Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

'Pandora Papers' Show Heads Of State Hid Millions Offshore: Report

'Pandora Papers' Show Heads Of State Hid Millions Offshore: Report

Pandora Papers involves some 600 journalists from dozens of media and is based on the leak of some 11.9 million documents from 14 financial services companies

More than a dozen heads of state and government, including the King of Jordan and the Czech prime minister, have hidden millions in offshore tax havens, according to an investigation published Sunday by the ICIJ media consortium.

The so-called "Pandora Papers" investigation -- involving some 600 journalists from media including The Washington Post, the BBC and The Guardian -- is based on the leak of some 11.9 million documents from 14 financial services companies around the world.

Some 35 current and former leaders are featured in the documents analyzed by the International Consortium of Investigative Journalists (ICIJ) -- facing allegations ranging from corruption to money laundering and global tax avoidance.

The documents notably expose how King Abdullah II created a network of offshore companies and tax havens to amass a $100 million property empire from Malibu, 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 offshore companies for privacy and security reasons.

The documents also show Czech Prime minister Andrej Babis -- facing an election later this week -- failed to declare 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 havens and 336 high-level politicians and public officials, including country leaders, cabinet ministers, ambassadors 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 business 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.

Among the other revelations from the ICIJ investigation:


-- Family and associates of Azerbaijani President Ilham Aliyev are alleged to have been secretly involved in property deals in Britain worth hundreds of millions.

-- Kenyan President Uhuru Kenyatta and six family members are alleged to secretly own a network of offshore companies.

-- Members of Pakistan Prime Minister Imran Khan's inner circle, including cabinet ministers and their families, are said to secretly own companies and trusts holding millions of dollars.

-- Russian President Vladimir Putin is not directly named in the files, but he is linked via associates to secret assets in Monaco.

The "Pandora Papers" are the latest in a series of mass ICIJ leaks of financial documents that started with LuxLeaks in 2014, and was followed by the Panama Papers, the Paradise Papers and FinCen.

The documents behind the latest investigation are drawn from financial services companies in countries including the British Virgin Islands, Panama, Belize, Cyprus, the United Arab Emirates, Singapore and Switzerland.

Newsletter

Related Articles

0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
×