Monday, August 19, 2013



Chinese leaders' relatives have stashed wealth abroad: report

But no evidence that the politicians were aware of their kin's actions: ICIJ

[HONG KONG] Relatives of top Chinese leaders including President Xi Jinping and former premier Wen Jiabao have used offshore tax havens to hide their wealth, according to a mammoth investigation released yesterday.
The International Consortium of Investigative Journalists (ICIJ), citing information culled from 2.5 million leaked documents, said that Mr Xi's brother- in-law and Mr Wen's son and son-in-law were among those with offshore holdings.
It is the latest revelation to shine a light on the hidden wealth of family members of China's top officials - a topic considered off-limits by Communist Party leaders.
Offshore entities can be legal and there was no evidence that the politicians were aware of their relatives' actions.

For many children of the Chinese elite who are hired by Wall Street banks, it's their business school credentials as much as their family connections that get them a foot in the door, according to a Hong Kong-based managing director at a U.S. bank who is involved in hiring.

"These kids tend to be well educated. If Harvard Business School or Stanford let these influential people in, and those schools are on the list of places we tend to hire from, it's a natural process," said the banker


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