The New York Times
For two years beginning in 2006, JPMorgan Chase employed a consulting firm run by Wen Ruchun, the daughter of former Prime Minister Wen Jiabao of China. During this period and later, the bank was involved with several companies in which members of the Wen family or their colleagues had investments. The bank’s primary ties to the Wen family and its colleagues are shown in the panel at bottom.
Members of Wen family
Investor
Other individuals
Other business relationship
Companies
FATHER
Former prime
minister of China
UNCLE
Wen
Jiahong
Relationship to Wen Ruchun
AUNT
MOTHER
Feng Zhixi
Wen Jiabao
Zhang Beili
Zhao Yan, through her shell investing company, Hua Xi Xin Yu, invested in Sheng Churui, a diamond company headed by Wen Ruchun’s mother, as well as in several companies with which JPMorgan was connected.
WEN FAMILY
Legal
representative
Related
by marriage
INVESTOR
Zhao Yan
Sheng Churui
Related by blood
Diamond company
Wen Ruchun,
a.k.a. Lily Chang
Controlled
COLLEAGUE
BROTHER
Hua Xi Xin Yu
Zhang
Yuhong
Wen Yunsong
Shell company
Taihong
Wen Yunsong’s private equity firm, New Horizon Capital, was one of the largest stakeholders in BBMG, a development and building materials company whose I.P.O. JPMorgan helped underwrite.
Shell company
By investing through shell companies like Taihong and others, the Wen family and colleagues amassed large stakes in Ping An, in which JPMorgan also invested client money.
Co-founders
Partners
BROTHER’S
COLLEAGUE
New
Horizon
Capital
Yu Jianming
Fullmark
Consultants
JPMorgan paid Fullmark, Wen Ruchun’s Beijing-based consulting firm, $75,000 a month for two years, totaling $1.8 millon. Fullmark claimed to have helped JPMorgan secure the China Railway deal.
Secured JPMorgan
work on this
company’s I.P.O.
Ping An
Group
First Capital
Securities
BBMG
China
Railway
Group
JPMorgan
JPMorgan’s
roles
PARTNER
UNDERWRITER
INVESTOR
EMPLOYER
UNDERWRITER
INVESTOR
Formed a joint venture with this securities firm in 2010.
One of the four lead underwriters for the initial public offering in 2009 of BBMG, a building materials company.
In 2007, JPMorgan invested in New Horizon Capital’s second fund.
Hired Fullmark Consulting, Wen Ruchun’s firm, as an adviser for two years beginning in mid-2006.
Was hired to take this state-owned railway company public in 2007
In 2008, JPMorgan invested its clients’ money in the Ping An Group, a large insurance company.
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