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12 top Taiwan families hold assets in Caribbean: Reports
Taiwan News, Staff Writer
2014-01-22 05:36 PM
TAIPEI (Taiwan News) – Twelve of Taiwan’s wealthiest families were hiding funds in Caribbean tax havens, Chinese-language CommonWealth Magazine reported Wednesday.

The International Consortium of Investigative Journalists drew up a list of wealthy and powerful individuals and families in the Greater China region who had set up companies in Caribbean islands to evade taxes.

CommonWealth Magazine said it had obtained a secret list from the ICIJ naming 12 of Taiwan’s most influential families who had also parked some of their assets in the islands.

Families named by CommonWealth included the Tsais of the Want Want China Times Group, the Wei brothers of food group Ting Hsin International, the Koo family known for its Chinatrust of CTBC financial empire, the Tsais of Fubon Financial Holding, the Wu family of the Shin Kong financial and retail empire, and the Wangs who run the United Daily News media group.

The Taiwanese magazine also went on to name the companies which acted as middlemen for the wealthy families to open accounts in the Caribbean. It mentioned the Hong Kong and Singapore branches of the Union Bank of Switzerland and the Hong Kong branches of HSBC and Deutsche Bank. Four major Taiwanese accounting companies and some prominent law firms were also involved, according to CommonWealth.

The magazine also reported that the ICIJ had a list of more than 16,000 Taiwanese investors who had also parked assets in trusts or offshore companies, presumably with the intention of protecting their funds from the taxman.

The ICIJ was planning to make the list of names for the Greater China area public on Thursday, reports said.

On its website, the Washington, D.C.-based organization describes itself as “the world’s best cross-border investigative team” and heads its report about China as “People’s Republic of Offshore.”

The ICIJ set up a team of investigative reporters from countries including China, Taiwan, the United States, Spain and Germany to spend six months sifting through financial information from around the world, according to the website. The group kept the list of 37,000 names for China, Hong Kong and Taiwan confidential until this week.

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