Wen family’s hidden billions
- AAP battles Modi in Delhi, Congress missing
- First time, Narendra Modi slams Mamata Banerjee, calls her change ânakliâ
- Third phase of LS polls ends: High turnout in 91 seats; Chandigarh tops with 74 per cent
- Riot victims fight fear to vote, get glimpse of home
- Narendra Modi mentioned wife in poll affidavit after SC order on full disclosure
The mother of China's premier was a schoolteacher. His father was ordered to tend pigs in one of Mao's political campaigns. During childhood, "my family was extremely poor," the prime minister, Wen Jiabao, said in a speech last year.
Now, the premier's mother, Yang Zhiyun, 90, is very rich. Just one investment in her name, in a large Chinese financial services company, had a value of $120 million five years ago, corporate and regulatory records show.
Yang got rich after her son was elevated to China's ruling elite, first in 1998 as vice prime minister and then, five years later, as prime minister.
Relatives of Wen, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows. A review of corporate and regulatory records indicates that the relatives and Wen's wife together control assets worth at least $ 2.7 billion.
The family's ventures sometimes received financial backing from state-owned companies, including China Mobile, one of China's biggest phone operators, the documents show. At other times, the ventures won support from some of Asia's richest tycoons. Wen's relatives accumulated shares in banks, jewellers, tourist resorts, telecom companies and infrastructure projects, sometimes by using offshore entities.
The holdings include a villa development project in Beijing, a tyre factory in northern China, a company that helped build some of Beijing's Olympic stadiums, including the well-known Bird's Nest, and Ping An Insurance, one of the world's biggest financial services companies.
As premier in an economy that is heavily state-driven, Wen has broad authority over the major industries where his relatives have made their fortunes. Chinese companies cannot list their shares on a stock exchange without approval from agencies overseen by Wen. He also has the power to influence investments in strategic sectors like energy and telecom.
- Srinath wins title but Deshpande steals show
- Ambala Lok Sabha constituency: 65.15 pc vote in Panchkula district
- ‘No smoking’ signages to dot polling booths
- City breaks electoral record as 74 pc turn out to vote
- BJP campaign in Varanasi starts April 12 — without Modi
- Cong spending Rs 50 cr on each constituency: Kumaraswamy