NEWS
Friday September 23 2016
New problem for Milan takeover?

Reports in China claim there is a second false bank guarantee involved in Sino-Europe Sports takeover of Milan.

It was reported earlier this week by American financial website Bloomberg that the consortium had faked a letter from Bank of Jiangsu, something with Sino-Europe denies.

Now Chinese site caixin.com is claiming that the consortium, purportedly led by Li Yonghong, forged a letter from Dongguan Bank pledging financial support.

The alleged letter, dated April 26 of this year states that the bank is “willing to provide necessary assistance” based on bank and government approval.

However, Caixin is now stating that Dongguan Bank has described the confirmation letter as fake.

As previously noted, Sino-Europe Sports denies the previous allegations, and it has yet to respond to these new claims, which are as yet unverified.

The Chinese consortium has agreed to buy almost all of the shares in the Rossoneri from Silvio Berlusconi's holding company, Fininvest.

A deposit of €100m, paid in two installements, has already been made.