Friday, October 26, 2012

Fwd: Exclusive: Family of Prime Minister Holds a Hidden Fortune in China

Breaking News Alert
The New York Times
Thursday, October 25, 2012 -- 4:51 PM EDT

Family of Prime Minister Holds a Hidden Fortune in China

Many relatives of Wen Jiabao, China's prime minister, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows. A review of corporate and regulatory records indicates that the prime minister's relatives, some of whom have a knack for aggressive deal-making, including his wife, have controlled assets worth at least $2.7 billion.

In many cases, the names of the relatives have been hidden behind layers of partnerships and investment vehicles involving friends, work colleagues and business partners. Untangling their financial holdings provides an unusually detailed look at how politically connected people have profited from being at the intersection of government and business as state influence and private wealth converge in China's fast-growing economy.
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