Myrtle Beach Hotel Bought With Stolen Money


A Chinese national accused of stealing nearly $4.5 million from a ship building deal in his home country now is facing criminal charges that he laundered some of the money by purchasing an oceanfront hotel in Myrtle Beach.

Gengmin Qiu — who fled to the United States in 2010, just months before the Chinese government issued an arrest warrant for him — used at least $900,000 from the stolen money to buy The Sportsman hotel at 1405 S. Ocean Blvd., according to a criminal complaint filed last month in a federal court in New Jersey. Qiu remains in the Essex County, N.J., jail pending further court proceedings. No bond has been set in the case.

The alleged stolen funds came from a deal in which Norwegian transportation company I.M. Skaugen contracted with a Chinese ship builder to construct three chemical tanker vessels. Qiu’s company — Zhejiang Changda Import and Export Co., Ltd — was supposed to handle all of the customs paperwork for the ships, including refunding to I.M. Skaugen a value added tax levied by the government on each vessel.


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