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Jackie Chan’s sprawling enterprise empire: chairmanship with Hong Kong-listed firm, hyperlinks with Chinese language tycoon, and vintage assortment – NEWPAPER24



Jackie Chan’s sprawling enterprise empire: chairmanship with Hong Kong-listed firm, hyperlinks with Chinese language tycoon, and vintage assortment

2018-12-08 03:32:14

Martial arts star Jackie Chan has established a sprawling enterprise empire as he rose from a film stuntman to one of many best-known Chinese language actors throughout his profession of greater than 5 a long time within the movie trade.

Chan has amassed a staggering quantity of wealth – US$293 million a minimum of in pre-tax revenue from 2010 to 2018 in response to calculations based mostly on figures compiled by Forbes, making him one of many richest entertainers in China and around the globe.

On high of banking on movies – he has appeared in additional than 110 films – and a big selection of endorsements, Chan additionally as soon as sat on the board of three Hong Kong-listed firms and has stakes in six offshore corporations, which point out his hyperlinks with a number of distinguished Chinese language billionaires, in response to filings and leaked tax paperwork.

The motion star, whose actual identify is Chan Kong-sang, has additionally made big-ticket investments in properties situated from Beverly Hills, California to Beijing, in addition to vintage rosewood furnishings, in response to US and Chinese language media studies.

Ranked as China’s highest-paid actor and the world’s fifth highest-paid in 2018 by Forbes, Chan earned a complete of US$45.5 million final yr from six movies and numerous endorsements.

Chan first entered the world of Hong Kong listed firms in 1999, in response to filings from the Hong Kong inventory trade, when he sat on the board of Star East Holdings till 2002 alongside celebrities together with singer Alan Tam Wing-lun and actor Eric Tsang Chi-wai.

The corporate produced movies and tv sequence, operated theme eating places, and constructed web sites for Chinese language and Hong Kong entertainers. Its shares plummeted to HK$1.5 in December 2002 from HK$185 in September 1999 throughout Chan’s time as a board member.

Star East to launch Planet Hollywood web site

Star East introduced in 2000 that it could construct a significant cutting-edge movie manufacturing centre in Hong Kong, a plan it scrapped in 2002, citing the “extreme downturn within the film trade and the failure of broad band web to take off in Asia”.

The corporate offered itself as a shell firm and was renamed as SMI Company in 2004.

Chan later chaired restaurant operator Jade Dynasty Meals Tradition from 2002 to 2004 and continued to behave as chairman in 2005 after the corporate modified its identify to Jade Dynasty Group and expanded into comedian e book publishing.

Throughout Chan’s tenure as its chairman from October 2002 to January 2005, the corporate’s shares climbed by 34 per cent to 37.5 HK cents from 27.9 HK cents.

The corporate renamed itself Sparkle Roll in 2008 and have become an authorised supplier of a slew of luxurious manufacturers from Switzerland’s Parmigiani Fleurier watches to Bentley, Rolls-Royce and Lamborghini automobiles.

As well as, Chan additionally sat on the board from 2002 to 2003 at Sing Pao Media Group, which runs one in all Hong Kong’s oldest Chinese language newspapers, in addition to leisure big Emperor Leisure Group from 2000 to 2004.

Chan additionally gave the impression to be a seasoned actual property investor. He purchased a 7,638-square-metre mansion in Beverly Hills, California for HK$three million in 1998, and offered it eight years later for HK$6.three million, in response to the Los Angeles Occasions.

He additionally purchased a luxurious flat in downtown Beijing that value tens of tens of millions of yuan, the place his son Jaycee Chan Jo-ming was arrested for a drug offence in 2014, native Chinese language media reported.

Chan mentioned in an interview with the China Cultural Relics Information in March that he’ll donate his historic Chinese language houses and the vintage relics he has collected through the years to a museum to be in-built Anhui province to teach younger folks about Chinese language tradition.

