Highlights of Offshore Leaks So Far
This week marks the beginning of one of the biggest financial leaks in history.
The International Consortium of Investigative Journalists has just released the first stories from a global collaborative project into the world of offshore money. The Tax Justice Network, an advocacy group claims that a third of the world’s wealth is tied up in the secret area of offshore.
For the past 15 months, journalists from over 40 countries have worked together to shed light on this issue.
And here’s some of what they found.
- François Hollande’s treasurer during the 2012 presidential campaign, businessman Jean-Jacques Augier, is revealed to have investments in the Cayman Islands.
- Philippine government officials said Friday that they will look into the disclosure that Maria Imelda Marcos Manotoc, the eldest daughter of the late dictator Ferdinand Marcos was a beneficiary of a secret offshore trust in the British Virgin Islands. “We
are duty bound to investigate and, depending upon informed preliminary
findings, decide whether to pursue the matter,” said Andres Bautista,
the chairman of the Presidential Commission on Good Government, tasked with recovering the Marcos family’s alleged ill-gotten wealth.
- Germany’s largest financial institution, Deutsche Bank, helped its customers maintain more than 300 secretive offshore companies and trusts through its Singapore branch.
- New light is shed on a half-billion-dollar Ponzi scheme in Venezuela that
shuffled investor money among a maze of offshore companies, hedge funds
and bank accounts stretching from the Cayman Islands to Switzerland and
Panama, smoothing the way by funneling bribes to officials in
Venezuela.
- Commonwealth Trust Limited, a BVI-based firm, is revealed to have set up companies involved in the Magnitsky affair, a case that’s strained U.S.-Russian relations and blocked American adoptions of Russian orphans
- One of Mongolia’s most senior politicians
says he is considering resigning from office after being confronted
with evidence that he has an offshore company and a secret Swiss bank
account.
- Newly uncovered documents link Maria Imelda Marcos Manotoc, the eldest child of the late Philippine dictator Ferdinand Marcos and now a senior political figure in her own right, to two secretive offshore trusts and an offshore company.
- A prominent Canadian lawyer, husband to a Liberal senator,
moved CA$1.7 million (US$1.1 million) to secretive financial havens
while he was locked in battle with the Canada Revenue Agency over his
taxes, according to documents in a massive leak of offshore financial
data.
- A corporate mogul whose business empire has won building contracts worth billions of dollars amid Azerbaijani President Ilham Aliyev’s massive construction spree is tied to the president’s family through secretive offshore companies.
- The prominent Thais listed in secret documents as owners of offshore holdings includes the former wife of ousted Prime Minister Thaksin Shinawatra,
a sitting senator, a former high-ranking defense ministry
official, Forbes-listed tycoons, and a former government minister whose
assets in the United States are frozen because of her alleged links to
Zimbabwean dictator Robert Mugabe.
- Greek citizens who own or direct offshore companies in the British
Virgin Islands and other tax havens rarely declare them to Greek tax
officials, a review of more than 100 companies shows.
Just four out of 107 offshore companies investigated by ICIJ are
registered with tax authorities as the law usually requires,
particularly when the firms hold assets or conduct business in Greece.
Officials apparently have no record of the other 103 firms — or whether
the owners declared any assets held by these entities or paid taxes on
them.
- A list containing examples of some of the most high-profile names uncovered
in this investigation, along with records of their offshore companies.
Those named come in the form of politicians, businessmen, army generals,
tycoons, relatives of dictators, and are scattered across 29 different
countries.
- Finally, for those interested in how ICIJ managed to tackle records cache, the data manager of the project, Duncan Campbell, writes an in-depth explanation of how our journalists were able make sense of the 260 gigabytes of information obtained. Four large databases, half a million text, PDF, spreadsheet, image and web files were dissected to reveal over 130,000 records on the people and agents who run, own, benefit from or hide behind offshore companies.
We hope you enjoy these stories; there will be more to follow daily for the next couple of weeks.
If you have story tips, documents or other information about this issue, contact us at investigations@icij.org.
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