Saturday 22 February 2020
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scmp - 7 days ago

‘Project Snowflake’: Fraud claim hits sale of Vancouver mountain involving troubled China investment giant CMIG, US$100m loans and a US$381,000 private jet flight from Shanghai

A controversial deal to buy the ski mountain overlooking Vancouver that involved the cash-strapped Chinese investment giant CMIG has been hit with allegations of fraud in a lawsuit that purports to reveal details of the 2017 transaction, dubbed “Project Snowflake”.Among other claims, it says two executives from China Minsheng Investment Group (CMIG) flew from Shanghai to Vancouver on a private jet chartered for US$381,000 to inspect the resort, in which CMIG took a 40 per cent stake.It also…

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