China Offshore Holdings


Leaked Records Reveal Offshore Holdings of China’s Elite

・温家宝(Wen Jiabao)の息子 温雲松(Wen Yunsong,New Horizon Capital
・温家宝の娘(Wen Ruchun 別名Lily Chang)婿 劉春航(Liu Chunhang)
・習近平(Xi Jinping)の義兄 鄧家貴(Deng Jiagui)
・李鵬の娘 李小琳(Li Xiaolin)
・鄧小平(Deng Xiaoping)の義理の息子 呉 建昌(Wu Jianchang)



Credit Suisse

・Fullmark Consultants 2004年 劉春航が設立。
・Excellence Effort Property Development 鄧家貴が共同所有者




租税回避地資産 最大2500兆円
NYT 尖閣広告と温家宝蓄財疑惑
ICIJ Offshore Bank Accounts
富裕層 税逃れて海外へ
JPモルガン・チェース 香港贈賄疑惑

2014年1月23日07時52分  読売新聞


---習主席の義兄や温氏の息子らが「租税回避地で資産管理」 英紙報道---
2014.1.22 13:53


---巧妙化する中国「官官接待」 人目避ける・撮影は禁止・商品券渡す---
2014年1月22日 朝刊


---China's cash haven in the British Virgin islands - the key points---
Matthew Weaver   
theguardian.com, Wednesday 22 January 2014 09.25 GMT   

Some of the offshore financial secrets of the Chinese ruling class have been revealed in leaked documents

Leaked documents contained in more than 200GB of data shared with Guardian expose the extent to which China's political elite is using secret firms based in the British Virgin Islands. Here are the main revelations:

1. More than a dozen relatives of China's most senior political and military leaders use companies based in the offshore tax haven of the British Virgin Islands. They include the brother-in-law of the China's president Xi Jinping; the son and son-in-law of the former president Wen Jiabao; and the daughter of the former premier Li Ping.

2. Leading western banks and accountancy firms, including PriceWaterhousecoopers (PwC), Credit Suisse and UBS, played a central role in establishing the companies. UBS, for example, helped incorporate more than 325 offshore institutions from China, Hong Kong or Taiwan, while PwC helped established at least 274. Companies involved insisted the activities were legal but refused to discuss the details, citing client confidentiality.

3. The documents, which relate to only two firms in the British Virgin Islands, show that 21,000 clients from mainland China and Hong Kong have made use of offshore havens in the Caribbean. The disclosures illustrates the scale of recent wealth amassed by China's ruling elite.

4. The documents relate to the incorporation and ownership of the legal offshore companies and provide virtually no information on their business activities. They highlight the lack of accountability in financial and tax affairs, as officials and their families have no obligation to issue public financial disclosures.

5. One of the companies helped obscure links between the consultancy firm Fullmark Consultants - which is currently under investigation by the US authorities - and Wen's daughter Lily Chang. The documents show the company was set up by Chang's husband before nominal ownership was switched to a friend of the Wen family.

---Report Says China’s Elite Use Offshore Companies---

BEIJING - Members of the Chinese elite, including some of the country’s most politically connected figures, have set up a large number of offshore companies that allow them to conceal billions of dollars abroad, according to a report released Wednesday by the International Consortium of Investigative Journalists, a Washington-based group that works with a number of news organizations around the world.

The report’s authors say it is based on leaked documents concerning tens of thousands of tax-haven clients. The report names more than a dozen of China’s wealthiest citizens, as well as relatives of top officials, including those of the country’s president, Xi Jinping; the former prime minister Wen Jiabao; and descendants of the governing Communist Party’s revolutionary founders.
Related Coverage

The report was released at an awkward time for Mr. Xi, who has made cracking down on corruption and reining in officials’ displays of wealth among his top priorities since taking charge of the Communist Party in 2012. The combination of wealth and power illustrated in the report could become a political liability for the government at a time when the Chinese public is showing increasing concern about official privilege.

During a regular news briefing, a Foreign Ministry spokesman who was asked about the report dismissed it as “hardly convincing” and suggested that those who had leaked the documents had ulterior motives. Censors blocked access to the consortium’s online report in much of China on Wednesday, and the Chinese news media made no mention of it.

Offshore bank accounts, trusts and shell companies are not in and of themselves illegal. The Chinese government allows Chinese investors and executives to hold stakes in domestic companies like the Internet giants Baidu and Tencent through offshore investment vehicles. And foreign banks and private equity firms have often encouraged Chinese investors to hold some assets offshore, especially stakes in companies that plan to list their shares in Hong Kong or New York.

