Epstein Advised Former Top Morgan Banker on China Strategy
Former top Chinese officials, UAE Sultan, former Prince Andrew, former UK official Mandelson linked to China business in newly released files
By: Toh Han Shih
Convicted sex trafficker Jeffrey Epstein gave extensive advice to the former senior US banker James Edward “Jes” Staley, on JPMorgan Chase’s China strategy involving Wang Qishan, a former Chinese vice president and former head of China’s anti-corruption campaign, and with Li Yuanchao, another former Chinese vice president, according to files released on December 19 after US President Donald Trump was pushed into the release by order of Congress.
The trove of emails reveals an astonishing relationship between the convicted felon and one of the world’s top bankers, with Staley even emailing Epstein for advice while Epstein was under house arrest after his 2008 conviction on a charge of procuring an underage girl for prostitution. He was in prison for 13 months till July 22, 2009, enjoying freedom to communicate with outsiders, and was subsequently under house arrest till August 2010. In 2019, he was jailed a second time on sex trafficking charges. He died in his prison cell on August 10, 2019, with an official verdict of suicide. In a US court document among the Epstein files, JP Morgan Chase admitted more than 1,200 emails were exchanged between Epstein and Staley’s JP Morgan Chase email address.
Staley worked for JPMorgan Chase from 1990 to 2013 and was chief executive officer (CEO) of Barclays from 1 December 2015 to 2021 when he resigned following the UK bank’s investigation of his relationship with Epstein. Barclays froze £22 million of bonuses for Staley pending investigation into his links to Epstein.
Meeting with top Chinese official
On September 2, 2010, Staley emailed Epstein: “And I just had the most senior meeting (JP Morgan Chase) has had save for Jamie (Dimon, JP Morgan Chase CEO) meeting with Wang Qishan. I spent almost 2 hours with Minister Li Yuanchao of the Organization Department. He will be in the Standing Committee in the next Government. I will tell u what he offered/asked when we meet. Very cool. I’m seeing the Prince this afternoon.”
Li headed the Organization of the Chinese Communist Party. The Prince in the email probably referred to Prince Andrew, who was recently stripped of his royal titles due to his association with Epstein and is now known as Andrew Mountbatten-Windsor.
On October 23, 2009, Epstein wrote to Staley, in emails replete with Epstein’s signature typos, “My suggestion Your first Great move, should be a new CHina, initiative. first it was alternative investments now china., you should have a dedicated china entity, with its own board of advisors, should include china politicos. they love to travel. you should be their link to treasury .. or you can issue credit default swaps, for their investment in us co, and you can ask the treasury to be the third party - just an example.”
Staley replied, “Brilliant!”
On October 25, 2009, Epstein wrote to Staley, “One big problem that in china is how to maintain good relationship (Guangxi) with the employees/ Chinese emphasize courtesy and face-saving. This has to do with China’s culture. Being courteous to government official,s and employees are essential. Chinese people are hospitable, but it is easy to insult them .. ; like blacks who don’t want to be dissed. This craziness is accentuated in the north, which has complex rules of ‘face-saving’. I will send someone to you this week for a coffee, that will explain some of this”.
On October 26, 2009, Epstein wrote to Staley, “i have organized a quick tutorial for you tomorrow any time,, oxford educated, speaks fluent chinese ... the answer to “do you move your trading op there is” ASK THEM ... make the chinese part of the process .. i want to build a relationship,, i seek your advice, we are in this for the long term. i have the greatest respect for your culture, and will attempt to learn,, forgive me if i make mistakes early, it is only out of a desire to learn,, BLAH BLAH BAH”.
On October 27, 2009, Epstein sent Staley an extensive e-mail laying out steps for JPMorgan Chase to expand its business in China, down to details surrounding culture, office locations and suggestions for approaching government officials, revealed a document of the Epstein files.
Proposed Chinese deals
On December 1, 2009, Epstein wrote to Staley, “The first most elegant deal that you can do. is to have China buy Dubai World Ports. They want turnkey, ops where they can then use their worldwide construction cos for building.”
On December 8, 2009, Epstein wrote to Staley, “No to china/ ports yet .. sultan will meet you privately to give you guidance, on the players, the groundwork is well prepared. Remember you are going as the senior statements, you do not need to talk about the nitty gritty of deals,, leave that to underlyings”.
The sultan in that email referred to Sultan Ahmed bin Sulayem, a UAE official who is chairman and CEO of DP World, formerly called Dubai World Ports.
On the same day, Epstein wrote to Sultan bin Sulayem, “Sultan, jes is free thurs,, from 5-l0pm. Where and when,, only the two of you please”.
On December 9, 2009, Epstein wrote to Staley, “Sultan is laying the groundwork for you to establish a serious presence .. (JP Morgan Chase’s) reputation in the region is poor. I understand it comes from not being fooled. However, I think it in your interest to rebuild. The swiss banks, are no longer sacrosanct., the wealth management, and IB (investment banking), are open opportunities and like china very much personal.”
No Chinese entity ever bought Dubai Ports, now known as DP World, which is still owned by the UAE government. According to a document of the Epstein files, JPMorgan Chase said Epstein never referred to bin Sulayem as a client to the US bank.
On May 27, 2010, Peter Mandelson wrote to Epstein, “This is thing I am speaking to in Shanghai. If you can open the attachments you will see that the entire Chinese banking fraternity is attending. Isn’t it something that (JP Morgan Chase) should be represented at if they want to spread their wings in China?”
Epstein forwarded Mandelson’s e-mail to Staley, saying Epstein thought Mandelson was right and asking Staley to read the attachments in the email.
Mandelson sacked
In September, UK Prime Minister Keir Starmer sacked Mandelson as UK ambassador to the US for the latter’s ties to Epstein. Mandelson was previously an EU Commissioner and UK Secretary of State for Trade and Industry.
On September 28, 2010 Epstein wrote to Staley, “Prince Andrew would like much more to represent casanov in china than tim Collins,” possibly relating to JPMorgan Chase’s UK investment bank, JPMorgan Cazenove.
On February 2, 2011 Epstein e-mailed a former JP Morgan Chase banker named David Stern, copying Staley, saying, “He is coming again today,?? any interest. Mr. Desmond Shum is the vice chairman and CEO of Airport City Development Corporation and a member of the 11th session of Beijing’s Political Consultative Conference. Mr. Shum serves as a member of the standing committee of the Institute of Finance and Banking, Chinese Academy of Social Sciences, and is the founder of Kaifeng Foundation China. He is also an honorary trustee of Tsinghua University. He holds a bachelor’s degree in finance and accounting from University of Wisconsin, Madison, and an executive MBA from a joint program of the Kellogg School of Business, Northwestern University, and Hong Kong University of Science and Technology.”
Stern replied, “I can meet with him when I’m in Beijing next to see what to do with him”.
On July 28, 2012, Epstein forwarded Staley an e-mail that appears to come from the then President of the Maldives, Mohammed Waheed Hassan, who wrote, “Hi I talked to our finance minister. He is looking around to borrow up to 500 million dollars to be repaid over a ten year period preferably with a grace period of one year. Would be very helpful to know what can be expected under the current market conditions. Thanks you. Warm regards. Waheed.”
On August 31, 2012, Reuters reported China had made a US$500 million loan to the Maldives.
Tohh Han Shih is a Singaporean writer in Hong Kong and a regular contributor to Asia Sentinel