Arsenal have fallen victim to an embarrassing scam after it seems their deal with vehicle manufacturer BYD Auto was signed off by someone acting as an employee of the Chinese company.
Arsenal signed a global partnership with BYD Auto to become the club's official vehicle and bus partner.
It said: 'Recently, BYD Company Limited noticed that some media published or reproduced false reports about the Company, which involved misinterpretation of the Statement on Conducting Related Businesses by Li Juan and Other Related Persons through Illegal Use of the Name of BYD released by the Company on 12 July 2018 and distortion of facts.
The company added that a forged company seal may...
Last week Arsenal released a statement on their Chinese portal confirming the club's partnership with BYD was potentially fraudulently arranged.
It followed a statement published last Thursday on BYD's website, which said Li and her conspirators had used the name Shanghai Yuhong Culture Communication to provide free advertising and promotion activities, after getting in contact with the carmaker as early as May a year ago.
According to a Jul 15 report by Chinese news site The Paper, Li has been signing advertising and marketing deals in BYD's name from Shanghai to London for the past three years. Police are now investigating the involved person in Shanghai.
An analyst at a United States brokerage covering BYD, who declined to be named because of company policy, said the share price fall was because of some investors' concerns about BYD's governance, but whether it was justified depends on the police investigation results. We are investigating the situation and discussing it with senior level BYD representatives who were involved in the launch of the partnership. "This includes our partnership with BYD which was formally launched by both parties at an event at Emirates Stadium on 8th May", the statement said. We will make no further comments on this matter'.
The individual at the centre of the allegations has never has been an employee, nor been given authorisation to conduct business in its name, Shenzhen-based BYD said in a statement to the Hong Kong stock exchange.
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