A new way to get Chinese money out of the country
Wealthy Chinese are finding new and creative ways to avoid restrictions that citizens from pulling more than $50,000 out of the country per year.
The WSJ reports on a man attempting to set up an offshore shell company for the express purpose of suing his Chinese company and then 'settling' for $3.5 that could be moved out of the country to avoid the capital controls.
They even wanted to go to fake arbitration so it would fool the watchful eye of regulators who have cracked down on other schemes to avoid capital controls.
No word if the company was successful.
