Quantcast
Connect with us

Massive leak of data reveals new money-hiding secrets of superrich — and this is ‘only the beginning’

Published

on

A massive trove of documents, data, and recorded phone calls showing how British company Formations House works to hide money for the superrich is being reported on by journalists all over the world, with the first stories dropping at midnight on Wednesday.

The reporting is being done under the name “29 Leaks,” a reference to Formations House’s original address at 29 Harley Street in London. The data was leaked to the group Distributed Denial of Secrets over the summer. 

ADVERTISEMENT

“It takes a concerted effort from a large number of people to make substantive headway on an investigation like this, in which a large amount of data needs to be quickly processed and examined,” Claire Peters, executive director of the Pursuance Project, told Unicorn Riot on Tuesday.

Peters and Pursuance Project outreach director Annalise Burkhart led a team of reporters from around the world uncovering and detailing the information stored in the huge, roughly 100 GB-sized trove of data.

“Formations House was the perfect example of a ‘one-stop shop’ for creating legal entities that serve as fronts for fraudulent operations and money laundering,” said Burkhart. “In only a matter of days, a client could purchase offshore companies bundled into packages touting minimal compliance requirements, tax-free operations, and anonymity for directors and shareholders.”

“It’s hard to overstate how notorious and suspicious the firm is,” Boing Boing wrote of Formations House when the leak’s existence became public in July.

According to Unicorn Riot, reporting from the data will have an international scope:

ADVERTISEMENT

Formations House has been the subject of international scrutiny for years, and the #29Leaks documents have been under investigation for some time. It is expected that news stories in Central America, Africa and Europe will examine information drawn from this set of leaks. The use of Formations House-managed companies to move money around between offshore and private banking centers like Luxembourg and other parts of the world is among the main themes of this dataset. Other documents expected to be covered in detail show how the African nation of The Gambia is commonly used to create banks and insurance companies on paper for wealthy people in other continents, which Formations House and related parties package and facilitate.

On Tuesday The Times of London showed, via undercover reporting, how Formations House sets up shell companies for its clients.

McClatchy reported on how Formations House helped Iran’s national oil company avoid sanctions. The Organized Crime and Corruption Reporting Project detailed schemes across Eastern Europe. The Economic Times, meanwhile, dug into the comapny’s Pakistani-British management.

ADVERTISEMENT

More reporting will come, said the Pursuance Project’s Peters.

“There’s much more work to be done with this data,” said Peters, “we’re only at the beginning.”

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Adam Schiff trapped the GOP — by challenging them to refute documents Trump is blocking: Attorney

Published

on

In a thread on Twitter, The Nation justice correspondent Elie Mystal broke down the ingenious argument that House Intelligence Committee Chairman Adam Schiff (D-CA) used to trap the GOP with President Donald Trump's own obstruction — by laying out the case against Trump that witnesses said were in documents the president is blocking, and then challenging them to compel Trump to produce those documents if they don't believe the evidence.

Bad faith actors like @LindseyGrahamSC will not care, but what @RepAdamSchiff is doing here is brilliant. He's referencing docs he doesn't have, reminding the Senate that they can demand those docs, and then explaining what *other witnesses under oath* have said about those docs.

Continue Reading

Breaking Banner

GOP claim Ukraine felt ‘no pressure’ shredded by Adam Schiff during impeachment trial

Published

on

The lead House impeachment manager fact-checked Republicans during opening arguments in the prosecution of President Donald Trump.

Rep. Adam Schiff (D-CA), who chairs the House Permanent Select Committee on Intelligence, reminded the Senate of the actual evidence that refutes the GOP talking point.

Schiff noted the testimony, emails and text messages that show Ukraine felt enormous pressure to go along with the quid pro quo.

The former federal prosecutor shouted, "they're at war!"

Schiff said it was "$400 million worth of pressure."

Lead impeachment manager Adam Schiff pushes back on GOP argument that Ukraine didn't feel pressure following Trump call with Zelenskiy and withheld aid: "Like they're going to admit that they were being shaken down by the president of the United States." https://t.co/nfmmCjGJjV pic.twitter.com/1idgdnIpec

Continue Reading
 

Breaking Banner

GOP would ‘block the smoking gun’ Trump used to shoot someone on Fifth Ave: law professor

Published

on

As the Senate impeachment trial entered its second day, the Democratic impeachment managers laid out a gigantic trove of damning evidence against President Donald Trump regarding his scheme in Ukraine. But there is no indication that any Republican senator has been swayed to vote to convict, and it remains unclear even whether they will vote to allow additional evidence to be heard.

Law professor Jennifer Taub laid out in colorful imagery how hellbent Republicans are on acquitting the president, in the face of any conceivable evidence:

If Trump shot someone on Fifth Avenue (as he once bragged he could without losing voters), Senate Republicans would vote to block the introduction of the smoking gun into evidence.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image