“It was us, the foreigners, that imposed this,” Rocky T. Lee, the head of Greater China corporate practice for the law firm Cadwalader, Wickersham & Taft, told the consortium about the practice. “It had to do with the foreign investors’ general discomfort with Chinese rules and regulations.”

But offshore companies can also be used to launder money, avoid taxes and hide an individual’s stake in a company.

China’s widening wealth gap has thrown into stark relief the windfalls enjoyed by the country’s well-connected elite, especially the relatives of people in powerful posts. The potential for embarrassment is likely to grow as the consortium releases more data and analysts tease apart the strands of previously opaque financial arrangements. The consortium said it would publish a database of tax-haven documents on Thursday.

The Chinese government does not require its officials to disclose their financial assets publicly.

The thousands of names disclosed in the report include more than a dozen scions of China’s so-called red nobility, the hallowed revolutionary figures who played pivotal roles in establishing the People’s Republic. Those named include Deng Jiagui, a wealthy businessman who is the brother-in-law of Mr. Xi, and Li Xiaolin, the daughter of the former prime minister Li Peng. Others cited in the report include Wu Jianchang, the son-in-law of Deng Xiaoping, the reformist leader who ushered in China’s embrace of market economics.

Also included are the son, the daughter and the son-in-law of Mr. Wen, the recently retired prime minister, whose family’s immense wealth was the subject of a series of articles in The New York Times in 2012. The Times investigation found that relatives of Mr. Wen held at least $2.7 billion in assets, often through hidden stakes in Chinese financial, telecommunication and jewelry companies.

The records released by the consortium on Wednesday show, for instance, that in 2004 Mr. Wen’s family registered Fullmark Consultants, a British Virgin Islands company. Last year, J. P. Morgan turned over documents to federal investigators in the United States showing that between 2006 and 2008, the bank paid $1.8 million in consulting fees to Fullmark for work done by Mr. Wen’s only daughter, Wen Ruchun, who worked for J. P. Morgan under the name Lily Chang.

In its report, the consortium said Fullmark was controlled by Liu Chunhang, Wen Ruchun’s husband. In 2006, according to the report, he became a government official at the China Banking Regulatory Commission and transferred his stake in Fullmark to Zhang Yuhong, a longtime Wen family friend and business partner.

The Wen family could not be reached for comment on Wednesday.

Other records released by the consortium revealed that Mr. Xi’s brother-in-law was a half-owner of Excellence Effort Property Development, a British Virgin Islands company. The records say the other half is owned by another company based there, which in turn belongs to Li Wa and Li Xiaoping; the consortium described them as “property tycoons who made news in July by winning a $2 billion bid to purchase commercial real estate in Shenzhen.”

The report was released hours before the opening of a trial in which Xu Zhiyong, a legal scholar, is accused of “assembling a crowd to disrupt order in a public place.” Mr. Xu is one of several activists who have called for the public disclosure of officials’ assets. Several other members of their group, the New Citizens Movement, are expected to stand trial in the coming days in what is widely seen as an effort by the government to shut down their grass-roots anticorruption campaign.

The report says that PricewaterhouseCoopers, UBS and other Western banks and accounting firms act as middlemen to help Chinese clients set up trusts and companies in Samoa, the British Virgin Islands and other offshore centers sometimes associated with hidden wealth; for instance, the giant Swiss financial company Credit Suisse helped Mr. Wen’s son, who is also known by the name Winston Wen, create a company in the British Virgin Islands while his father was prime minister.

The files that undergird the report, part of a cache of 2.5 million documents leaked to the consortium, originated with two offshore firms that help clients create offshore companies, trusts and bank accounts: Portcullis TrustNet, based in Singapore, and Commonwealth Trust, based in the British Virgin Islands.

The consortium said that more than 50 reporting partners in Europe, North America, Asia and elsewhere had been involved in helping it sift through the cache of documents.

The consortium is a project of the Center for Public Integrity, which links journalists around the world for investigative reporting projects. Working with news media organizations including The Times, it has already published reports based on the leaked documents that identified a range of prominent figures in other countries who have benefited from overseas accounts. Those include a former budget minister in France, a daughter of the former Philippine dictator Ferdinand E. Marcos and the family of Azerbaijan’s leader.

Files on people from China, Hong Kong and Taiwan - more than 37,000 names - formed the largest portion of the collection of tax-haven documents, the consortium said. A reporting team spent six months looking through those files. A mainland Chinese news organization that originally participated in the reporting was forced to withdraw from the project after government warnings, the consortium said. It did not name the news organization “to protect journalists from government retaliation.”

The Guardian, a British newspaper, said its website was partially blocked in China on Wednesday after it published a report based on some of the leaked tax-haven documents.

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