News: AJM Ningbo Shanshan's Unit To Invest A$22.4 Mln In Altura Mining, page-217

More intrigue for the weekend

Apparently Shanshan means ‘cedar’ . It’s a tree with many strong symbolic associations .
Virgil and other classical writers included incorruptibility amongst it’s many virtues .
https://symbolsproject.eu/explore/plants-and-vegetations/cedar-tree.aspx

It’s also known for its cleansing properties
.. “Its wood was used for the doors of sacred temples and burned in cleansingceremonies for purification. Cedar has a long history of use in indigenous sweat lodge ceremonies and the tree was thought to house important gods and to be an entrance to higher spiritual realms.” said a random Google site.


Three years ago in Portugal , (June 6, 2016)  Mr Zheng Yonggang’s presumed penchant for Portuguese cleanliness didn’t wash so well with the local banks.

Spoiler : As Clean as a Whistle?

https://www.portugalresident.com/20...-under-banking-scrutiny-for-money-laundering/

“Chinese investor under banking scrutiny for money-laundering



https://www.portugalresident.com/2016/06/06
A Chinese ‘investor’ at the helm of a company called Level Constellation is under increased scrutiny this month following an alert sent out to all banks in May, warning that the operation is suspected of money-laundering.

According to Expresso, the Bank of Portugal ‘alert’ warns that “any transaction or movement of capital made in the company’s name through financial entities operating in Portugal should be immediately communicated to the Public Ministry and Judicial Police”.

If banks do not comply, the warning is that they risk being “made responsible in any future BdP audits”

National weekly Expresso explains, Level Constellation has Chinese millionaire Zheng Yonggang as one of its ‘main shareholders’.

As the head of the Chinese fashion chain Shanshan, Yonggang is also described as one of Asia’s largest exporters of Lithium batteries.

The businessman was in Portugal in May representing Shanghai’s association of young entrepreneurs. He was even cited by Lusa as having a lunch-date with prime minister António Costa.

This was specifically refuted by an official source, but during the same visit to Portugal, Yonggang found his way into the sporting press, affirming that a number of Chinese clubs were poised to enter into partnership deals with Benfica FC “which could generate the club substantial sums”.

Under analysis were the “construction of new sporting infrastructures, participation in player transfers and the training of young players”, he told reporters.

An official source at the club said that while it was open to outside investment, it had not heard of Level Constellation, let alone entered into any kind of negotiations.

But, beyond the mention of Benfica, Expresso claims Yonggang has talked about “investing €10 billion in various areas of Portugal”.

He also mentioned high-level talks in Madrid, “with Luís Figo, the leader of Real Madrid Florentino Peréz”.

This was not the first time Level Constellation hit the Portuguese news, the paper added.

It was mentioned last year for “investing strongly in the property sector” and for being interested in various properties owned by Novo Banco.

At the end of 2015, the company claimed to have a portfolio of properties valued at €20 million, says Expresso – one of these being the former premises of Santander Totta in Lisbon’s fashionable Baixa district.

Earlier this year, Level Constellation also announced its intention to invest between €100 million and €150 million in “one single development of large dimensions, built from scratch in the centre of Lisbon”.

[email protected]

Spoiler : [/I]Another story on this  [I]

https://www.macaubusiness.com/red-alert/
Red alert
By Newsdesk
June 9, 2016
João Paulo Meneses in Portugal
[email protected]
Just a few days after announcing in Lisbon, that he had MOP87 billion (over US$10 billion) to invest in Portuguese assets, in what seemed like an effort to buy Novo Banco, the chairman of Chinas Shanshan Group, Zheng Yonggang, has been named in a notification issued to all banks operating in Portugal by Bank of Portugal (BoP).
The note directly states that the group Level Constellation, of which Zheng Yonggang is a major shareholder, is suspected of money laundering.
Level Constellation, is reported to be one of the largest Asian producers of lithium batteries.
During a recent trip to Lisbon, representing Shanghais Association of New Entrepreneurs, and with no reference to Level Constellation, Zheng mentioned the possibility of investments of up to 10 billion euros (MOP87 billion) in several sectors of the economy including professional football, real estate, antiques, tourism, high technology and finance.
At a meeting in Lisbon with Portuguese press last month, Zheng Yonggang also revealed that he would meet with the Prime Minister in the coming days, but that did not happen.
The true objective of Zheng Yonggang was, according to a previous report by Business Daily, the chance to buy Novo Banco, created in 2014, in order to take over the ongoing commercial business of Banco Espírito Santo (BES), which went bankrupt after announcing massive losses.
But the notification by the Portuguese central bank has apparently destroyed Zhengs dreams, and not only his intention to purchase Novo Banco. According to the Express Portuguese newspaper, the warning states that any operations or movement of capital made by this company through financial institutions operating in Portugal, should be reported immediately to the public prosecutor and police. If banks do not comply with this instruction, they risk being held liable in any future BoP audits.
Coincidence or not, the latest list of candidates with a publicly stated interest in purchasing Novo Banco does not include any Chinese investors.
Zheng Yonggang and his partner Wen Yingjie created the Level Constellation group in Shanghai in 2014 to invest in Portuguese real estate. Both are candidates for golden visas as a result of their investments. Between 2015 and 2016, news outlets in the Portuguese media reported their interest in negotiating the purchase of several properties, involving plans to invest up to 150 million euros in Lisbon (MOP1.3 billion).
With the recent BoP notification, all the real estate investments have been frozen.
Business Daily contacted BoP for comment, but no further information was provided. Nevertheless it is understood that the warning was only announced to the Portuguese market because Level Constellation only exists and operates in Portugal.
We also sent a letter requesting to contact the Portuguese general manager of Level Constellation, Pedro Vicente, but had not received any response at the time we went to press.