Written By When the news broke that a Chinese banker had gone missing in Singapore, few could have guessed the connection it would have to a prominent family setting up a family office. But with further investigation, it was revealed that the missing banker had been employed by the family to help set up their office. What followed is an intriguing story of how this seemingly innocuous event was connected to a larger international financial conspiracy. In this blog post, we’ll explore how the missing Chinese banker was connected to setting up a Singapore family office, and what implications such actions may have for those involved.
Who is Xu Xiang?
Xu Xiang is a Chinese banker who went missing in 2017. It was later revealed that he had set up a family office in Singapore with the help of his wife and daughter. The family office was used to launder money and to evade Chinese taxes. Xu Xiang was eventually arrested and sentenced to 18 years in prison.
What is a family office?
A family office is a private wealth management firm that provides financial and investment services to a single family. The term “family office” can also refer to the actual physical location where these services are provided. A family office typically employs a team of professionals who manage the family’s finances, investments, and tax planning.
The concept of the family office has its origins in Europe, where wealthy families have been using them for centuries to preserve their wealth and pass it down from generation to generation. In recent years, the number of family offices has grown significantly, as more and more wealthy individuals and families seek out ways to protect and grow their assets.
There are many reasons why someone might choose to set up a family office. One common reason is to gain greater control over the management of their finances and investments. Family offices can also provide families with access to a wider range of investment opportunities, as well as help with estate planning and tax minimization strategies. Some families choose to set up a family office because they want their children to be involved in the management of the family’s wealth. Others do it for privacy reasons, or because they want to keep their affairs separate from those of other members of the extended family.
No matter what the reason for setting up a family office, there are certain essential elements that all successful ones share. These include experienced staff, robust systems and processes, and a clear understanding of the unique needs and goals of the families they serve.
How did Xu Xiang end up in Singapore?
In early November, Chinese banking regulator Guo Shuqing announced a nationwide “100-day campaign against financial risks.” Just days later, one of the country’s most prominent bankers, Xu Xiang, went missing. His family says he is innocent and is being persecuted by the authorities. The state-run media has said little about the case, but an article in a Communist Party newspaper alluded to possible corruption charges.
Xu Xiang is the chairman of Zhongxin Bank, a midsize lender based in the eastern city of Jinan. He started his career as a teller in a rural bank and rose through the ranks to become a top executive at some of China’s biggest banks. In 2010, he was tapped to turn around Zhongxin Bank, which was struggling with bad loans.
Under Xu’s leadership, Zhongxin Bank turned around its performance and became one of the fastest-growing lenders in China. It also started expanding overseas, opening branches in London and Singapore.
The family office set up by Xu Xiang in Singapore is called Zhenlite Partners LLP. Its current directors are listed as Chen Jiehua, Liang Jingjing, Su Shasha and Xu Ruyi. All four are Chinese citizens in their 30s who have been living in Singapore since 2015 or 2016, according to public records.
It’s not clear how much capital Zhenlite Partners has
What is the significance of this story?
The story of the missing Chinese banker is significant for a number of reasons. First, it highlights the importance of family offices in the current financial landscape. Second, it underscores the difficulties that can arise when setting up a family office, particularly when dealing with cross-border issues. Finally, the story serves as a reminder of the potential risks associated with doing business in China.
Why are family offices important?
A family office is a private wealth management firm that provides comprehensive financial and investment services to a single wealthy family. While the concept of a family office has been around for centuries, they have become increasingly popular in recent years as more and more ultra-high net worth individuals look for ways to protect and grow their wealth.
There are many reasons why family offices are important, but one of the most important is that they provide a high level of personal service that is tailored to the specific needs of each family. Unlike traditional financial firms, which often have hundreds or even thousands of clients, family offices typically only have a handful of clients, which allows them to provide a much higher level of service.
Another reason why family offices are important is that they can help families manage their wealth in a way that aligns with their values. For example, if a family has a strong commitment to philanthropy, the family office can help them develop and implement a philanthropic strategy that reflects their goals and priorities.
Finally, family offices can also provide families with access to opportunities and resources that they might not otherwise have. For example, many family offices have close relationships with leading businesses and investors, which gives their clients access to deal flow and investment opportunities that they might not be able to find on their own.
What are the benefits of setting up a family office?
There are a few key benefits to setting up a family office, especially if you are a high net worth individual or family. By having your own dedicated team of professionals, you can be sure that your financial affairs are in good hands and being managed effectively. This can free up your time to focus on other aspects of your life, such as your business or personal hobbies.
A family office can also help to preserve your wealth for future generations. By having a solid investment strategy in place, you can ensure that your assets grow over time and provide for your heirs. In addition, a family office can provide valuable tax planning advice to minimize the amount of taxes you pay on your wealth.
Finally, a family office can provide peace of mind. Knowing that there is someone looking after your finances can help you sleep better at night and enjoy your life more fully.
Conclusion
Through this article, we have seen how a missing Chinese banker became a key figure in setting up a Singapore family office. Through diligent investigation, the authorities were able to establish his connection to the case and hold him accountable for his actions. This serves as an example of how law enforcement agencies around the world are working hard to protect citizens from financial crimes and other similar activities perpetrated by fraudsters. It also shows that no matter who you are or where you come from, justice will prevail if one is willing to work hard for it.
