Please ensure Javascript is enabled for purposes of website accessibility

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

3 days ago

Trump Says He’s Willing to Let Migrant Farm Laborers Stay in US

3 days ago

US Electric Vehicle Tax Breaks Will Expire on Sept. 30

4 days ago

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

4 days ago

Trump’s Sweeping Tax-Cut and Spending Bill Wins Congressional Approval

4 days ago

Americans Celebrate Their Independence With Record-Breaking Travel Numbers

4 days ago

US Supreme Court to Decide Legality of Transgender School Sports Bans

4 days ago

Nvidia Set to Become the World’s Most Valuable Company in History

4 days ago

Poll: 41% in US ‘Extremely Proud’ to Be American, Near Historic Low

4 days ago
Leaked Records Open a 'Pandora' Box of Financial Secrets
gvw_ap_news
By Associated Press
Published 4 years ago on
October 5, 2021

Share

Hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers have been hiding their investments in mansions, exclusive beachfront property, yachts and other assets for the past quarter-century, according to a review of nearly 12 million files obtained from 14 firms located around the world.

The report released Sunday by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries. It’s being dubbed the “Pandora Papers” because the findings shed light on the previously hidden dealings of the elite and the corrupt, and how they have used offshore accounts to shield assets collectively worth trillions of dollars.

World Leaders and Billionaires Called Out for Tax Evasion

The more than 330 current and former politicians identified as beneficiaries of the secret accounts include Jordan’s King Abdullah II, former U.K. Prime Minister Tony Blair, Czech Republic Prime Minister Andrej Babis, Kenyan President Uhuru Kenyatta, Ecuador’s President Guillermo Lasso, and associates of both Pakistani Prime Minister Imran Khan and Russian President Vladimir Putin.

The billionaires called out in the report include Turkish construction mogul Erman Ilicak and Robert T. Brockman, the former CEO of software maker Reynolds & Reynolds.

Many of the accounts were designed to evade taxes and conceal assets for other shady reasons, according to the report.

“The new data leak must be a wake-up call,” said Sven Giegold, a Green party lawmaker in the European Parliament. “Global tax evasion fuels global inequality. We need to expand and sharpen the countermeasures now.”

‘Pandora Papers’ Exposes Misuse of Funds

Oxfam International, a British consortium of charities, applauded the Pandora Papers for exposing brazen examples of greed that deprived countries of tax revenue that could be used to finance programs and projects for the greater good.

“This is where our missing hospitals are,” Oxfam said in a statement. “This is where the pay-packets sit of all the extra teachers and firefighters and public servants we need. Whenever a politician or business leader claims there is ‘no money’ to pay for climate damage and innovation, for more and better jobs, for a fair post-COVID recovery, for more overseas aid, they know where to look.”

The Pandora Papers are a follow-up to a similar project released in 2016 called the “Panama Papers” compiled by the same journalistic group.

The latest bombshell is even more expansive, porting through nearly 3 terabytes of data — the equivalent of roughly 750,000 photos on a smartphone — leaked from 14 different service providers doing business in 38 different jurisdictions in the world. The records date back to the 1970s, but most of the files span from 1996 to 2020.

In contrast, the Panama Papers culled through 2.6 terabytes of data leaked by one now-defunct law firm called Mossack Fonseca that was located in the country that inspired that project’s nickname.

The latest investigation dug into accounts registered in familiar offshore havens, including the British Virgin Islands, Seychelles, Hong Kong and Belize. But some of the secret accounts were also scattered around in trusts set up in the U.S., including 81 in South Dakota and 37 in Florida.

Jordan’s King Abdullah II Denies Allegations

Some of the initial findings released Sunday painted a sordid picture of the prominent people involved.

For instance, the investigation found advisers helped King Abdullah II of Jordan set up at least three dozen shell companies from 1995 to 2017, helping the monarch buy 14 homes worth more than $106 million in the U.S. and the U.K. One was a $23 million California ocean-view property bought in 2017 through a British Virgin Islands company. The advisers were identified as an English accountant in Switzerland and lawyers in the British Virgin Islands.

