DBasia.news – Li Yonghong, former President of AC Milan, is threatened with imprisonment in China for providing false financial reports.
Li Yonghong bought AC Milan in August 2016. At that time, Yonghong acquired Il Diavolo Rosso from its former owner, Fininvest, the leader of Silvio Berlusconi.
However, it seems that Li Yonghong bought AC Milan with funds from a loan under the name Sino Europe Investment. As a result, Yonghong brought new problems for the Rossoneri.
It turns out that Sino Europe Investment is an obscure company. The company was registered in the name of Chen Huashan with a share capital of only 100 million yuan. However, there are several entrepreneurs behind it.
Li Yonghong was one of the people behind Sino Europe Investment. Besides, there is the name of David Han Li behind the AC Milan acquisition process.
In the end, Li Yonghong lost ownership of AC Milan. In July 2018, Yonghong was forced to release the Rossoneri because they did not have the money to pay off a debt to Elliott Management.
Now Li Yonghong is facing the Chinese government. According to local media, Yonghong falsified financial reports provided to the government.
According to Guardia in Finanza, the Chinese government suspects Li Yonghong’s finances for owning AC Milan. If proven guilty, Yonghong could face a jail sentence.