NEW DELHI: Secret assets and illegal investments of hundreds of politicians, businessmen and billionaires across the world, including Indians, have been exposed in one of the biggest leaks of financial documents made public on Sunday.
called the “Pandora LetterThe latest set of leaked documents sheds light on the financial secrecy of the world’s richest people and is said to be the largest ever.
According to the Guardian, the trove contains about 12 million files of companies hired by wealthy clients to form trusts and offshore structures in tax havens such as Panama, Dubai, Monaco, Switzerland and the Cayman Islands.
Here’s what you need to know about the Pandora Papers…
* Papers obtained by the International Consortium of Investigative Journalists (ICIJ) show that more than 100 billionaires as well as celebrities from countries such as Russia, the US, India, Pakistan, the UK and Mexico used shell firms and Secret bank accounts used. and conduct secret financial transactions.
* The Pandora Papers expose the behavior of the King of Jordan, the Presidents of Ukraine, Kenya and Ecuador, the Prime Minister of the Czech Republic and the former British Prime Minister Tony Blair.
* The report said the leaked documents have exposed more than 300 Indians, including those accused of economic crimes, former Members of Parliament and on the radar of investigative agencies.
* According to the Indian Express, which was part of the consortium, businessman Anil Ambani has 18 asset holding offshore companies despite having been declared bankrupt in a UK court.
* It was also reported that the husband of Biocon promoter Kiran Mazumdar Shaw had set up a trust with the keys of a person who had been banned by SEBI for insider trading. Apart from this, the sister of fugitive Nirav Modi had formed a trust just a month before the diamond trader fled the country.
* The report noted that many individuals owned by offshore entities opted to restructure their overseas assets after a large Panama Papers Leaked in 2016. The Indian Express report mentioned that cricket legend Sachin Tendulkar was among those who asked for the liquidation of his offshore unit following the Panama leaks.
*According to the Guardian, papers reveal that the King of Jordan, Abdullah II, secretly amassed $100 million worth of assets in the US and Britain, including a luxurious ocean-view mansion in Malibu.
* The Dawn reported that many members of the Prime Minister of Pakistan Imran KhanThe inner circle, including cabinet ministers and their families, secretly owns companies and trusts holding millions of dollars. These include Finance Minister Shaukat Tarin, his family and the son of Waqar Masood Khan, a former advisor on finance and revenue to Prime Minister Imran.
* The documents also reveal that PML-Q leader Chaudhry Moonis Elahi, a close political aide of Imran, allegedly planned to divert the proceeds from the corrupt business deal into a secret trust.
* The papers further show that former UK PM Tony Blair and his wife saved £312,000 in stamp duty by buying a London office. The Guardian reported that while the move was not illegal or directly implicated Blair, the deal highlights a loophole that enabled wealthy property owners to evade taxes.
* Leak also links Russian President Vladimir Putin To the secret property in Monaco. While there is no direct mention of Putin in the documents, many of his close aides, such as childhood friends and former flames, are included in the papers.
called the “Pandora LetterThe latest set of leaked documents sheds light on the financial secrecy of the world’s richest people and is said to be the largest ever.
According to the Guardian, the trove contains about 12 million files of companies hired by wealthy clients to form trusts and offshore structures in tax havens such as Panama, Dubai, Monaco, Switzerland and the Cayman Islands.
Here’s what you need to know about the Pandora Papers…
* Papers obtained by the International Consortium of Investigative Journalists (ICIJ) show that more than 100 billionaires as well as celebrities from countries such as Russia, the US, India, Pakistan, the UK and Mexico used shell firms and Secret bank accounts used. and conduct secret financial transactions.
* The Pandora Papers expose the behavior of the King of Jordan, the Presidents of Ukraine, Kenya and Ecuador, the Prime Minister of the Czech Republic and the former British Prime Minister Tony Blair.
* The report said the leaked documents have exposed more than 300 Indians, including those accused of economic crimes, former Members of Parliament and on the radar of investigative agencies.
* According to the Indian Express, which was part of the consortium, businessman Anil Ambani has 18 asset holding offshore companies despite having been declared bankrupt in a UK court.
* It was also reported that the husband of Biocon promoter Kiran Mazumdar Shaw had set up a trust with the keys of a person who had been banned by SEBI for insider trading. Apart from this, the sister of fugitive Nirav Modi had formed a trust just a month before the diamond trader fled the country.
* The report noted that many individuals owned by offshore entities opted to restructure their overseas assets after a large Panama Papers Leaked in 2016. The Indian Express report mentioned that cricket legend Sachin Tendulkar was among those who asked for the liquidation of his offshore unit following the Panama leaks.
*According to the Guardian, papers reveal that the King of Jordan, Abdullah II, secretly amassed $100 million worth of assets in the US and Britain, including a luxurious ocean-view mansion in Malibu.
* The Dawn reported that many members of the Prime Minister of Pakistan Imran KhanThe inner circle, including cabinet ministers and their families, secretly owns companies and trusts holding millions of dollars. These include Finance Minister Shaukat Tarin, his family and the son of Waqar Masood Khan, a former advisor on finance and revenue to Prime Minister Imran.
* The documents also reveal that PML-Q leader Chaudhry Moonis Elahi, a close political aide of Imran, allegedly planned to divert the proceeds from the corrupt business deal into a secret trust.
* The papers further show that former UK PM Tony Blair and his wife saved £312,000 in stamp duty by buying a London office. The Guardian reported that while the move was not illegal or directly implicated Blair, the deal highlights a loophole that enabled wealthy property owners to evade taxes.
* Leak also links Russian President Vladimir Putin To the secret property in Monaco. While there is no direct mention of Putin in the documents, many of his close aides, such as childhood friends and former flames, are included in the papers.
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