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May 13, 2016

Billionaire Steyer Linked To “Tax Haven Leak” From Panama Papers Group

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On Thursday, The Washington Free Beacon’s Lachlan Markay reported that billionaire environmentalist Tom Steyer is linked to a “tax haven leak” from the same investigative group that released the bombshell Panama Papers:

Billionaire Democratic donor Tom Steyer helped finance a company used by the family of China’s former head of state to park investments in overseas tax havens, leaked corporate documents reveal. Steyer’s hedge fund joined a firm with ties to the family of China’s then-premier in an early investment round for a British Virgin Islands-based company, according to incorporation documents on file with a Singaporean corporate law and accounting firm at the center of a global scandal over opaque financial flows.

Farallon Capital, the hedge fund that Steyer founded and built his massive fortune on, invested with a “Chinese billboard advertising company” incorporated in the British Virgin Islands. The company was one of many shrouded in “secrecy,” according to the International Consortium of Investigative Journalists (ICIJ).

The Free Beacon’s report builds on a long history of questionable, or even hypocritical, investments that made Steyer a billionaire. Despite his climate crusade Steyer “reaped a fortune in part through fossil-fuel investments,” according to a Washington Post report.

Steyer’s Farallon Capital also funded “coal mines and coal-fired plants from Indonesia to China,” to the tune of “hundreds of millions of dollars,” according to The New York Times.

The Free Beacon also found, in 2014, that Steyer was “listed as a top corporate officer of a Farallon fund” that was accused of being “complicit in a scheme to defraud German real estate investors of $67 million.”

As Steyer spends tens of millions of dollars electing liberals and teaming up with Big Labor, the offshore leak by ICIJ leads to questions over just how Steyer made his $1.6 billion fortune.