Fuyao Glass Industry, one of the world’s largest glass makers led by Chinese billionaire Cho Tak Wong, said on Friday it is not the subject of an investigation or raid by U. S. authorities on a corporate plant in Ohio.
Fuyao “was raided on site by US federal government agencies and local law enforcement workers at approximately 10 a. m. m. local time on July 26, 2024,” the company said in a statement on Sunday. communicated to the Hong Kong Stock Exchange.
Fuyao Glass America, a subsidiary of Fuyao Glass, “operated primarily in cooperation with the ongoing investigation through US government agencies opposing a third-party hardworking corporation. As US government agencies have indicated . US, Fuyao America is not the target of the investigation,” the company said.
Multiple law enforcement agencies, including the Department of Homeland Security, investigated allegations of “financial crimes and exploitation of hard work” at Fuyao Glass America in Moraine, raided the Fuyao factory and investigated 27 sites in the Dayton area, the Dayton Daily News reported Friday. . Formation
The researchers finished painting at the Fuyao factory and left around five in the afternoon. on the same day, the company said. ” Fuyao America will fully cooperate with the investigation through United States government agencies. “
“During the raid, some operations of Fuyao America were temporarily suspended, but the transportation and delivery of goods was not affected,” Fuyao said. “Once the raid was completed, general operations resumed on the same day. Currently, all production and business operations are general.
Fuyao will “closely monitor the upcoming developments of the aforementioned occasion and fulfill its obligations to disclose data in a timely manner in accordance with applicable laws, regulations and normative documents,” it said.
Fuyao Glass, which controls about a third of the global auto glass market, was ranked 1,532nd on the Forbes Global 2000 2024 list of the world’s largest publicly traded companies earlier this year. Its consumers include Honda, Bentley, Mercedes-Benz, Audi, Volkswagen, Ford and Chrysler. Cho is now worth $3. 8 billion on Forbes’ real-time billionaires list.
The company’s arrival in the United States in 2014 through the acquisition of a shuttered GM plant in Ohio is chronicled in the 2019 Oscar-winning documentary, “American Factory,” directed by Barack and Michelle Obama’s Higher Ground Productions. Although union critics have questioned efforts to dissuade staff from unionizing, Fuyao has expanded its production network to three more states (Illinois, Michigan and South Carolina) with a total investment of about $1. 5 billion and 3,000 jobs. It’s also looking for a new site in the United States, Cho told Forbes in a recent interview, without offering details.
The US investigation comes in a context of tense relations between Washington and Beijing and legal cases by foreign companies related to the Chinese market. Last year, Chinese officials raided the offices of the American due diligence corporation Mintz and then fined the corporation $1. 5 million for unapproved “statistical research activities. ”
The action in Fuyao was followed by three days of a stop in Beijing by an organization of senior American leaders as part of a vacation to promote the industry and ongoing U. S. -China talks. The delegation organized through the United States-China Business Council. It included representatives from FedEx, Micron Technology, Boeing, Goldman Sachs and Apple.
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