Chan’s ties with a number of Chinese language tycoons surfaced after leaked paperwork from Panama-based legislation agency Mossack Fonseca confirmed that he had stakes in six offshore firms.

Chan holds a 27.75 per cent stake in Dragon Stream, the one largest holding within the firm, registered within the British Virgin Islands with a capital of US$2.1 million.

Different shareholders of Dragon Stream, whose names seem precisely as their Chinese language normal pinyin spelling, embrace Qi Jianhong, controlling shareholder of Sparkle Roll Media Company, which has opened two dozen Jackie Chan-themed cinemas and produced movies resembling I Am Not Madame Bovary, performed by China’s highest-grossing actress Fan Bingbing.

New Panama Papers revealed: Hong Kong celebrity Jackie Chan’s offshore corporations named in leaked tax paperwork

Retail and actual property mogul Shen Guojun, who’s the founder and chairman of Yintai Group can be a shareholder in Dragon Stream. As well as, Yu Mingfang, co-founder of Belle Worldwide and founder and chairman of Fang Fund Companions, and Chen Yihong, chairman of China Dongxiang, a

Hong Kong-listed sportswear provider, are additionally shareholders in Dragon Stream.

The Panama Paper paperwork have been studied by the Worldwide Consortium of Investigative Journalists (ICIJ) which compiled a report on hidden offshore accounts held by 140 politicians and public officers from around the globe

Nevertheless Chan’s enterprise endeavours weren’t with out controversies.

Subsequent Journal to pay BaWang shampoo makers HK$three million compensation for defamation

Town’s Excessive Courtroom ordered Subsequent Journal to pay BaWang, a Chinese language natural shampoo maker, HK$three million in 2016 for defamation. Bawang’s shares fell by 14 per cent inside hours of publication of a narrative by the journal which contained mentions of the natural shampoo. Chan has endorsed the model since 2004.


Pakistan denounces ‘politically motivated’ blacklisting by US for violating spiritual freedoms – NEWPAPER24




Pakistan denounces ‘politically motivated’ blacklisting by US for violating spiritual freedoms

2018-12-12 15:13:00

Pakistan on Wednesday denounced the US for putting it on a listing of nations violating spiritual freedoms, calling the designation politically motivated.

US Secretary of State Mike Pompeo on Tuesday added primarily Muslim Pakistan to the US record of “international locations of explicit concern”, which have violated spiritual freedoms or tolerated abuses towards spiritual teams.

The transfer is prone to put additional pressure on relations between Islamabad and Washington, who’ve repeatedly clashed over the best way to take care of Islamist militants waging warfare in Afghanistan.

Pakistan’s addition to the record comes regardless of efforts to finish what lately has been its most controversial case involving a member of a minority faith.

The Supreme Court docket in October acquitted a Christian lady held on dying row for greater than eight years on a cost of blasphemy that she denied. The acquittal sparked days of violent protests by hardline Muslims.

Pakistan’s international ministry mentioned preserving the rights of minorities was a “cardinal precept” of the structure, and it denounced the inclusion on the US record.

“Pakistan rejects the US State Division’s unilateral and politically motivated pronouncement,” the ministry mentioned in a press release.

Terrorism costs for Pakistan cleric who led protests towards Christian acquitted of blasphemy

Final yr, the US put Pakistan on a watch record of nations that violate spiritual freedom.

This yr got here the designation, together with Myanmar, China, Eritrea, Iran, North Korea, Sudan, Saudi Arabia, Tajikistan and Turkmenistan.

Pakistan was created out of the Muslim-majority areas of colonial India in 1947, and for many years portrayed itself as a progressive Islamic nation.

Beginning within the 1980s, nevertheless, it has drifted in the direction of a extra conservative interpretation of Islam that has reshaped the political panorama, fuelled militancy and cowed champions of tolerance and members of minorities into silence.

