NEWS
Friday March 3 2017
SES: ‘Committed to buying Milan’

A statement from Sino-Europe Sports insists the company is still “strongly committed” to buying Milan.

It was officially confirmed today that the closing has once again been delayed, with speculation that the plug could be pulled on the deal altogether.

There have also been suggestions that Yonghong Li, the leader of the Chinese consortium, has a shady past, but that has been denied.

“With reference to the news published today by an Italian newspaper, reflecting an old Chinese article about alleged past dealings of Yonghong Li, SES firmly states that this is completely baseless,” a statement declared.

“In expressing its disappointment at the delay in the closing, due to circumstances beyond its control, SES confirms that it is strongly committed to continue working with Fininvest to reach the closing as soon as possible, and that a detailed business plan is already ready.”

The "completely baseless" allegations are in reference to an article published in this morning's Corriere della Sera, referencing Chinese media reports.

It's alleged that Yonghong Li was investigated for fraud against 18,000 investors in sustainable agriculture, with the claim that the investors were fleeced for €100m.

Xinhua also alleges that a company linked to Li, Gu Long International, faked a memorandum of understanding between the Thai and Chinese governments to build a canal.

Sino-Europe Sports has been accused by Bloomberg of submitting false documentation in the takeover of the Rossoneri, something the group strenuously denies.