Princeling wealth and cow massage | FT Alphaville

Princeling wealth and cow massage

Just a quick shout-out for Bloomberg News reporters’ exhaustive dive into the wealth (some $136m accounted for) of the clan of Bo Xilai, the fallen Chongqing politician:

Bo Xilai’s relatives built their assets in a nation where per-capita income ranks 121st out of 215 countries, according to the World Bank. They set up offshore companies and used multiple names, making it more difficult to track their titles and business dealings. Companies in Dalian and Chongqing, where Bo Xilai held office, were among the beneficiaries of their investments, corporate filings in Hong Kong and the U.S. show…

In Bo’s clan, elder son Li and Bo Xilai’s elder brother, Bo Xiyong, a vice chairman at China Everbright, helped manage companies with offshore registrations from Mauritius in the Indian Ocean to the British Virgin Islands in the Caribbean. Bo Xiyong also goes by the name Li Xueming.

Some intriguing details in there. Li Wangzhi — Bo’s first son from an earlier marriage — is connected to a company named after Chong’er, a hero of the Spring and Autumn Period who took his father’s crown back from his half-brother. The FT’s looked at Bo’s brothers’ dealings previously.

In a way… you have to wonder if the Chinese leadership was prepared for the actual hard numbers on assets, offshore finance etc getting out, and reflecting on the rest of the CCP elite, when they defenestrated Bo.

Anyway. We were also going to mention the cows.

(Laoniu = a company tied to Li, which invested in Dalian-based assets)

That year Laoniu invested an undisclosed amount in another Dalian company, Dalian Xuelong Industrial Group Co. Daito lists Xuelong as its representative in Dalian. Daito ships “stress- free” black cattle bred by Dalian Xuelong, which, according to Daito’s website, are massaged while listening to classical music.

These seem to be the cattle in question.

Related link:
Bo’s downfall sheds light on nepotism – FT