o*****D
发帖数: 1563 | 1 Chinese Regulator’s Family Profited From Investments
By DAVID BARBOZA 8:37 PM ET
SHANGHAI — Dai Xianglong oversaw the insurance industry when a company his
relatives helped control made an investment that came to be worth billions.
http://www.nytimes.com/2012/12/31/business/global/chinese-regul
SHANGHAI — Relatives of a top Chinese regulator profited enormously from
the purchase of shares in a once-struggling insurance company that is now
one of China’s biggest financial powerhouses, according to interviews and a
review of regulatory filings.
GRAPHIC: A Lucrative Stock Sale
MULTIMEDIA FEATURE: Princelings
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Dai Xianglong, who has had a long career as a regulator, now heads the
council overseeing China’s social security fund.
The regulator, Dai Xianglong, was the head of China’s central bank and also
had oversight of the insurance industry in 2002, when a company his
relatives helped control bought a big stake in Ping An Insurance that years
later came to be worth billions of dollars. The insurer was drawing new
investors ahead of a public stock offering after averting insolvency a few
years earlier.
With growing attention on the wealth amassed by families of the politically
powerful in China, the investments of Mr. Dai’s relatives illustrate that
the riches extend beyond the families of the political elites to the
families of regulators with control of the country’s most important
business and financial levers. Mr. Dai, an economist, has since left his
post with the central bank and now manages the country’s $150 billion
social security fund, one of the world’s biggest investment funds.
How much the relatives made in the deal is not known, but analysts say the
activity raises further doubts about whether the capital markets are
sufficiently regulated in China.
Nicholas C. Howson, an expert in Chinese securities law at the University of
Michigan Law School, said: “While not per se illegal or even evidence of
corruption, these transactions feed into a problematic perception that is
widespread in the P.R.C.: the relatives of China’s highest officials are
given privileged access to pre-I.P.O. properties.” He was using the
abbreviation for China’s official name, the People’s Republic of China.
The company that bought the Ping An stake was controlled by a group of
investment firms, including two set up by Mr. Dai’s son-in-law, Che Feng,
as well as other firms associated with Mr. Che’s relatives and business
associates, the regulatory filings show.
The company, Dinghe Venture Capital, got the shares for an extremely good
price, the records show, paying a small fraction of what a large British
bank had paid per share just two months earlier. The company paid $55
million for its Ping An shares on Dec. 26, 2002. By 2007, the last time the
value of the investment was made public, the shares were worth $3.1 billion.
In its investigation, The New York Times found no indication that Mr. Dai
had been aware of his relatives’ activities, or that any law had been
broken. But the relatives appeared to have made a fortune by investing in
financial services companies over which Mr. Dai had regulatory authority.
In another instance, in November 2002, Dinghe acquired a big stake in
Haitong Securities, a brokerage firm that also fell under Mr. Dai’s
jurisdiction, according to the brokerage firm’s Shanghai prospectus.
By 2007, just after Haitong’s public listing in Shanghai, those shares were
worth about $1 billion, according to public filings. Later, between 2007
and 2010, Mr. Dai’s wife, Ke Yongzhen, was chairwoman on Haitong’s board
of supervisors.
A spokesman for Mr. Dai and the National Social Security Fund did not return
phone calls seeking comment. A spokeswoman for Mr. Che, the son-in-law,
denied by e-mail that he had ever held a stake in Ping An. The spokeswoman
said another businessman had bought the Ping An shares and then, facing
financial difficulties, sold them to a group that included Mr. Che’s
friends and relatives, but not Mr. Che.
The businessman “could not afford what he has created, so he had to sell
his shares all at once,” the spokeswoman, Jenny Lau, wrote in an e-mail.
The corporate records reviewed by The Times, however, show that Mr. Che, his
relatives and longtime business associates set up a complex web of
companies that effectively gave him and the others control of Dinghe Venture
Capital, which made the investments in Ping An and Haitong Securities. The
records show that one of the companies later nominated Mr. Che to serve on
the Ping An board of supervisors. His term ran from 2006 to 2009.
