Brazil's BTG Pactual bank paid more than $1 million to a Chinese consultant who claimed to be related to the boss of China Investment Corporation, a gigantic state-run investment fund. Soon afterwards, CIC invested $300 million in the Brazilian bank.
An exclusive Handelsblatt report raises questions about BTG Pactual Bank’s use of a Chinese intermediary with supposed family connections to the chairman of a powerful Chinese state-run investment fund.
Wan Fang, a Chinese intermediary with supposed family connections to the chairman of the China Investment Corporation, a powerful a state-run investment bank, was hired as a consultant by BTG Pactual, a Brazilian bank.
Mr. Wan apparently helped BTG Pactual obtain a $300 million investment from CIC.
Mr. Wan reportedly belongs to a class of influential financial intermediaries in China called “princelings,” who exploit family connections to powerful government and state officials for foreign investors.
It was a celebration of European soccer, and a night to remember. Things were as fans of Real Madrid wished they always would be. Their team had just finished off opponent Apoel Nikosia from Cyprus 5:2 in the quarter finals of the UEFA Champions League. Superstar Christiano Ronaldo scored one goal with his knee, one with a free kick. Now, on this night of April 4, 2012, the players were celebrating. Real’s sporting director, the French soccer legend Zinédine Zidane, and the club’s president, Florentino Pérez, took time for a victory lap of their own.
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