Li Xiaolin, the daughter of former premier Li Peng, had as much as 2.48 million USD put away in a secret HSBC account in Switzerland, the International Consortium of Investigative Journalists revealed from data unearthed in the “Swiss Leaks“.
On Monday, the ICIJ said Li and her husband were beneficial owners of a client account linked to five bank accounts that held as much as $2.48 million in 2006 and 2007. The accounts were held under the name of Metralco Overseas S.A., a Panama-registered company that was dissolved in 2012, the ICIJ said.
[..] [The revelation] adds to the list of families of Chinese senior politicians who amassed huge wealth in the past couple of decades and stashed some of it in overseas accounts that can help them avoid detection by authorities back home.
Former premier Wen Jiabao and President Xi Jinping were ensnared in similar controversy after The New York Times and Bloomberg published stories exposing the “secret wealth” accumulated by their family members back in 2012.
Li is the chairwoman of the state-owned conglomerate China Power International Development and has previously stressed that her family background has never attributed to her success.
In 2013, The Telegraph reported that Li had brokered a secret multi-million deal to help Zurich Insurance enter the Chinese market, although she’s denied these claims.
Li Xiaolin’s name has been censored on Chinese web sites and posts about HSBC as related to the former premier’s daughter, referred to only as “Moral Sister” on the Chinese web, were apparently deleted off Weibo as well.