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"Chinese bidder of looted sculptures refuses to pay up"
Beijing, March 2 (Xinhua) A Chinese man, who successfully bid for two looted bronze sculptures auctioned in Paris last week, says the winning bid will not be paid.
Cai Mingchao, a collection adviser of National Treasures Fund, bid 31.49 million euros ($39.63 million) by telephone during the auction at Christie’s Feb 25, Niu Xianfeng, deputy director of the fund, said at a press conference Monday.

“What I want to stress is that this money cannot be paid,” Cai said at the press conference.

“Every Chinese would have liked to do like this at that moment, and I’m honoured to have the chance to make the bid,” he said.

The National Treasures Fund was established in 2002 under the administration of China Foundation for the Development of Social Culture registered under the name of the Ministry of Culture for the purpose of repatriating looted Chinese artefacts.

Cai sai