Paradise Papers – Another Pandora Box of Offshore Companies

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Paradise Papers - Another Pandora Box of Offshore Companies

Don’t judge them by their name. If someone’s name is in Paradise Papers, they may not necessarily be going to the paradise.

So What Are Paradise Papers?

Paradise Papers reveal names of many prominent and famous individuals from across the world. A leak of 13.4 million papers has taken the world by surprise.

Firm Behind Paradise Papers

This time a law firm with the name of Appleby has been revealed. The corporate entity behind the firm is Estera and Asiaciti Trust. The businesses named in these new leaks are registered in 19 different tax jurisdictions containing details of an overwhelming 120,000 plus companies and individuals. Like the Panama Leaks scandal, this also includes names of the well-known individuals.

People in Paradise Leaks

There is a wide geographical area to which people named in Paradise Papers belong. There is a long list of countries from different continents. The list contains names of 180 nations.

There is a long list of individuals. Therefore, it will take time before we may see more of the famous people’s names sorted out and made public. Names on this list include around 714 Indians in it. One of the notable names from India is that of Amitabh Bachan, the legendary Bollywood superstar. Sanjay Dutt’s wife Manyata Dutt is also in this list. Amitabh’s daughter in law and another renowned celebrity from India Aishwarya Rai’s name is also in Paradise Papers.

Two of the Indian members of the parliament’s names are on this list. These two parliamentarians include Ravindra Kishore (RK) Sinha and Jayant Sinha. Similarly, names of politicians of many other countries are on this list including the United States, Brazil, Uganda, Saudi Arabia, Kazakhstan, Mexico, Indonesia, Ghana, Canada, and Japan. Below the bottom of the list is the name of the current Secretary of State, Rex Tillerson. Similarly, the Chief Fundraiser for the Canadian PM also has his name on the new list.

Paradise Papers - Another Pandora Box of Offshore CompaniesParadise Leaks and Strong British Connection

The British connection remains apparent and robust with the new revelations. The latest stories emerging from these documents reveal how influential people use offshore companies. The use of the complex web of corporations helps the bigwigs get away without paying their fair share of taxes.

The documents show that the Queen has around £10m private money invested in offshore companies. The Duchy of Lancaster had put aside these funds into Bermuda and Cayman Islands. There is no suggestion as if the Queen is avoiding to pay taxes. However, the public remains startled if the Queen does need to invest money in these shady organizations. The Duchy of Lancaster has denied any involvement in making such decisions. Buckingham Palace would right now be thinking if it can rely on its investment advisors after the name of the Queen popping up in the new leaks.

Pakistanis Names in These New Leaks

The Former Pakistan’s PM Shaukat Aziz’s name is in these document. Also, it contains another well recognized Pakistani politician Ayaz Khan Niazi, who was the chairperson of National Insurance Corporation Limited. Another prominent name from Pakistan is Salman Ghani. Salman Ghani owns the Al Ghani Holdings and has permanently moved to Dubai. Estimates suggest over 150 Pakistanis’ names are in these new documents.

Corporations Involvement

Besides the influential individuals in this list, it also contains names of the many corporate entities. Some of the famous brands with offshore business existences include Uber, Nike, and Apple. Interestingly, they also provide names of 19 registries maintained by different governments.

Paradise Leaks and Trump’s Russian Connections

Besides the already ongoing investigation finding the Russian and Trump connection, Paradise Leaks provide more insights. The documents reveal new details about links between western officials and Russia. Among others, the western officials having relationships with Russia also include Trump’s commerce secretary Wilbur Ross. Over a dozen of the Donald Trump’s advisers’ names are among these leaks. Ross has stakes in a shipping firm named Navigator. Navigator has a partnership with Sibur. Sibur is a gas company. Vladimir Putin’s son-in-law Kirill Shamalov owns shares in the company.

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