China linked to the takeover of Italian drone plant

By BBC News
9/3/2021

Tax police said the takeover of the unnamed company in north-east Italy, had broken arms laws.

Investigators said a firm based in Hong Kong had bought a majority stake in the drone company at 90 times its value.

But the real buyer, they said, was two state-owned companies in China.

They alleged a complex and opaque web of corporate holdings had been used to cover up the true identity of the new owner of 75% of the company.

The financial crimes unit also suspects the 2018 deal may have broken Italian “golden power” rules that bar or limit the sales of strategic assets to foreign investors.

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