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Eight current and former members of the Politburo Standing Committee, China’s top decision-making body, have relatives with secret offshore companies, analysis of the Mossack Fonseca documents has revealed.
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The documents reveal that Chinese President Xi Jinping has a brother-in-law who had companies in tax havens. According to the documents, Deng Jiagui acquired one offshore firm via Mossack Fonseca in 2004 and two more in 2009.
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Relatives of at least seven other men who have served on the Standing Committee — including two members currently serving with Xi — also have offshore holdings, records show.
One of these relatives is a grandson-in-law of the late Chairman Mao Zedong, the founding father of the People’s Republic of China.
It is no secret that many of the children and grandchildren of China’s revolutionary heroes have found success in the business world. China has the world’s second largest economy and hundreds of billionaires. But the extent to which some of the country’s most politically connected have tapped offshore networks to keep their assets hidden from the public eye is not well known.
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