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The Panama Papers, released internationally last month from the files of Panamanian law firm Mossack Fonseca, has shed a light on one firm which was set up by a former McKinsey consultant. Brightao was founded in 2007 by McKinsey consultant Peter Walker, with several board members being former colleagues of Walker at McKinsey.

The startup was founded to assist McKinsey employee Heidi Hu who was setting up an insurance company, in violation of McKinsey rules of investment. After Walker and his colleagues learned they could not invest directly in Hu’s Mingya, which she founded while working at McKinsey, Walker and company set up Brightao to invest funds in Mingya. This allowed Hu to grow her business and allowed McKinsey participants to reap rewards from Hu’s Chinese connections and knowledge of the Chinese market.

Source : Fusion.net

panama papers

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