The Times reported last month that another investment company had also
bought shares in Ping An Insurance at an unusually low price on the same day
in 2002 as Dinghe Venture Capital. That company, Tianjin Taihong, was later
partly controlled by relatives of Prime Minister Wen Jiabao, then serving
as vice premier with oversight of China’s financial institutions. In late
2007, the shares Taihong bought in Ping An were valued at $3.7 billion.
The investments by Dinghe and Taihong are significant in part because by
late 2002, Beijing regulators had granted Ping An an unusual waiver to rules
that would have forced the insurer to sell off some divisions. Throughout
the late 1990s, the company was fighting rules that would have required a
breakup, a move that Ping An executives worried could lead to bankruptcy.
It is unclear whether Mr. Wen or Mr. Dai intervened on behalf of Ping An,
but in April 2002 the company was allowed to reorganize and retain its
brokerage and trust division. Two years later, Ping An sold shares to the
public for the first time in Hong Kong. In 2007, after a second stock
listing in Shanghai, the value of the company’s shares skyrocketed. Today,
Ping An is one of the world’s biggest financial institutions, worth an
estimated $65 billion.
The decision to grant the waiver came after Ping An executives and the
insurer’s bankers had aggressively lobbied regulators, including Mr. Dai. | f*****g
发帖数: 9098 | | o*****D
发帖数: 1563 | 3 像 老鼠仓
【在 f*****g 的大作中提到】
: 当官的亲属发财不代表该官员就腐败吧
| C***J
发帖数: 7594 | 4 看到习又去演看望贫苦群众这一出， 老子就觉得恶心反胃。 | T*****y
发帖数: 18592 | 5 纽约时报以后可以办一个中国反贪副刊
保证在亚洲区销量大增
气得中国政府
一点脾气都没有
我看很好
his
a
【在 o*****D 的大作中提到】
: Chinese Regulator’s Family Profited From Investments
: By DAVID BARBOZA 8:37 PM ET
: SHANGHAI — Dai Xianglong oversaw the insurance industry when a company his
: relatives helped control made an investment that came to be worth billions.
: http://www.nytimes.com/2012/12/31/business/global/chinese-regul
: SHANGHAI — Relatives of a top Chinese regulator profited enormously from
: the purchase of shares in a once-struggling insurance company that is now
: one of China’s biggest financial powerhouses, according to interviews and a
: review of regulatory filings.
: GRAPHIC: A Lucrative Stock Sale
| Y****N
发帖数: 8694 | 6 以后中国的反腐工作
中低层干部靠微博
高层干部靠NYT
his
a
【在 o*****D 的大作中提到】
: Chinese Regulator’s Family Profited From Investments
: By DAVID BARBOZA 8:37 PM ET
: SHANGHAI — Dai Xianglong oversaw the insurance industry when a company his
: relatives helped control made an investment that came to be worth billions.
: http://www.nytimes.com/2012/12/31/business/global/chinese-regul
: SHANGHAI — Relatives of a top Chinese regulator profited enormously from
: the purchase of shares in a once-struggling insurance company that is now
: one of China’s biggest financial powerhouses, according to interviews and a
: review of regulatory filings.
: GRAPHIC: A Lucrative Stock Sale
| f*****g
发帖数: 9098 | 7 就像温家宝亲属财产庞大不代表温腐败一个道理
温家宝还有多少年可活？
退休后的医疗保障什么的还不是党免费提供？ | N*****2
发帖数: 2318 | 8 亲友贪官不贪不算贪。。。。。。。
his
【在 o*****D 的大作中提到】
: Chinese Regulator’s Family Profited From Investments
: By DAVID BARBOZA 8:37 PM ET
: SHANGHAI — Dai Xianglong oversaw the insurance industry when a company his
: relatives helped control made an investment that came to be worth billions.
: http://www.nytimes.com/2012/12/31/business/global/chinese-regul
: SHANGHAI — Relatives of a top Chinese regulator profited enormously from
: the purchase of shares in a once-struggling insurance company that is now
: one of China’s biggest financial powerhouses, according to interviews and a
: review of regulatory filings.
: GRAPHIC: A Lucrative Stock Sale
|
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