How China's Politburo members own offshore companies

Edited By: Palki Sharma WION
New Delhi, Delhi, India Published: Aug 19, 2020, 08:49 PM(IST)

File Photo of Chinese President Xi Jinping Photograph:( Reuters )

Story highlights

The money has gone into offshore accounts and trusts. China's elites own secret companies abroad.  They operate offshore accounts. At least 15 of them are members of China's National People's Congress.

Equal distribution of wealth and public ownership of land is the foundation of Communism. A Communist society is one that strives towards being classless and stateless.

However, 22,000 people from China and Hong Kong have money stashed in offshore accounts. The people of China are unaware of it. China is an oligarchy and its people are being led by 21st-century Tsars.

At least $4 trillion in untraced assets have left China since 2000. The money has gone into offshore accounts and trusts. China's elites own secret companies abroad.  They operate offshore accounts. At least 15 of them are members of China's National People's Congress.

Then there are members of the Politburo Standing Committee and some family members of President Xi Jinping. Deng Jiagui is the brother-in-law of Xi Jinping. He is also the owner of the offshore companies - Victory Enterprises Ltd, Best Effect Enterprises Ltd, and Wealth Ming International Ltd.

These companies are located in the British Virgin Island. The first company was dissolved in 2007. The other two companies have been laying low. Li Xiaolin is the daughter of former Chinese Premier Li Peng.

Li Xiaolin and her husband own an offshore firm called Cofic Investment. Their company is based out of the British Virgin Island.

Jasmin Li Zidan is the grand-daughter of the former Politburo Standing Committee member Jia Kinglin. Jasmin owns an offshore company called Harvest Sun Trading Limited.

Also in the list is a grandson-in-law of former CCP chairman Mao Zedong whose name is Che Dong-Sheng. He incorporated Keen Best International Limited in the British Virgin Islands in 2011. Chen is also the head of a life insurance company and an art auction house.

The question is how did they manage to set up companies abroad? The international consortium of investigative journalists ran a study. They found that these Chinese elites were helped by Western financial groups. Swiss financial giant Credit Suisse, for example reportedly helped Wen Jiabao's son create his company. It was at a time when Wen Jiabao was leading China.

Xi's administration does not require government officials to disclose their personal assets. They conceal their assets through censorship. Any reports regarding offshore assets are quickly taken off the internet as China likes to project itself as a no-nonsense society.

Public figures are routinely arrested to hammer the point home. From actor Fan Bingbing and Interpol chief Meng Hongwei, if someone still demands government officials to disclose their assets they are jailed.

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