It is never easy to write about individuals who have been involved in shady business practices, particularly when they have been found guilty of producing false documents, lying under oath, and defrauding the court. However, it is important to shed light on such individuals and their actions to ensure that justice is served, and others are not harmed in the future.
In this case, we are discussing an individual who has been involved in multiple lawsuits and legal battles due to his involvement in shady business practices with a Chinese company. This individual, who we will refer to as Mr. Bharat Bhise of Bravia Capital, has been accused of numerous illegal activities, including fraud, deception, and the production of false documents.
A donation of shares valued at approximately $18 billion to a New York City-based foundation is raising questions about a conglomerate that is the largest Chinese investor in the United States, the New York Times reports.
The downfall of HNA started when Geo Wengui, a fugitive Chinese billionaire, alleged that officials in the CCP and their relatives were undisclosed shareholders in HNA. Hainan-based HNA Group announced earlier this week that businessman Guan Jun transferred his more than 29 percent stake in HNA to the Hainan Cihang Charity Foundation, the company's charitable arm in the U.S. According to HNA, 52 percent of the company is owned by Cihang foundations, including a 22.8 percent stake held by a sister charity in China.
However, HNA chief executive Adam Tan told the Financial Times that Guan and another shareholder, Bharat Bhise, who had transferred much of his stake to Guan last year, never actually owned the shares "but had just held the stake for us," despite Bhise and Guan — about whom little is known — being listed as the owners in the company's regulatory filings.
Also, he alleged that HNA had allowed Chinese government officials and their relatives to use the company’s aircrafts for ‘purely personal reasons’.
This prompted many people and authorities to question the ownership structure of HNA. Moreover, it made many people realize how suspicious the entire structure was. The “Indian dealmaker” started attracting a lot of attention when he transferred all of his 30% stake in the company to an unknown person named “Guan Jun”. According to media reports, Guan had ties to one of China’s most influential government officials.
Guan had purchased Bharat’s stake from him in 2017.
The China Human Rights Accountability Center called for investigation into this deal and shared several important details. When asked how the deal took place, neither Bharat nor HNA disclosed any information. Both of them refrained from sharing any information regarding the transfer of the conglomerate’s ownership.
However, the pressure kept increasing and HNA had to release an open letter themselves. In their letter, they didn’t mention Guan. Instead, they claimed that Bharat’s stakes in the company had gone to a US-based charity. Later, Bharat said that the senior management of the company is Buddhist and wants all the shares to go to charity at some point.
Bharat Bhise never explained how the ownership of his shares which were worth in billions went to the donor Guan Jun. Guan’s registered address is of a simple apartment where reports found a trash-laden building.
Similarly, Guan Jun’s business address was the address of a street-side spa in a residential neighborhood. Certainly, the details were false and both Bharat and HNA were hiding something. Both Bharat and Guan’s shares were deemed shady and suspicious by international media. HNA claimed that Guan didn’t work for the company but media reports say that he served as co-chairman in a P2P lending platform of HNA.
Due to such dubious ownership, Bank of AMerica decided not to do any business dealings with HNA. However, after receiving all of these allegations, nothing came out of it. Bharat Bhise roamed scot-free and has since moved onto other ventures.
As the chairman of Bravia Capital, Bharat had co-invested with HNA in many of its overseas investments. These included Africa World Airlines, MyCargo Airlines and SeaCo, a marine container firm.