Pandora Articles Highlight Richness in Using Offshore Companies
A massive investigation by an international consortium of journalists and news agencies uncovered millions of documents detailing how wealthy and politically connected individuals around the world are using offshore companies to avoid taxes and accumulate wealth.
The report released on Sunday by the International Consortium of Investigative Journalists linked world leaders including the King of Jordan, Kenyan President Uhuru Kenyatta and former British Prime Minister Tony Blair to entities registered in localities such as Panama and the Islands. British virgins who allowed them to hide their property. vast assets.
It has also been shown that aides and allies of politicians who have denounced corruption and called for reform, including Pakistani Prime Minister Imran Khan, have also taken advantage of accounting and tax loopholes allowed by offshore entities.
More than 600 journalists from 150 news outlets such as The Guardian and The Washington Post worked together to analyze the more than 11.9 million confidential files obtained for the report, making it larger than the previous Panama Papers investigation of the organization.
Here are some other key findings:
â¢ King Abdullah II of Jordan owns international property worth more than $ 100 million, including a clifftop mansion on California’s Malibu coast, reported The Guardian. The king’s lawyers told the newspaper that he had not embezzled public funds and that he was acting with “integrity and in the best interests of his country and its citizens at all times.”
â¢ In a series of tweets, Pakistani Imran Khan wrote that his government would investigate âall our citizensâ named in the documents. The ICIJ report identified seven Pakistani politicians.
â¢ Czech Prime Minister Andrej Babis, running for re-election this week, concealed his purchase of a $ 22 million French chateau in 2009 using shell companies. Babis did not respond to requests for comment, according to the Washington Post.
â¢ US states, including South Dakota, Nevada and Delaware, have become havens for financial secrecy, with vehicles known as âtrustsâ allowing wealthy people to remain anonymous in their financial transactions.
This article was provided by Bloomberg News.
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