October 24, 2021

China linked to takeover of Italian drone plant

China linked to takeover of Italian drone plant

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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