Australian politicians returned Rolexes given to them by a Chinese billionaire after realizing they weren't fake
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>>
NOW WATCH: Wall Street's unbelievable secret history
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market