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Wenzhou Merchant’s Acquisition of a US Bank Proves to be a Lie

wenzhou merchant acquisition of a US bank proves to be a lie

The story of a Wenzhou merchant acquisition of a US bank has been hotly discussed these days. Lin Chunping, a Wenzhou businessman, announced that his company USA NEW HSBC FEDERATION CONSORTIUM INC. has acquired Great Atlantic Bank, a US bank in Delaware. Now, it seems that the ridiculous farce has come to an end with a confirmation from the banking authority of the State of Delaware, saying USA NEW HSBC FEDERATION CONSORTIUM INC. is not, nor has it ever been, a licensed financial institution in the State of Delaware.

According to the reply from the State Bank Commissioner of Delaware, USA New HSBC Federation Consortium, Inc. is not authorized by the State of Delaware to operate as a bank and, therefore, can not legally do so. No banks named Great Atlantic Bank or Sona Bank are permitted to operate as a bank in Delaware.

Meanwhile, an annual franchise tax report from the State of Delaware shows that both the total gross assets and the total number shares issued of the entity USA New HSBC Federation Consortium Inc. are reported zero. On Feb. 26, 2012, the entity reported a franchise tax of USD 75 plus a filling fee of USD 50, the minimum amount for an entity registered in Delaware. All these figures are contradictory to what Lin previous pronounced, a good profit from his so-called bank’s deposit services. It seems that USA New HSBC Federation Consortium Inc. is more like a shell company.

On Lin’s side, he now has refused to accept any interviews or enquiries, let alone the disclosure of the acquisition agreement and necessary official documents to prove his story is true enough.

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