‘Pandora Papers’ expose top world leaders
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More than a dozen heads of state and government, in- cluding the King of Jordan and the Czech Prime Minis- ter, have hidden millions in offshore tax havens, accord- ing to an investigation pu- blished on Sunday by the ICIJ media consortium. The so-called “Pandora Papers” investigation — in- volving some 600 journalists from media including The Washington Post, the BBC and The Guardian — is based on the leak of some 11.9 mil- lion documents from 14 fi- nancial services companies around the world. Some 35 current and former leaders are featured in the documents analysed by the International Consor- tium of Investigative Journal- ists (ICIJ) — facing allegations ranging from corruption to money laundering and glo- bal tax avoidance. Over 700 Pakistanis, in- cluding some Ministers and key members of Prime Minis- ter Imran Khan’s inner cir- cle, were among the indivi- duals whose names were linked with the “Pandora Papers”. According to the docu- ments, Finance Minister Shaukat Tarin, Minister for Water Resources Moonis Ela- hi, Senator Faisal Vawda, the family of Minister for Indus- tries and Production Khusro Bakhtiar, among others, had links with offshore compa- nies, Geo News reported. Some retired army o- cials, businessmen — includ- ing Axact’s CEO Shoaib Sheikh — and media compa- ny owners, have also been named in the leaks. According to the report, leaked documents revealed that “key members” of Prime Minister Khan’s inner circle, including Cabinet Mi- nisters, their families and major financial backers “have secretly owned an ar- ray of companies and trusts holding millions of dollars of hidden wealth”. The documents notably expose how King Abdullah II created a network of off- shore companies and tax ha- vens to amass a $100 million property empire from Mali- bu, California to Washington and London. The BBC cited lawyers for King Abdullah saying all the properties were bought with personal wealth, and that it was common practice for high profile individuals to purchase properties via off- shore companies for privacy and security reasons. The documents also show Czech Prime Minister Andrej Babis — facing an election la- ter this week — failed to de- clare an offshore investment company used to purchase a chateau worth $22 million in the south of France. In total, the ICIJ found links between almost 1,000 companies in offshore ha- vens and 336 high-level polit- icians and public ocials, in- cluding country leaders, Cabinet Ministers, Ambassa- dors and others. More than two-thirds of the companies were set up in the British Virgin Islands. In most countries, the ICIJ stresses, it is not illegal to have assets offshore or to use shell companies to do busi- ness across national borders. But such revelations are no less of an embarrassment for leaders who may have campaigned publicly against corruption, or advocated austerity measures at home. The “Pandora Papers” are the latest in a series of mass ICIJ leaks of financial docu- ments that started with Lux- Leaks in 2014, and was fol- lowed by the Panama Papers, the Paradise Papers and FinCen. The documents behind the latest investigation are drawn from financial servic- es companies in countries, including the British Virgin Islands, Panama, Belize, Cy- prus, the United Arab Emi- rates, Singapore and Switzerland. The Panama Papers were based on the data of a Pana- ma-based law firm called Mossack Fonseca. ‘Pandora Papers’ expose top world leaders Documents uncover offshore assets of heads of state, govt.; key members of Imran’s inner circle named Agence France-Presse Press Trust of India Washington “Pandora Papers” are based on the leak of 11.9 mn documents from 14 financial services companies. * GETTY IMAGES/ISTOCKPHOTO
Transcript of ‘Pandora Papers’ expose top world leaders
More than a dozen heads ofstate and government, in-cluding the King of Jordanand the Czech Prime Minis-ter, have hidden millions inoff�shore tax havens, accord-ing to an investigation pu-blished on Sunday by the ICIJmedia consortium.
The so-called “PandoraPapers” investigation — in-volving some 600 journalistsfrom media including TheWashington Post, the BBCand The Guardian — is basedon the leak of some 11.9 mil-lion documents from 14 fi�-nancial services companiesaround the world.
Some 35 current andformer leaders are featuredin the documents analysedby the International Consor-tium of Investigative Journal-ists (ICIJ) — facing allegationsranging from corruption tomoney laundering and glo-bal tax avoidance.
Over 700 Pakistanis, in-cluding some Ministers andkey members of Prime Minis-
ter Imran Khan’s inner cir-cle, were among the indivi-duals whose names werelinked with the “PandoraPapers”.
According to the docu-ments, Finance MinisterShaukat Tarin, Minister forWater Resources Moonis Ela-hi, Senator Faisal Vawda, thefamily of Minister for Indus-tries and Production KhusroBakhtiar, among others, hadlinks with off�shore compa-nies, Geo News reported.
Some retired army offi�-
cials, businessmen — includ-ing Axact’s CEO ShoaibSheikh — and media compa-ny owners, have also beennamed in the leaks.
According to the report,leaked documents revealedthat “key members” ofPrime Minister Khan’s innercircle, including Cabinet Mi-nisters, their families andmajor fi�nancial backers“have secretly owned an ar-ray of companies and trustsholding millions of dollars ofhidden wealth”.
The documents notablyexpose how King Abdullah IIcreated a network of off�-shore companies and tax ha-vens to amass a $100 millionproperty empire from Mali-bu, California to Washingtonand London.
The BBC cited lawyers forKing Abdullah saying all theproperties were bought withpersonal wealth, and that itwas common practice forhigh profi�le individuals topurchase properties via off�-shore companies for privacyand security reasons.
The documents also showCzech Prime Minister AndrejBabis — facing an election la-ter this week — failed to de-clare an off�shore investmentcompany used to purchase achateau worth $22 million inthe south of France.
In total, the ICIJ foundlinks between almost 1,000companies in off�shore ha-vens and 336 high-level polit-icians and public offi�cials, in-cluding country leaders,Cabinet Ministers, Ambassa-dors and others.
More than two-thirds of
the companies were set up inthe British Virgin Islands.
In most countries, the ICIJstresses, it is not illegal tohave assets off�shore or to useshell companies to do busi-ness across national borders.
But such revelations areno less of an embarrassmentfor leaders who may havecampaigned publicly againstcorruption, or advocatedausterity measures at home.
The “Pandora Papers” arethe latest in a series of massICIJ leaks of fi�nancial docu-ments that started with Lux-Leaks in 2014, and was fol-lowed by the PanamaPapers, the Paradise Papersand FinCen.
The documents behindthe latest investigation aredrawn from fi�nancial servic-es companies in countries,including the British VirginIslands, Panama, Belize, Cy-prus, the United Arab Emi-rates, Singapore andSwitzerland.
The Panama Papers werebased on the data of a Pana-ma-based law fi�rm calledMossack Fonseca.
‘Pandora Papers’ expose top world leadersDocuments uncover off�shore assets of heads of state, govt.; key members of Imran’s inner circle namedAgence France-PressePress Trust of IndiaWashington
“Pandora Papers” are based on the leak of 11.9 mn documentsfrom 14 fi�nancial services companies. * GETTY IMAGES/ISTOCKPHOTO
