Hidden fortunes of 35 world leaders exposed in Pandora Papers — so far
The bombshell leak of 12 million financial documents of the world wealthy are revealed to the public this week and more information continues to explain how the uber-rich are funneling their cash to avoid taxes and hiding assets.
The Mirror and Independent both reported that among the 30 leaders cited, Tony and Cherie Blair were among the two who dodged paying £312,000 in taxes on a property in London that they scored by buying an offshore company. The couple is denying the allegations, saying that they used "reputable estate agents" and "never used offshore schemes either to hide transactions or avoid tax."
The Daily Beast reported that Vladimir Putin's alleged former mistress "—and the mother of his supposed 18-year-old daughter—bought a lavish $4 million apartment in Monaco" also using a shell company just weeks after giving birth to the daughter.
"But according to the Pandora papers, some of Putin's inner circle also used Monaco as a discreet hub for their financial affairs, with Russian influence in the state growing," said the Mirror. Indeed the International Consortium of Investigative Journalists reported at least four people in Putin's inner circle who have used the same tactic to make purchases.
The Guardian reported that the papers also have information about "current and former presidents, prime ministers, and heads of state," reports the Guardian, as well as the "secret finances of government ministers, judges, mayors and military generals in more than 90 countries."
The news in Jordan are questioning $100 million in investments from King Abdullah, who is accused of owning property via offshore companies in Malibu, Washington D.C., and London that add up to $100 million. His country is currently struggling financially.
Prime Minister Andrej Babis, of the Czech Republic, also secretly purchased a lavish $22-million chateau in the French Riviera while he presented himself to voters as against the "elite," the International Consortium of Investigative Journalists reported. There were previously questions about Babis and tax evasion, but he dismissed them. Now the new documents are coming back to those allegations.
"That the self-styled man of the people has been involved in the kind of sleight-of-hand financial dealings that he accuses other members of the elites of engaging in," wrote the International Consortium of Investigative Journalists. Their report shows that he moved the $22 million through an offshore company to buy the chateau to keep the purchase secret.
Ukrainian President Volodymyr Zelensky is also on the list for shares he owns with his business partner in an offshore company.
"In March 2019 — just a month before he was elected president — Zelenskyy quietly transferred his so-called beneficial owner shares of the company to Sergiy Shefir, a close friend and business partner who would become one of his closest presidential aides in Kyiv. They had worked together in a film-production business before Zelenskyy became Ukraine's president," said the ICIJ.
The tactics being used are completely legal.
Data compiled by the New York Times