As President Xi Jinping of China prepares to tackle what may be the biggest cases of official corruption in more than six decades of Communist Party rule, new evidence suggests that he has been pushing his own family to sell hundreds of millions of dollars in investments, reducing his own political vulnerability.
In January of last year, just after Mr. Xi took power, his older sister and brother-in-law finalized the sale of their 50 percent stake in a Beijing investment company they had set up in partnership with a state-owned bank. According to the billionaire financier Xiao Jianhua, who co-founded the company that bought the stake, the move was part of a continuing effort by the family to exit investments.
They did it “for the family,” Mr. Xiao’s spokeswoman said in a statement.
Read Full Article HERE
bljworldwide via CHINA US Focus http://ift.tt/1pg0HAd
No comments:
Post a Comment