Pandora Papers expose dealings of world’s super-wealthy
Secret dealings by some of the world’s most powerful people were revealed on Monday via a giant leak of offshore data.
The documents known as the Pandora papers include 11.9m files from organisations hired by high net-worth clients to build offshore structures and trusts in tax havens across the world.
The #PandoraPapers is the most expansive leak of tax haven files in history and reveals the secret offshore holdings of more than 300 politicians and public officials from more than 90 countries and territories.— ICIJ (@ICIJorg) October 4, 2021
Here's a look at the Power Players https://t.co/i58Toe7OEi pic.twitter.com/45wsF9gwDK
Included in the revelations were 35 world leaders, including current and former heads of state.
Former UK Prime Minister Tony Blair and his wife Cherie saved £312,000 in stamp duty when buying a £6.45m London townhouse by buying an offshore company which owned the house, leaked documents from the Pandora Papers showhttps://t.co/6KgpUNvBDG— BBC Breaking News (@BBCBreaking) October 3, 2021
Leaked files from 14 offshore service providers tie more than 330 public officials, including 35 world leaders, to offshore fortunes.
Kenyan President Uhuru Kenyatta said Monday that an investigation exposing global leaders' use of tax havens will "enhance financial transparency" but declined to comment on allegations that his family owned 11 offshore companies worth millions of dollarshttps://t.co/qNEOGRmuI3— AFP News Agency (@AFP) October 4, 2021
Also implicated were hundreds of public officials, such as ministers, judges and military generals from over 90 countries. Over 100 billionaires appeared in the leaked data, in addition to celebrities and business leaders.
Many of the aforementioned people use shell companies to keep hold of properties and other luxury items, in addition to hidden bank accounts.
Now would be a good time to watch this if you haven’t. It’s more like Pandora papers explained; everything you need to know about offshore accounts and shell companies https://t.co/x5uWHdde68— Mutinda (@brianmutinda_) October 4, 2021
A shell company often is without active business operations or significant assets. While they are not necessarily illegal, they can be used to hide business ownership from the law or the general public.
The leak provides a rare glimpse into a shadowy world of major wealth and the operations of the global offshore economy, although the findings may not come as a surprise to many.