The overwhelming majority of Pakistan’s 208 million individuals are Muslims, with minorities accounting for about four per cent of the inhabitants, together with Christians, Hindus, Sikhs and members of the Ahmadi Muslim sect, who say they’re singled out for persecution.

Persecuted Pakistani Ahmadi Muslims search asylum in China

Human Rights Minister Shireen Mazari mentioned Pakistan’s inclusion on the US record was “pure political blackmailing” and an try by the US to strain Pakistan to implement US coverage objectives in Afghanistan.

Pompeo urged counties on the record to extend respect for spiritual freedom.

“In far too many locations throughout the globe, people proceed to face harassment, arrests, and even dying for merely dwelling their lives in accordance with their beliefs,” he mentioned in a press release.

In Muslim-majority Pakistan, town of Mithi is a uncommon oasis of ‘love and non secular concord’

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Huawei CFO Sabrina Meng Wanzhou freed on bail however what do we actually find out about this mysterious case? – NEWPAPER24




Huawei CFO Sabrina Meng Wanzhou freed on bail however what do we actually find out about this mysterious case?

2018-12-12 13:27:04

After greater than per week in custody, Meng Wanzhou, the chief monetary officer of Chinese language tech big Huawei, was launched on bail by a Canadian courtroom on Tuesday. However as legal professionals put together for a potential future trial, courtroom papers have shed new gentle on how the world’s largest telecommunications tools maker has been the topic of an investigation by US authorities for years.

Meng, 46, was arrested on the request of the US authorities on December 1 at Vancouver airport whereas she was transiting to Mexico. Her detention got here on the identical day that Chinese language President Xi Jinping sat down for dinner together with his US counterpart Donald Trump in Argentina to agree a truce of their commerce conflict.

However what can we truly find out about Meng’s case?

Sabrina Meng: ‘I’m pleased with Huawei, I’m pleased with my nation’

The primary allegation is that from 2009 to 2014 Meng violated a US commerce embargo in opposition to Iran through a Hong Kong-based firm named Skycom Tech Co Ltd.

The Supreme Courtroom of British Columbia in Vancouver heard on Friday that Meng and others conspired to make misrepresentations to a variety of monetary establishments, inducing them to proceed to offer banking providers to Huawei regardless of the actual fact they have been working in Iran.

Firms are barred from utilizing the US monetary system to funnel items and providers to sanctioned entities.

In December 2012, Newpaper24 reported that Skycom’s workplace in Tehran supplied to promote at the very least 1.three million euros (US$1.5 million) value of laptop tools produced by the now defunct US agency Hewlett-Packard to Cell Telecommunication Co of Iran, regardless of the embargo.

Throughout Meng’s bail listening to, prosecutor Gibb Carsley argued that Skycom was an unofficial subsidiary of Huawei, utilizing the identical firm brand on firm paperwork. “Huawei is SkyCom,” he mentioned, “That is the crux, I say, of the alleged fraud.”

Why Huawei and its CFO are caught up within the US-China commerce conflict

Meng served on the board of Skycom from February 2008 to April 2009, in line with a courtroom paper. A number of different previous and current Skycom administrators additionally appeared to have connections to Huawei.

Additionally, in 2007, a administration firm managed by Huawei’s mum or dad firm held all of Skycom’s shares. On the time, Meng served because the administration agency’s firm secretary.

However Meng’s lawyer, David Martin, denied there was any overlap between Huawei and Skycom, saying that they had solely a enterprise relationship.

US authorities, nevertheless, declare that Meng made a fraudulent declare and that Huawei continued to manage the corporate, with the prosecutor saying that Skycom staff carried Huawei identification and used its e mail.

Skycom was dissolved in September final 12 months, in line with information held by the Hong Kong Firm Registry.

In 2013 within the wake of the Newpaper24 report, a number of banks launched their very own investigations into the allegations, particularly regarding Huawei’s alleged hyperlinks to Skycom.

Meng responded by making a presentation to the banks to disclaim the allegations.

