Panama Papers reveal offshore accounts of HK tycoons, officials

Mr Tang (above, left) and Mr Li (above, right), are said to have set up offshore companies.
Mr Tang (above) and Mr Li are said to have set up offshore companies.
Mr Tang (above, left) and Mr Li (above, right), are said to have set up offshore companies.
Mr Tang and Mr Li (above), are said to have set up offshore companies.

HONG KONG • Hong Kong tycoon Li Ka-shing and former chief executive candidate Henry Tang are among the names that have been linked to offshore companies in the latest round of revelations from the Panama Papers leak.

Two members of Hong Kong Chief Executive Leung Chun Ying's Cabinet were also named in a front page report yesterday by the city's Ming Pao newspaper.

Mr Li, the city's richest man and chairman of CK Hutchison Holdings and Cheung Kong Property, was alleged to have opened a company in Panama with law firm Mossack Fonseca, which specialises in offshore services. The firm helps create shell companies that can be used to hide ownership of assets. Its records were leaked to a consortium of investigative journalists.

Ming Pao, Next Magazine and news portal HK01 received the Hong Kong-related documents from the consortium.

Mr Tang, the city's former chief secretary, who lost out on the top job to Mr Leung in 2012, was said to have set up Fair Alliance Investment in 1997 in the British Virgin Islands with business partner Christopher Cheng, Ming Pao said.

But three days before being taking up the post of commerce minister in 2002, he quit as director of the jet business company and transferred his shares to his father in the form of a trust in which he was beneficiary, according to HK01.

Mr Tang denied yesterday that there was any conflict of interest, reported the online portal of Radio Television Hong Kong.

He had correctly declared his interest according to regulations, he said in a statement.

Hong Kong film star Jackie Chan, who was also named in the initial leak early this month, was reported by Ming Pao yesterday to have registered an offshore company, Dra- gon Stream Ltd, with nine other co-investors - in an investment of US$2.1 million (S$2.8 million).

A version of this article appeared in the print edition of The Straits Times on April 21, 2016, with the headline 'Panama Papers reveal offshore accounts of HK tycoons, officials'. Print Edition | Subscribe