Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Apple Pays $60 Million In Extortion Fees To Chinese Blackmailer

|Includes: Apple Inc. (AAPL)

Yang RongshanYang Rongshan, a Taiwanese chiseler, extorted 60 million dollars from Apple with the help of the Chinese state. Earlier this year, at his request, the Chinese state ordered iPad distributors to stop selling them in China and actively blocked iPad sales. Thus, Apple was intimidated into unwillingly pay the extortion fees to Yang's company, which last reported 500 million dollars in annual sales.

China is famous for promoting embezzlement of foreigners' assets, and aiding and abetting Chinese larcenists. Not so long ago, Yang defrauded foreign investors through his Bermuda-incorporated company called Proview International Holdings, which was suspended from trading on the Hong Kong exchange after the 1 billion dollar fraud became evident. As in other Chinese stock frauds, the Chinese state will ensure that the embezzled assets permanently remain in the hands of the Chinese fraudsters, because, in China, larceny is a virtue.