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Hong Kong Billionaire Li Ka-Shing’s Business Falsely Linked To U.S. Blacklist

Victor Li speaks with his father, Li Ka-shing, during a press conference in Hong Kong.
Victor Li speaks with his father, Li Ka-shing, during a press conference in Hong Kong.
 
ASSOCIATED PRESS

CK Hutchison issued a statement Tuesday to clarify that it was not included on the latest blacklist published by the U.S. Department of Commerce after local media reports falsely connected the sprawling conglomerate to a company it divested five years ago.

Hutchison Optel Telecom Technology Co. Ltd., or Hutchison Optel, appears on a list of 103 entities with alleged ties to the military in China or Russia. The U.S. government has created a new “military end user” designation that stipulates American exporters are required to obtain licenses before they can sell their equipment to the companies on the list.

CK Hutchison said that it sold its entire stake in Hutchison Optel in 2015, and that it “no longer has any ownership or relation with the company.” In fact, Hutchison Optel has already changed its name in Chinese, which translates to: Chongqing Optel Telecom Technology Co.

CK Hutchison is a Hong Kong-listed conglomerate with core businesses in the areas of ports, retail, infrastructure, energy and telecommunications. CK Hutchison and CK Asset are the flagship companies of the business empire founded by Li Ka-shing, whose fortune is currently estimated at $33.2 billion. When Li retired as chairman in May 2018, elder son Victor took the helm of both companies.

source: forbes.com

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