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Financial scandal at BMW partner

BMW partner Brilliance China Automotive allegedly embezzled US$1.2 billion through illegal transactions involving the parent company, according to business portal Caixin. Allegedly, a total of ¥52.6 billion (US$7.5 billion) in payments for illegal guarantees and financing from Brilliance China Automotive went to parent company Huachen Automotive Group Holdings between 2019 and 2021. This was the result of an analysis by the auditing firm RSM Corporate Advisory, commissioned by Brilliance China Automotive.

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