There was no immediate comment from Jordan’s Royal Palace.

The details are an embarrassing blow to Abdullah, whose government was engulfed in scandal this year when his half brother, former Crown Prince Hamzah, accused the “ruling system” of corruption and incompetence. The king claimed he was the victim of a “malicious plot,” placed his half brother under house arrest and put two former close aides on trial.

U.K attorneys for Abdullah said he isn’t required to pay taxes under his country’s law and hasn’t misused public funds, adding that there are security and privacy reasons for him to have holdings through offshore companies, according to the report. The attorneys also said most of the companies and properties are not connected to the king or no longer exist, though they declined to provide details.

Prime Ministers Under Investigation

Blair, U.K. prime minister from 1997 to 2007, became the owner of an $8.8 million Victorian building in 2017 by buying a British Virgin Islands company that held the property, and the building now hosts the law firm of his wife, Cherie Blair, according to the the investigation. The two bought the company from the family of Bahrain’s industry and tourism minister, Zayed bin Rashid al-Zayani. Buying the company shares instead of the London building saved the Blairs more than $400,000 in property taxes, the investigation found.

The Blairs and the al-Zayanis both said they didn’t initially know the other party was involved in the deal, the probe found. Cherie Blair said her husband wasn’t involved in the purchase, which she said was meant to bring “the company and the building back into the U.K. tax and regulatory regime.” She also said she did not want to own a British Virgin Islands company and that the “seller for their own purposes only wanted to sell the company,” which is now closed.

A lawyer for the al-Zayanis said they complied with U.K. laws.

Khan, the Pakistani prime minister, is not accused of any wrongdoing. But members of his inner circle, including Finance Minister Shaukat Fayaz Ahmed Tarin, are accused of hiding millions of dollars in wealth in secret companies or trusts, according to the journalists’ findings.

In a tweet, Khan vowed to recover the “ill-gotten gains” and said his government will look into all citizens mentioned in the documents and take action, if needed.

Probe Shows Other Examples of Secret Dealings

The consortium of journalists revealed Putin’s image-maker and chief executive of Russia’s leading TV station, Konstantin Ernst, got a discount to buy and develop Soviet-era cinemas and surrounding property in Moscow after he directed the 2014 Winter Olympics in Sochi. Ernst told the organization the deal wasn’t secret and denied suggestions he was given special treatment.

In 2009, Czech Prime Minister Andrej Babis put $22 million into shell companies to buy a chateau property in a hilltop village in Mougins, France, near Cannes, the investigation found. The shell companies and the chateau were not disclosed in Babis’ required asset declarations, according to documents obtained by the journalism group’s Czech partner, Investigace.cz.

A real estate group owned indirectly by Babis bought the Monaco company that owned the chateau in 2018, the probe found.

“I was waiting for them to bring something right before the election to harm me and influence the Czech election,” Babis tweeted in his first reaction to the report.

The Czech Republic parliamentary election is being held on Friday and Saturday.

“I’ve never done anything illegal or wrong,” Babis added.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again

DON'T MISS

What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.

DON'T MISS

Trump to Sign Tax-Cut and Spending Bill in July 4 Ceremony

DON'T MISS

Madre Fire Spurs Evacuations Across 3 Counties, Grows to More Than 70,000 Acres

DON'T MISS

Clovis, Sanger, Madera, and Bass Lake Will Light the Sky With Fireworks Shows Tonight

DON'T MISS

Oil Dips Ahead of Expected OPEC+ Output Increase

DON'T MISS

613 Killed at Gaza Aid Distribution Sites, Near Humanitarian Covoys, Says UN

DON'T MISS

Fresno County Authorities Investigating Suspicious Death of Transient Man

DON'T MISS

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

DON'T MISS

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

UP NEXT

West Bank Town Becomes ‘Big Prison’ as Israel Fences It In

UP NEXT

Israeli Military Kills 20 in Gaza as Trump Awaits Hamas Reply to Truce Proposal

UP NEXT

Russia Pounds Kyiv With Largest Drone Attack, Hours After Trump-Putin Call

UP NEXT

Markets’ 90-Day Tariff Pause Rollercoaster Nears an Uncertain End

UP NEXT

Eyeing Arctic Dominance, Trump Bill Earmarks $8.6 Billion for US Coast Guard Icebreakers

