Monday, April 29, 2013

Parent Firm Of Terry McAuliffe's "Green" Car Company Has Off-Shore Tax Shelter

Off-shore tax shelters for GOP candidates are used for political attacks by Democrats, who seem to excuse their own ( - The Franklin Center).
The parent company of a “green” car venture with ties to the Obama administration and Democratic Party leader Terry McAuliffe is incorporated in the tax shelter country of the British Virgin Islands, Watchdog has learned.
Yet just nine months ago McAuliffe, former Democratic National Committee chairman and part owner of GreenTech Automotive Inc., blasted Mitt Romney over allegations the presidential candidate had an offshore bank account.
“You’re running for president,” McAuliffe told the Daily Caller. “People just don’t get that. I mean, why do you have an offshore bank account? So we’ve got a long way to go.”

Fledgling GreenTech was founded in 2009 by Chinese businessman Charles Wang, who owns Capital Wealth Holdings (CWH), an investment company incorporated in the British Virgin Islands.
According to court documents, GreenTech is a subsidary of CWH and McAuliffe obtained 25 percent of the stock. GreenTech’s headquarters were then incorporated in Virginia and its manufacturing plant was located in Mississippi. Next, it started recruiting outside investors – primarily from China – through a program called EB-5 that grants visas to foreign citizens in exchange for minimum $500,000 investments in U.S. companies.

The Chinese government has the U.S. auto industry in its cross hairs and is using every ploy possible to get into the business via U.S. politicians and struggling entrepreneurs in the ‘green car’ industry,” said economist Greg Autry, who lectures on China and authored the book “Death By China – Confronting the Dragon.”

“A company wants to be in the BVI for one reason: TO AVOID PAYING US INCOME TAXES,” Autry said in an email exchange with Watchdog.
Well, well, well Terry McAwful, your hypocrisy is so evident!

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