Chinese-owned vineyards worth US$64 million seized by French police in tax fraud investigation
Wineries owned by the conglomerate Haichang are suspected of tax fraud and other crimes
French financial police have seized 10 wineries in the Bordeaux area that are owned by Chinese conglomerate Haichang over suspicions of tax fraud, a police source said on Friday.
Haichang Group, based in the northeastern port city of Dalian, is the biggest of numerous Chinese investors that have bought into one of France’s most famous wine-growing regions in recent years.
It spent an estimated €55 million (US$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 said, confirming a report by France 2 television.