The Wall Avenue Journal reported this month that HSBC and Commonplace Chartered have been reported to be among the many banks probably misled.

The US investigation into Huawei’s alleged violations started at the very least as early as 2016, in line with a Newpaper24 report in April.

It coincided with revelations that ZTE Corp, considered one of Huawei’s rivals, was revealed to have damaged US export legal guidelines associated to the Iran sanctions.

Chinese language hi-tech researchers ‘advised to not journey to US except it’s important’

When the US Commerce Division printed ZTE’s inner paperwork as proof of the fees, the papers additionally revealed how a second firm, recognized solely as F7, had efficiently evaded US export controls.

The papers revealed that F7 had bought tools to a variety of sanctioned international locations, together with Syria, North Korea, Cuba and Iran.

In a 2016 letter to the commerce division, 10 US lawmakers alleged that F7 was certainly Huawei, citing media experiences.

The Chinese language agency, nevertheless, has maintained that it “complies with all relevant legal guidelines and laws the place it operates, together with relevant export management and sanction legal guidelines and laws of the UN, US and EU”.

In April final 12 months, lawmakers once more wrote to US Commerce Secretary Wilbur Ross asking for F7 to be publicly recognized and absolutely investigated.

Nonetheless, the prosecutor mentioned at her bail listening to that after Huawei was made conscious of the US investigation in 2017, Meng intentionally averted travelling to the US.

Meng’s mansions: inside Huawei CFO’s Canadian connections

In April this 12 months, the US justice division started its investigation into Huawei following administrative subpoenas on sanctions-related points from each the commerce division and the Workplace of Overseas Property Management below the treasury division, in line with a report by The Wall Avenue Journal.

In response to courtroom papers, a warrant was issued for Meng’s arrest on August 22 in New York, although at the moment, the US had “not but filed a licensed report of the case”.

The courtroom paperwork mentioned additionally that the US discovered on November 29 that Meng was stopping over in Vancouver on her solution to a 3rd nation, believed to be Mexico. On November 30, a Canadian decide agreed to a US request that Meng be arrested.

What occurred on December 1?

Meng landed at Vancouver Worldwide Airport aboard a Cathay Pacific flight from Hong Kong at 11:35am on December 1. She was anticipating to have a 12-hour layover.

It’s not recognized precisely what time she was arrested, however her arrival time was simply an hour earlier than Xi and Trump started their dinner assembly in Buenos Aires. It’s unclear if both president was conscious of what was occurring in Canada as they sat all the way down to their starters.

Canada’s Division of Justice advised the South China Morning Submit that Chinese language consular officers have been made conscious of the incident on the day of Meng’s arrest, however Beijing has accused Ottawa of violating a bilateral settlement by failing to supply a well timed notification.

“The Chinese language authorities didn’t obtain discover however have been as an alternative knowledgeable by different channels,” China’s international ministry spokesman Lu Kang mentioned on Tuesday. “You must have requested [Canada] whether or not the Chinese language authorities discovered the Canadian authorities first or the Canadian authorities notified the Chinese language embassy,” he mentioned.

Courtroom confirms Meng’s three Hong Kong passports resulting from title adjustments

On the day of her arrest, Meng was taken to a hospital to be handled for hypertension, in line with her affidavit.

“I proceed to really feel unwell and I’m nervous about my well being deteriorating whereas I’m incarcerated,” she mentioned.

She cited hypertension in a bail utility in search of her launch pending an extradition listening to. She can also be mentioned to have had therapy for thyroid most cancers in 2011 and surgical procedure for points associated to sleep apnoea in Could of this 12 months.

Meng’s arrest was made public on December 6, when Canadian authorities confirmed the knowledge with native newspaper The Globe and Mail.

The businesswoman’s three-day listening to started in Vancouver on Friday, and he or she was launched on bail on Tuesday.