UP NEXT

Colombia President Recalls Ambassador to US

UP NEXT

US-Backed 60-Day Gaza Ceasefire Envisions Gradual Return of Hostages, Official Says

UP NEXT

US Paves Way to Resume Ethane Exports to China Amid Trade Truce

UP NEXT

US Imposes New Sanctions Targeting Iran Oil Trade, Hezbollah, Treasury Dept Says

UP NEXT

From Victims to Perpetrators: Israeli Soldiers’ Nazi Comparisons and the Unfolding War Crimes in Gaza

Planned Parenthood Sues Trump Administration Over Planned Defunding

32 minutes ago

San Luis Obispo’s Madre Fire Injures 1 Firefighter, Burns Over 80,000 Acres

33 minutes ago

Two Border Patrol Officers Injured After Gunman Opens Fire in Texas

35 minutes ago

Fresno Police Arrest 9 at Independence Day DUI Checkpoint

60 minutes ago

Schumer Wants Probe of National Weather Service Response in Texas

1 hour ago

Israeli Guilt Over Gaza Lurks Beneath Silence and Denial

1 hour ago

Trump Criticized for Using Antisemitic ‘Shylock’ to Describe Bankers

1 hour ago

Iran President Says Open to Dialogue With US, Accuses Israel of Assassination Attempt

2 hours ago

Shy but Sweet Field Survivor, Poppy the Pup, Now Up for Adoption

2 hours ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Douglas Wayne Brittain

2 hours ago

Trump Says Will Impose 25% Tariffs on Japan, South Korea

WASHINGTON – President Donald Trump on Monday said he would impose a 25% tariff on goods from Japan and South Korea starting on August...

11 minutes ago

Containers on a cargo ship are pictured at an industrial port in Tokyo, Japan, July 2, 2025. (Reuters File)
11 minutes ago

Trump Says Will Impose 25% Tariffs on Japan, South Korea

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2025. (Reuters/Brendan McDermid)
13 minutes ago

Wall Street Knocked Lower by Tariff Jitters, Musk’s Political Plan Hurts Tesla

Protesters march near the campus of Columbia University in upper Manhattan to demand the release of Mahmoud Khalil, a Palestinian activist and former Columbia student, on March 14, 2025. A federal judge in Boston on Monday, July 7, 2025, will hear opening statements in a trial expected to present the foremost challenge to the Trump administration’s aggressive posture toward foreign students who espoused pro-Palestinian views. (Dave Sanders/The New York Times)
17 minutes ago

Trial Over Free Speech on Campus, and Trump’s Student Crackdown, Begins

Activists for Planned Parenthood demonstrate as the U.S. Supreme Court hears oral arguments in South Carolina's bid to cut off public funding to Planned Parenthood, in Washington, D.C., U.S., April 2, 2025. (Reuters File)
32 minutes ago

Planned Parenthood Sues Trump Administration Over Planned Defunding

The Madre Fire near New Cuyama has burned over 80,000 acres, prompted widespread evacuations, and left one firefighter injured as crews work to contain the blaze. (CalFire)
33 minutes ago

San Luis Obispo’s Madre Fire Injures 1 Firefighter, Burns Over 80,000 Acres

Photo of caution tape
35 minutes ago

Two Border Patrol Officers Injured After Gunman Opens Fire in Texas

Fresno Police arrested nine people for DUI and cited 20 others during a Friday, July 4, 2025, checkpoint that screened 227 vehicles. (GV Wire Composite/Paul Marshall)
60 minutes ago

Fresno Police Arrest 9 at Independence Day DUI Checkpoint

U.S. Senate Minority Leader Chuck Schumer (D-NY) speaks during a press conference after the Senate passes U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., July 1, 2025. (Reuters/Annabelle Gordon)
1 hour ago

Schumer Wants Probe of National Weather Service Response in Texas

Help continue the work that gets you the news that matters most.

Search

Send this to a friend