China International Fund

developing countries".^[1] The CIF and its associated companies in Hong Kong and Singapore invested upwards of $US 20 billion mainly in unstable African dictatorships.^[2] They have made agreements with the Angolan and Guinean governments to explore for various resources in those countries. These agreements will result in billions of dollars of money being invested in the two countries.^[3][4]

United States-China Economic and Security Review Commission issued a report in July 2009 on investments of Dayuan, CIF and its subsidiaries in Africa, Latin America and the U.S.A.. China International Fund is owned to 99% by Dayuan International Development, which has about 30 subsidiaries. The report called these companies the "88 Queensway Group", after the Hong Kong address for headquarters of most subsidiaries. Files about the CIF does not give hard evidence of government ownership. On the other hand, Chairwoman Lo Fong Hung is director of Sonangol Sinopec International Ltd., a joint venture between the state-owned oil companies Sinopec of China and Sonangol of Angola. A CIF director, Wu Yang, was a vice chairman of Sinopec in a March 2006 U.N. report. It is believed that Sam Pa is President of the CIF.^{[citation needed}