Chinese language state safety is behind detention of Canadian former diplomat Michael Kovrig, employer says

America now has till January eight to file a proper extradition request. If not, Meng should be freed, in line with the Canadian Supreme Courtroom decide Justice William Ehrcke.

There was doubt over whether or not Meng’s alleged breach of US and European Union sanctions quantities to an offence below Canadian legislation, which is important for her to be extradited. Relying on how a lot it’s contested, the extradition course of may take months and even years to finish. If convicted within the US, Meng may face a sentence of greater than 30 years in jail.

She is subsequent anticipated to seem in courtroom on February 6.

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US-China commerce conflict ‘simply tip of iceberg’ hiding deeper issues in bilateral relationship, says Alibaba govt chairman Jack Ma – NEWPAPER24




US-China commerce conflict ‘simply tip of iceberg’ hiding deeper issues in bilateral relationship, says Alibaba govt chairman Jack Ma

2018-12-12 13:36:39

The continuing commerce conflict between China and the USA is simply the tip of the iceberg hiding deeper, underlying tensions between the world’s two largest economies and the true drawback lies of their fraught bilateral relations, the manager chairman of e-commerce large Alibaba stated on Wednesday.

“Even when the commerce conflict is over, the sophisticated relationship between China and the US is not going to be modified within the subsequent 20 years,” Jack Ma stated. “We want to keep in mind that China has emerged stronger after assembly each problem.”

Ma stated he had sensed commerce frictions between the 2 international locations have been looming through the US presidential election in 2016.

“At the moment I anticipated there could be hassle with commerce relations between China and US,” he stated.

He made his remarks throughout a question-and-answer session at a discussion board in Hong Kong on China’s “Belt and Street Initiative” – the central authorities’s commerce initiative to hyperlink economies right into a China-centred buying and selling community. The discussion board was organised by the Hong Kong authorities.

“It’s unimaginable to alter [US president] Donald Trump. It’s additionally unimaginable to alter the scenario in commerce between China and the US in a single day,” Ma stated.

He stated he hoped each side would settle their variations via communication and dialogue.

I’ve been to many cities on the planet however none is pretty much as good as Hong Kong at integrating the cultures of east and west

Jack Ma

Ma stated as an e-trading firm, Alibaba might solely survive by creating worth for the US and China, akin to serving to small and medium-sized corporations in addition to farmers promote their merchandise.

Alibaba owns the South China Morning Submit.

Ma gave the thumbs-up to Hong Kong’s energy, such because the rule of legislation and its skilled providers, including the town loved distinctive benefit in capitalising the alternatives from the belt and highway technique.

“I’ve been to many cities on the planet however none is pretty much as good as Hong Kong at integrating the cultures of east and west,” he stated.

The US-China commerce conflict has concerned punitive tariffs in opposition to US$250 billion value of Chinese language merchandise and Trump has threatened to impose tariffs on all remaining Chinese language imports if Beijing fails to handle US calls for over the course of the 90-day truce agreed in Argentina.

At Alibaba’s annual investor occasion in Hangzhou in September, Ma warned the commerce friction between the US and China could be a protracted affair as a result of it was about two international locations competing with one another.

He stated then it was “going to be a multitude, possibly 20 years”.

When he left the venue within the Hong Kong authorities’s headquarters in Admiralty the place the discussion board was held, Ma didn’t reply to questions in regards to the arrest of Huawei chief monetary officer Sabrina Meng Wanzhou on the request of the USA and whether or not it will have an effect on the operation of Alibaba and different Chinese language corporations.

Delivering the opening remarks on the discussion board, Chief Govt Carrie Lam Cheng Yuet-ngor stated Hong Kong professionals could be instrumental in infrastructure tasks within the belt and highway plan.

She additionally officiated the inauguration ceremony of a belt and highway cross-professional development programme, funded by the federal government and spearheaded by Hong Kong Polytechnic College.

Lam stated Hong Kong professionals and corporations might Share their expertise with officers and consultants from international locations collaborating within the commerce initiative via the programme.

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