Report links Chinese elite to offshore tax havens

Jan 22, 2014 | Posted by: roboblogger | Full story: Asian Correspondent

Relatives of China's president and other business and political leaders are linked to companies in offshore tax havens that "helped shroud the communist elite's wealth," a U.S.-based journalism group said Wednesday.

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1 - 9 of 9 Comments Last updated Jan 23, 2014
CCP are COWARDS

Surrey, Canada

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#1
Jan 22, 2014
 
"The ICIJ, based in Washington, said it obtained documents showing the identities of nearly 22,000 owners of companies and trusts in the British Virgin Islands, Samoa and other offshore centers. It said they include Xi’s brother-in-law, former Premier Wen Jiabao’s son and son-in-law and relatives of other ruling party figures.

“Close relatives of China’s top leaders have held secretive offshore companies in tax havens that helped shroud the communist elite’s wealth,” the group said."

HA HA HA!

Just like the dictators of any other "banana republic"!
CCP is USELESS and DYING

Surrey, Canada

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#2
Jan 22, 2014
 
“Most Chinese leaders and CCPC (Communist Party) members have planned their escape decades ago,” said a comment left by a reader on the website of the Hong Kong newspaper South China Morning Post.“It’s all about exploiting the resources and people in China to benefit the privileged few.”

HA HA HA HA HA HA HA!
CHINA SPRING NOW

Surrey, Canada

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#3
Jan 22, 2014
 
Of course these facts are one of the main reasons people in China are fed only censored news and propaganda lies.

The truth the Chinese Communist Party is DESPERATE to HIDE is that the CCP leaders themselves know that the regime cannot last; otherwise, why stash loot overseas?
CHINA SPRING NOW

Surrey, Canada

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#4
Jan 22, 2014
 
Traitor Wen Jia Bao's THEFT of BILLIONS of USD was just the TIP of the Chinese Communist Party Corruption ICEBERG!
RESISTANCE IS FUTILE

Richmond, Canada

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#5
Jan 22, 2014
 
no one really cares... miro...

the US elites crashed the fricken world markets... put millions out of work and the very homes they own...

and their punishment was bailouts and bonus checks...

you just think the Chinese will rise up.... when most Chinese down to the grass roots level are "gift giving"
CCP is LOOTING CHINA

Surrey, Canada

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#6
Jan 22, 2014
 
Of course you CCP have to pretend as always.

But it is too late for that.

Here, read how the whole CCP gang is in on the LOOTING OF CHINA:

China's princelings storing riches in Caribbean offshore haven
Relatives of political leaders including China's current president and former premier named in trove of leaked documents from the British Virgin Islands
By James Ball and Guardian US Interactive Team

More than a dozen family members of China's top political and military leaders are making use of offshore companies based in the British Virgin Islands, leaked financial documents reveal.

The brother-in-law of China's current president, Xi Jinping, as well as the son and son-in-law of former premier Wen Jiabao are among the political relations making use of the offshore havens, financial records show.

The former vice president's sons and granddaughter
Wang Zhi is the son of Wang Zhen, once a senior army general and vice president of China, referred to as one of the nation's "eight elders". Now retired, he was once the chairman of China's first PC manufacturer.

Wang Jun is another son of Wang. After a short navy career, he spent three decades working for a state-owned Chinese investment firm, before founding a military spin-off which grew into a multi-billion-dollar conglomerate.

Wang Jingjing is the daughter of Wang Jun (also in our "princelings" list) and the grandaughter of Wang. She is involved in both the energy and internet sectors in China.

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CCP is LOOTING CHINA

Surrey, Canada

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#7
Jan 22, 2014
 
.....
The disclosure of China's use of secretive financial structures is the latest revelation from "Offshore Secrets", a two-year reporting effort led by the International Consortium of Investigative Journalists (ICIJ), which obtained more than 200 gigabytes of leaked financial data from two companies in the British Virgin Islands, and shared the information with the Guardian and other international news outlets.

In all, the ICIJ data reveals more than 21,000 clients from mainland China and Hong Kong have made use of offshore havens in the Caribbean, adding to mounting scrutiny of the wealth and power amassed by family members of the country's inner circle.

As neither Chinese officials nor their families are required to issue public financial disclosures, citizens in the country and abroad have been left largely in the dark about the elite's use of offshore structures which can facilitate the avoidance of tax, or moving of money overseas. Between $1tn and $4tn in untraced assets have left China since 2000, according to estimates.

China's inequality problem
Income inequality is a mounting issue in China, a consequence of the country's rapid growth. A Beijing university study suggests that income at the richest 5th percentile are 34 times higher than those of the bottom 5th percentile.
percentile
5%¥1,000$170
10 ¥2,000$340
25 ¥4,500 $765
50 ¥9,000$1,530
75 ¥15,900$2,703
90 ¥25,800$4,386
95 ¥34,300$5,831
Source: Beijing university study, 2012 incomes
China's rapid economic growth is leading to a degree of internal tension within the nation, as the proceeds of the country's newfound prosperity are not evenly divided: the country's 100 richest men are collectively worth over $300bn, while an estimated 300m people in the country still live on less than $2 a day. The Chinese government has made efforts to crack down citizens' movements aimed at promoting transparency or accountability among the country's elite.

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CCP is LOOTING CHINA

Surrey, Canada

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#8
Jan 22, 2014
 
...

One Chinese political family whose financial affairs have not escaped scrutiny — at least in the west — is that of the former premier, Wen Jiabao. In November, the New York Times reported that a consultancy firm operated by Wen's daughter, who often goes by the name Lily Chang, had been paid $1.8m by the US financial services giant JPMorgan.

A former premier, a banking regulator and a venture capitalist

Liu Chunhang is the son-in-law of former premier Wen Jiabao, and the husband of Wen's daughter Lily Chang. He currently works for China's banking regulator, and is a former Morgan Stanley employee.

Wen Yunsong is the son of Wen Jiabao. Educated in the USA, at Northwestern University, he is a venture capitalist, and current chairman of a state-owned satellite services company.

The payment has become one of the targets of a probe by US authorities into the activities of JPMorgan in China, including an examination of the firm's hiring practices, which are alleged to have included the deliberate targeting of relatives of influential officials.

However, the ICIJ files reveal the role of the BVI's offshore secrecy in obscuring Chang's links with her consulting firm, Fullmark Consultants. The company was set up in the BVI by Chang's husband, Liu Chunhang, in 2004, and he remained as sole director and shareholder until 2006, when he took a job in China's banking regulation agency.

Nominal ownership of the firm was transferred at that time to Zhang Yuhong, a Wen family friend, who the New York Times reported had connections with the Wen family's business interests.

The company established for Chang's brother Wen Yunsong, with the aid of Credit Suisse, was dissolved in 2008, with little hint as to its purpose or activities in the two years it was operational. One purpose for such companies is to allow for the establishment of bank accounts in the company's name, a legal measure that nonetheless makes tracing of assets a more complicated task.

No members of the Wen family, nor Zhang, responded to any of multiple approaches for comment, made over a period of several weeks by ICIJ reporters.

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http://www.theguardian.com/world/ng-interacti...
CCP is LOOTING CHINA

Surrey, Canada

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#9
Jan 23, 2014
 
No surprise the CCP are all in hiding, eh?

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