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Tony Blair: Kazakh dictator who burned his image
... Pandora Papers, a trove of leaked data exposing tax haven secrecy reported by the Guardian and others. According to the papers, World PR, a firm which represents several Kazakh ministries, sent the cash to the former MP's Oxford bank account via the British Virgin Islands . It was said to have paid for his hotel and book tour in the US. London based bankers have earned large fees from helping with the flotation of the Kazakh mining conglomerates on the London Stock Exchange . They include the Eurasian Natural ...
Updated: 01/06/2022
Former Swedbank CEO charged in money laundering scandal
... through their branches in the Baltics. Thomas Borgen resigned in 2018 as chief executive of Danske Banke after admitting that the vast majority of the cash flowing through its Estonian branch was illegally laundered out of Russia , the UK and the British Virgin Islands .
Updated: 01/04/2022
China to tighten curbs on offshore IPOs
... during a 2000 IPO. It has allowed Chinese companies to bypass rules on foreign investment in sensitive sectors, including the internet industry. The structure allows Chinese firms to transfer profits to an offshore entity - registered in places like the British Virgin Islands or Cayman Islands - with shares that foreign investors can then own. According to the nation's economic planning agency, the requirements apply to new share listings and won't affect the foreign ownership of companies already listed overseas....
Updated: 12/27/2021
China tightens scrutiny on offshore IPOs
... during a 2000 IPO. It has allowed Chinese companies to bypass foreign investment rules in sensitive sectors, including the internet industry. The structure allows a Chinese firm to transfer profits to an offshore entity - registered in places like the British Virgin Islands or Cayman Islands - with shares that foreign investors can then own. According to the nation's economic planning agency, the requirements apply to new share listings and won't affect the foreign ownership of companies already listed overseas....
Updated: 12/27/2021
Investor calls on board to oppose Centurium Capital takeover of Luckin
... Feburary and was delisted from the Nasdaq after a scandal that saw the chairman and chief executive officer fired and hundreds of millions of dollars in fines paid to both Chinese and U.S. regulators. It is currently in a court-led restructuring in the British Virgin Islands . In April, the company said an affiliate of Centurium Capital had agreed to invest $240 million, with Joy Capital investing an additional $10 million. The sale was closed on Wednesday, according to a press release. Luckin, founded in 2017, operated ...
Updated: 12/03/2021
China to ban foreign market listings
... endorsed by Beijing . It allowed Chinese companies to bypass rules on foreign investment in sensitive sectors, including the internet industry. The structure allows a Chinese firm to transfer profits to an offshore entity - registered in places like the British Virgin Islands or Cayman Islands - with shares that foreign investors can then own. Since the structure has been used by virtually every major Chinese internet company, it's become increasingly worrisome for Beijing after technology firms have invaded every ...
Updated: 12/01/2021
Tax officials to work from offshore company owned by Tories
... relocate tax officials into a new office complex in Newcastle owned by major Conservative party donors through an offshore company based in a tax haven. The proposed new home in the north-east of England is part of a regeneration scheme developed by a British Virgin Islands BVI entity controlled by billionaire property tycoons David and Simon Reuben . The deal will see officials at the government department responsible for preventing tax avoidance working from a site owned by a subsidiary of a company based in a ...
Updated: 11/25/2021
UK chancellor offers Frank assessment on MP's suspension from corporate pay
... Paterson controversy. Labour took the opportunity to put the Tories on the spot over alleged corruption, especially after revelations about former Attorney General Sir Geoffrey Cox. Sir Geoffrey is under scrutiny as a top QC, while also representing the British Virgin Islands in a corruption probe brought by the UK Government, as well as representing Torridge and West Devon . Mr Johnson has so far refused to apologize for the handling of the Paterson affair, told Sky before a Parliamentary debate on the subject on ...
Updated: 11/12/2021
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