The so-called ‘Paradise Papers’ leak has exposed the tax secrets of some of the world’s ultra-rich.
According to The Guardian, the Paradise Papers are part of “a special investigation by (over 90) media partners worldwide into a leak of 13.4 million files from two offshore service providers and 19 tax havens’ company registries. The files reveal the offshore financial affairs of some of the world’s biggest multinational companies and richest individuals, and set out the myriad ways in which tax can be avoided using artificial structures.”
Included in those files are The Queen Of England, some close contacts to the Presidents Trump and Putin, as well as Prime Minister Trudeau, and several major international companies.
Additionally, Bono gets name-checked, as used a company based in Malta to pay for a share in a shopping centre in a small town in the north-east of the Lithuania, a country where foreign investors only pay 5% tax on any profits they make.
As per the breakdown over on JOE.co.uk, the most pertinent information is as follows:
- While not illegal, about £10m ($13m) from the Queen’s private estate has been invested in a Cayman Islands fund. This money was lodged into these accounts by the Duchy of Lancaster, which provides the Queen with an income and handles investments.
- There are various dealings which feature Donald Trump’s cabinet members, advisers, and donors. In fact, there’s a history of payments being made from a firm that’s co-owned by Vladimir Putin’s son-in-law to the shipping group of the US commerce secretary, Wilbur Ross.
- Twiter and Facebook have received large financial contributions from various Russian state financial institutions.
- Stephen Bronfman, a key adviser to Canada’s Prime Minister Justin Trudeau, moved of millions of dollars to offshore havens.
- Complexities and close ties between two of the largest stakeholders in Arsenal and Everton, Alisher Usmanov and Farhad Moshiri.
- Famous Hollywood celebrities and entertainers protecting their wealth via offshore schemes.
- Nike, Apple, Facebook and Twitter pursuing tax avoidance schemes.
- $450m offshore trust that has protected the wealth of Lord Ashcroft.
Full details and an intricate breakdown of the leaks can be found here.
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