A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.
Eleven million documents held by the Panama-based law firm Mossack Fonseca have been passed to German newspaper Süddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. 109 media organisations in 76 countries have been analysing the documents.
A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.
Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca.They show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax.The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.
The data contain secret offshore companies linked to the families and associates of Egypt’s former President, Hosni Mubarak, former Libyan leader Muammar Gaddafi and Syria’s President Bashar al-Assad.
The documents also reveales a suspected billion-dollar money-laundering ring that was run by a Russian bank and involved close associates of President Putin.
The operation was run by Bank Rossiya, which is subject to US and EU sanctions following Russia’s annexation of Crimea.The documents reveal for the first time how the bank operates.
Mossack Fonseca data also show how Icelandic Prime Minister Sigmundur David Gunnlaugsson had an undeclared interest in his country’s failed banks.
Leaked documents show that Mr Gunnlaugsson and his wife bought offshore company Wintris in 2007.
Indians in Panama List
The List include film stars Amitabh Bachchan and Aishwarya Rai Bachchan . Corporates including DLF owner K P Singh and nine members of his family, and the promoters of Apollo Tyres and Indiabulls to Gautam Adani’s elder brother Vinod Adani. Two politicians who figure on the list are Shishir Bajoria from West Bengal and Anurag Kejriwal, the former chief of the Delhi unit of Loksatta Party.
@Agency report
