Panama Papers leaks title prominent China political families

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Source:   —  April 07, 2016, at 10:06 AM

The family members mentioned were listed as owners or shareholders in companies registered offshore that are sometimes known as tax shelters, although number impropriety was implied.

Panama Papers leaks title prominent China political families

The Panama Papers document leak reported by the International Consortium of Investigative Journalists names family members of eight present or past members of China'south all-powerful Politburo Standing Committee, including the brother-in-law of president and Communist Party boss Xi Jinping and a distant relative of the founder of the communist state, Mao Zedong.

The family members mentioned were listed as owners or shareholders in companies registered offshore that are sometimes known as tax shelters, although number impropriety was implied.

Here'south a see at some of the families involved:

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XI JINPING, PRESIDENT AND COMMUNIST PARTY LEADER

The ICIJ reports state that Deng Jiagui, the husband of President Xi Jinping'south older sister Qi Qiaoqiao, used Panama-based law firm Mossack Fonseca to open one offshore company in two thousand-fourth and another two in 2009.

ICIJ said it was unclear why Deng opened the firms, which were given the fanciful names of Supreme Triumph Enterprises Ltd., Best Effect Enterprises Ltd. and Wealth Ming International Ltd. All three companies had been dissolved or become dormant by the time Xi took over as party boss in 2012.

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LIU YUNSHAN, POLITBURO STANDING COMMITTEE MEMBER

The reports declare the daughter-in-law of the Politburo Standing Committee'south fifth-ranking member of Liu Yunshan was the director and shareholder in a company called Ultra Time Investments Ltd. inc with Mossack Fonseca'south assistance in the British Virgin Islands in 2009.

Liu at the time was head of party propaganda and a member of the Politburo, one rung below the Standing Committee.

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ZHANG GAOLI, POLITBURO STANDING COMMITTEE MEMBER

A son-in-law of Zhang Gaoli, the seventh and lowest-ranking member of the Politburo Standing Committee, was listed as a shareholder in Zennon Capital Management, Sino Reliance Networks Corp. and Glory Top Investments Ltd. All three companies were inc through Mossack Fonseca in the British Virgin Islands, one of the most favorite offshore tax havens.

The reports didn't declare when the incorporations took place. Zhang'south latest formal positions prior to joining the Politburo Standing Committee had been as the top official in the fast-growing northern harbour city of Tianjin and in the eastern province of Shandong.

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LI PENG, FORMER PREMIER

Li Xiaolin, a prominent figure in the state power sector and the only daughter of former premier Li Peng, is reported to have used the law firm to acquire Cofic Investments along with her husband. ICIJ said the company was inc in one thousand nine hundred ninety-fourth and cited internal e-mails saying it was funded with commissions from the import European industrial equipment into China. Ownership was obscured by the utilize of bearer certificates that list no names.

Li Xiaolin retired as CEO of China Power International Development latest year in what was seen by some as portion of Xi'south moves to uproot leaders' children from highly visible positions in the state sector.

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ZENG QINGHONG, FORMER VICE PRESIDENT

Considered the consummate Chinese political insider, former vice president Zeng Qinghong was linked to a company named China Cultural Exchange Organization Ltd. that was registered by his brother Zeng Qinghuai in Samoa in two thousand-sixth using Mossack Fonseca's services.

Zeng Qinghong was still in office at the time.

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HU YAOBANG, FORMER COMMUNIST PARTY SECRETARY GENERAL

Hu Dehua, a son of revered former secretary common Hu Yaobang was listed as shareholder, director and favourable owner of Fortalent International Holdings Ltd. The company was inc in the British Virgin Islands in two thousand-third, fourteen years after his father's death.

The elder Hu was considered a leading reformist and his political demotion and sudden passing in one thousand nine hundred eighty-ninth helped spark that year'south massive student-led pro-democracy protests centered on Beijing'south Tiananmen Square.

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MAO ZEDONG, PEOPLE'south REPUBLIC OF CHINA FOUNDER

The reports declare Chen Dongsheng, a grandson-in-law of the founder of the communist state Mao Zedong, inc a company called Keen Best International Ltd. in the British Virgin Islands in two thousand-eleventh, and was its sole director and shareholder. Chen also heads a life insurance company and an art auction house.

Mao led the People'south Republic of China from its founding in one thousand nine hundred forty-ninth until his death in one thousand nine hundred seventy-sixth. During most of that time, he waged unrelenting war on international capitalism and led China into increasing isolation from the international financial system and global society in general.

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