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World

4 Oct 2021

Pandora Leak Reveals Offshore Financial Data of the World’s Elite

The Index Today

A shocking leak of offshore financial documents classified as the Pandora papers have revealed hidden financial assets of high-profile citizens and world leaders across the globe.

The 11.9 million confidential documents acquired by the International Consortium of Investigative Journalists showed how powerful government officials and elites have stashed away trillions of dollars in offshore accounts to avoid tax and prosecution.

It is widely known that many tax-haven countries allow the transfer of money to and from offshore accounts without any scrutiny. According to the Investigative Journalist group, the size of the Pandora papers is around 2.94 terabytes which is much larger than the previous 2016 Panama leak. The released financial records offshore money coming in from some of the world’s most powerful economies along with renowned banks and financial institutions.

So far, the biggest revelations from the Pandora findings include:
Azerbaijan and the Queen
The ruling Aliyev family of Azerbaijan was found to be trading over $500 million worth of property investments. Queen Elizabeth II’s crown estate purchased a $91 million property which is undergoing an internal review. The Guardian said, “Given the potential concerns raised, we are looking into the matter.”
French Rivera Estate
Andrej Babis, the current Prime Minister of Czech Republic transferred around $22 million with the help of a string of offshore accounts to purchase the French Riviera estate. Currently, the estate is owned by one of the subsidiary groups of the Prime Minister’s companies. The French Riviera is a beautiful five-bedroom Chateau Bigaud, located on a hilltop where the famous Pablo Picasso spent the remaining days of his life.
Tony Blair Property
The Pandora findings also revealed U.Ks Prime Minister Tony Blair’s $422,000 savings and a purchase of a $9 million office in the famous Marylebone area of London. According to the Guardian, the property does not point to any illegal activity but definitely shows a loophole which enables wealthy people to avoid tax.
Pakistan’s politicians
Pakistan’s Prime Minister current party including top cabinet members and ministers have secretly stashed away millions through holding companies. The news came as a shock since the PM pledged to take down corruption and reform the nation. A spokesperson for the Prime Minister said, “Khan had no offshore company, but ministers and advisers will have to be held accountable for their individual acts.”
South Dakota and Nevada
One of the most concerning Pandora revelations was financial secrecy laws adopted by states such as a South Dakota and Nevada. These laws point towards America’s complicit behavior to the growing offshore economy. The papers showed how the former Vice President of the Dominican Republic played a role in the finalizing of the trusts in South Dakota for storing his personal wealth.

©Photo: Guardian Design

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