Li Xiaoyong holds both PRC and Singaporean citizenship. The only other multi-millionaire who holds such privilege is Mdm Gu Kailai, wife of Mr Bo Xilai, ex-mayor of Chongqing municipality.
It is a well-known fact among high-ranking PRC officials that the family of Li Peng, father of Li Xiaoyong, runs an empire supplying military munitions, armaments and installations to countries such as North Korea, Pakistan, Iran, countries in Central Europe and South America.
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Bad apple Li Xiaoyong
Li Xiaoyong, the second son of the former Chinese premier Li Peng, once served as chairman of Anya Armed Police Technology Corporation and director of the political department of the Armed Police Hydroelectric headquarters, where he held the rank of colonel. After the Xiguoda investment scam in 1998, he and his family moved to Singapore.
From then on, he and his wife Ye Xiaoyan bought properties in Hong Kong and Singapore worth hundreds of millions of renminbi to obtain Singapore citizenship.
Born in 1963, Li was sent into the army by his parents when he was 15 — usually the last resort for the most unpromising member of the family of a senior official.
He married Ye Xiaoyan, the president of the Hong Kong Skating Union, who is the granddaughter of Ye Ting, one of the founders of the PLA and the well-known general during the Northern Expedition and the war against Japan.
They reportedly live a luxurious life in Singapore, dining often at the famous restaurant A-yi Abalone, according to the Hong Kong-based Next magazine.
Though rumors have connected Li Peng's family to many corruption scandals, none of the allegations has ever been proved. Chief among them was the Xinguoda investment scam, in which Li Xiaoyong was a major figure.
Li was alleged to be the main player using the illegal company Xinguoda Futures Brokerage as a front to draw in more than 4,000 investors with a high monthly interest rate of 10－30%. In August 1998, the 500 million yuan (US$79 million) of the company's funds totally disappeared. The company was closed and the four main players behind the case were executed, with only 40 million yuan (US$6.5 million) being retrieved.
How deep was Li Xiaoyong's involvement in the case? The whole truth may never be known. When people cheated in the Xinguoda case protested in front of the Xinhua Gate in Beijing, calling out: "Li Peng, give back our money from your son," the police stood by and did not intervene. The authorities also offered no official statement. At the time the scandal broke out, Li Xiaoyong was not in Beijing and the case tarnished not only his reputation but that of his hardliner father.
References:
Li Xiaoyong 李小勇
Li Peng 李鵬
Ye Xiaoyan 葉小燕
Ye Ting 葉挺
A-yi Abalone 阿一飽魚
Source: http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120509000007&cid=1601
It is a well-known fact among high-ranking PRC officials that the family of Li Peng, father of Li Xiaoyong, runs an empire supplying military munitions, armaments and installations to countries such as North Korea, Pakistan, Iran, countries in Central Europe and South America.
*******************************************************
Bad apple Li Xiaoyong
Li Xiaoyong, the second son of the former Chinese premier Li Peng, once served as chairman of Anya Armed Police Technology Corporation and director of the political department of the Armed Police Hydroelectric headquarters, where he held the rank of colonel. After the Xiguoda investment scam in 1998, he and his family moved to Singapore.
From then on, he and his wife Ye Xiaoyan bought properties in Hong Kong and Singapore worth hundreds of millions of renminbi to obtain Singapore citizenship.
Born in 1963, Li was sent into the army by his parents when he was 15 — usually the last resort for the most unpromising member of the family of a senior official.
He married Ye Xiaoyan, the president of the Hong Kong Skating Union, who is the granddaughter of Ye Ting, one of the founders of the PLA and the well-known general during the Northern Expedition and the war against Japan.
They reportedly live a luxurious life in Singapore, dining often at the famous restaurant A-yi Abalone, according to the Hong Kong-based Next magazine.
Though rumors have connected Li Peng's family to many corruption scandals, none of the allegations has ever been proved. Chief among them was the Xinguoda investment scam, in which Li Xiaoyong was a major figure.
Li was alleged to be the main player using the illegal company Xinguoda Futures Brokerage as a front to draw in more than 4,000 investors with a high monthly interest rate of 10－30%. In August 1998, the 500 million yuan (US$79 million) of the company's funds totally disappeared. The company was closed and the four main players behind the case were executed, with only 40 million yuan (US$6.5 million) being retrieved.
How deep was Li Xiaoyong's involvement in the case? The whole truth may never be known. When people cheated in the Xinguoda case protested in front of the Xinhua Gate in Beijing, calling out: "Li Peng, give back our money from your son," the police stood by and did not intervene. The authorities also offered no official statement. At the time the scandal broke out, Li Xiaoyong was not in Beijing and the case tarnished not only his reputation but that of his hardliner father.
References:
Li Xiaoyong 李小勇
Li Peng 李鵬
Ye Xiaoyan 葉小燕
Ye Ting 葉挺
A-yi Abalone 阿一飽魚
Source: http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120509000007&cid=1601
