Yonghong Li under investigation for 200 million money laundering
The Milano prosecutor’s office has opened an investigation into the sale of AC Milan club from Silvio Berlusconi to Li Yonghong last April.
There is no peace for Yonghong Li. As reported by La Gazzetta dello Sport, the deputy prosecutor of Milano, Fabio De Pasquale, has taken over the report (written by the legal department of Fininvest) that explains, point by point, the negotiation process that led to the passage of AC Milan in the hands of Yonghong Li. Last April’s sale of the Rossoneri is under review by De Pasquale who has opened a preliminary investigations (model 45) without hypothesis of crime or wrongdoing (for now).
The two 100 million tranches that allowed Mr. Li to get his hands on Milan are under scrutiny by De Pasquale. Fininvest – reports La Gazzetta – has already made it known that it considers itself a damaged party in the event that an illegal source of that money is discovered. The investigation, therefore, could shed light on the story that led an unknown Chinese broker to outperform the competition of two heavyweight finance advisors like Sal Galatioto and Nicholas Gancikoff.
Specifically, De Pasquale could sift through the months following the arrival of Li, to trace the money entered in Italy. The first 100 million euros came through Credit Suisse, the bank involved in the Panama Papers scandal. The second tranche, however, traveled around the world passing from British Virgin Islands before arriving in Hong Kong and then in Milano.
After being granted several payment extensions (and after making another 50 million earnest payment), Yonghong Li managed – in April of last year – to acquire AC Milan thanks to a 303 million euros loan received from Elliott Management. But excluding those of the American fund, who has provided the rest of the money to Mr. Li and, above all, are they of legal origin? De Pasquale intends to shed light on the issue.