The Chinese investors, who were searching for investment funds in order to purchase the AC Milan football club, owned by the former Italian Prime Minister Silvio Berlusconi presented a fake bank report during the first part of the negotiations, writes Bloomberg.
Last month, the Berlusconi Fininvest institution agreed to sell the football team to a not-so-prominent group of Chinese investors for 740 million euros, including their debts.
In order to certify their financial credibility, the Chinese group provided the required documents signed by the Bank of Jiangsu with the details of the transaction. Except, one of the bank reports was fabricated.
Moreover, after analyzing the situation, the AC Milan officials contacted the Bank of Jiangsu and found out they did not issue any document detailing such transactions.
The Chinese lender, led by the businessman Li Yonghong ‘has not confirmed that he ever sent such document’, refusing to offer more details.
According to Bloomberg, the Chinese group didn’t have all the financing in place when it decided to purchase the Italian club, people familiar with the matter said last week.
The investors are currently seeking money from new partners to help meet its stated goal of completing the deal by year-end.
One of the documents says it was printed at 4:14 pm on April 25. The paper lists recent the account activity, ending with a balance of 852,468,304.56 yuan ($165 million) on that day. The reported has a red stamp and a seal bearing the Bank of Jiangsu name.