Swiss bank UBS is at the centre of embarrassing revelations that it helped to set up a secretive offshore firm for the wife and daughter of a former senior Chinese official who has since been convicted of corruption.......... Zhang Shuguang, a former deputy chief engineer of the disbanded railways ministry, is awaiting sentencing after pleading guilty in September last year to taking more than 47 million yuan (HK$60 million) in bribes between 2000 and 2011 to help companies win rail contracts....Zhangs wife, Wang Xing, and daughter, Zhang Xixi, were revealed recently to be shareholders of a British Virgin Islands (BVI) company named East Asia Group Trading, according to the database of the International Consortium of Investigative Journalists (ICIJ). The US-based group has been releasing information over the past year on the secret accounts of high-profile and well-connected people, including several other mainlanders. In the ICIJ database, UBS is named as a master client of East Asia Group, meaning an intermediary that helps clients set up offshore entities. UBS declined to comment on the ICIJs findings when contacted.... - keep digging, dig deeper, ICIJ.
Posted on: Tue, 18 Feb 2014 05:43:00 +0000
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