High-level Australian politicians, including a former opposition leader, have returned a bunch of Rolex watches gifted to them by a Chinese billionaire after realizing they were actually real, The Guardian reports.
For years the politicians believed the watches to be fake. Li Ruipeng, the chair of the Li Guancheng Investment Management Group — who made his fortune from selling instant noodles — gave the watches to them in plastic bags at a dinner party.
The politicians were former opposition leader Tony Abbot, Minister of Parliament Stuart Robert, and opposition spokesman Ian Macfarlane. This all happened at Australia's Parliament House back in 2013.
Since the politicians thought the watches were fake, they declared them officially as $300 to $500 gifts and left it at that. Then, a politician with an actual Rolex complimented Mcfarlane on his watch, and they realized it was worth about $40,000.
The watches were then collected and returned.
To be fair, China is known for its fake luxury goods. A recent study conducted by New York University professor Damon McCoy tracked payments for luxury goods around the world. After making around 300 purchases, he tracked 97% of his payments back to three huge Chinese state banks.
For the full story on this watch fiasco, head to The Guardian>>
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