Haichang after reports in the French press that the group had been named in a report by a Chinese state auditor in 2014.

China's National Audit Office (NAO) said in its annual report that Haichang had been granted public money by state authorities to buy foreign technology, but had instead purchased vineyards in France.

Controlled by 56-year-old businessman Naijie Qu, Haichang is a trading and shipping company which also has interests in property, tourism and agriculture.

In 2012 he organised a wine fair in Dalian in partnership with the Bordeaux Chamber of Commerce.

ale-adp/js/cb/har

Alibaba

ICBC


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
US trade war upends China's economic balancing act
Beijing (AFP) June 29, 2018
China's government is facing a multi-front battle to defend its economy, fighting to reduce its debt mountain while the yuan and local stock markets tumble in the face of a US trade conflict. With the Trump administration preparing to roll out tariffs on some $34 billion of Chinese imports next week, the Shanghai Stock Exchange is taking a nosedive - down some eight percent in the last two weeks before recovering on Friday. The yuan has also come under pressure, falling to its lowest rate again ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Lone water molecules turn out to be directors of supramolecular chemistry

From face recognition to phase recognition

Rutgers physicists create new class of 2D artificial materials

The right chemistry, fast: employing AI and Automation to map out and make molecules

TRADE WARS
New Land Mobile Technology Driving The Need For Modern Satcom Capabilities

On-the-move communications system set to field this fall

Lockheed Martin's 5th AEHF comsat completes launch environment test

IAP Worldwide Services tapped for satellite systems

TRADE WARS
TRADE WARS
Russia launches Soyuz-21b with Glonass-M navigation satellite

China's Beidou system helps livestock water supply in remote pastoral areas

UK says shut out of EU's Galileo sat-nav contracts

Woman drowns in Prague drains playing GPS treasure hunt

TRADE WARS
UK lawmakers approve expanding London's Heathrow airport

Lockheed wins more than $1 billion for F-16 production

V-22 Ospreys to receive ballistic protection panels

Turkey gets first F-35 delivery from US

TRADE WARS
This is what a stretchy circuit looks like

Rare element to provide better material for high-speed electronics

Less is more when it comes to predicting molecules' conductivity

The right squeeze for quantum computing

TRADE WARS
Sentinel-3 flies tandem

New method makes weather forecasts right as rain

UCI scientists find new teleconnection for early and accurate precipitation prediction

New NASA instrument on ISS to track plant water use on Earth

TRADE WARS
Wastewater treatment plants are key route into UK rivers for microplastics

Japan passes anti-plastic law but with no sanctions for polluters

Delhi reels as summer haze catches Indian capital off guard

EU Parliament to phase out plastic water bottles









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.