THE biggest-ever leak of financial information from secretive Central American law firm reveals how the world’s wealthy and famous hide their cash from prying eyes.
A SENSATIONAL leak of 11 million confidential documents last night showed how the world’s richest people protect their wealth.
The records – said to be from secretive Panama law firm Mossack Fonseca – apparently reveal how world leaders, sports stars and celebrities use offshore companies.
Among those reportedly mentioned in the “Panama Papers” were David Cameron’s late father Ian and several Tory peers and former MPs.
Footballer Lionel Messi and his dad, the prime ministers of Iceland and Azerbaijan, the king of Saudi Arabia and president of Azerbaijan are also said to be named.
Meanwhile, Vladimir Putin is also linked. Although the Russian president is not named, files reveal money from Russian bank Rossiya – already on the EU sanctions list – was channelled through offshore firms owned by associates allegedly including cellist Sergei Roldulgin.
The data contains secret offshore companies linked to the families and associates of Egypt’s former president Hosni Mubarak, Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad.
Icelandic prime minister Sigmundur Gunnlaugsson has also allegedly undeclared interest in his country’s bailed-out banks.
Cameron’s father, who died in 2010, is reported to have used Mossack Fonseca to shield his investment fund, Blairmore Holdings Inc, from UK taxes.
Papers say his fund was “managed and conducted so it does not become resident in
the United Kingdom for UK taxation purposes”. While tax evasion is illegal in the UK, tax avoidance or minimisation is usually legal.
the United Kingdom for UK taxation purposes”. While tax evasion is illegal in the UK, tax avoidance or minimisation is usually legal.
Read more at http://www.dailyrecord.co.uk/news/
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