Tuesday, 21 January 2014

China's elite and their "offshore" assets

An open secret is that large numbers of Chinese have assets outside of the country and money is leaving China at a significant rate.  Now CBCnew have written a nice article on the subject that is sure to raise some eyebrows.

Things could get ugly. Worth reading in full. My bold.

Offshore assets of China's elite revealed in leaked records [CBCnews]

"Close relatives of China's top leaders have used secretive offshore companies in tax havens that helped shroud the Communist elite's wealth, according to a massive cache of leaked financial records, posing a formidable challenge for President Xi Jinping, the country's avowed anti-corruption leader.

The confidential files include details of a real estate company co-owned by Xi's brother-in-law, as well as British Virgin Islands corporations set up by former premier Wen Jiabao's son and son-in-law, plus dozens of more cases of people tied to high-level officials."

 CBC News has exclusive access in Canada to the files, which show that nearly 22,000 people with addresses in mainland China and Hong Kong are involved in offshore dealings in locales such as the British Virgin Islands and the Cook Islands, places usually associated with hidden wealth. Among them are some of China's most powerful men and women — including at least 15 of China's richest, members of the National People's Congress and executives from state-owned companies entangled in corruption scandals.


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