China has been known for ripping off designer goods, iPhones and even public sculpture. Now, financial companies can start worrying about having a Chinese counterfeit too.
American multinational financial giant Goldman Sachs Group Inc. appears to share an English name with Goldman Sachs (Shenzhen) Financial Leasing Co., a financial services company based in the southern Chinese city of Shenzhen. The company also uses the same Chinese moniker (Gao Sheng) as the American one, and even has a similar font for its logo, according to Bloomberg.
A spokeswoman for the American Goldman Sachs, Connie Ling, told Bloomberg that there is no connection between the two companies. A secretary at the Shenzhen company told Bloomberg that no one had ever inquired with her about the similarities.
Name-poaching isn’t the only controversy the company has encountered — it has also been accused of dabbling in money-laundering.
The company first came to light when a U.S. casino workers’ union sent a letter to the Chinese government complaining that the Shenzhen company was linked to the notorious gaming figure Cheung Chi-tai. Chinese prosecutors allege that Cheung in turn has links to organized crime and he is awaiting trial, Bloomberg says.