Pandora papers news – live: World leaders deny wrongdoing after huge leak of financial documents
Trove of secret files lays bare offshore schemes used by world’s richest to hide their fortunes
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Your support makes all the difference.Several world leaders have denied any wrongdoing after a huge leak of documents revealed the secret financial dealings of the global elite.
The Pandora Papers investigation, which involved a consortium of some 600 journalists from a variety of global media outlets, is based on the leak of some 11.9 million documents from 14 financial services companies around the globe.
Among those named in the files are associates of Russian president Vladimir Putin, King Abdullah of Jordan, and Czech prime minister Andrej Babis. All three have issued statements claiming they have done nothing wrong.
“For now it is just not clear what this information is and what it is about,” Kremlin spokesman Dmitry Peskov told reporters, adding that “we didn’t see any hidden wealth of Putin’s inner circle in there”.
King Abdullah said claims he used offshore accounts to disguise a £70m hidden property empire were “defamatory and designed to target Jordan’s reputation”.
“Any allegations that link these private properties to public funds or assistance are baseless and deliberate attempts to distort facts,” a statement from the Royal Hashemite Court said on Monday.
Meanwhile on Twitter, Mr Babis said he had done nothing “illegal or wrong” and suggested the leaks were an attempt to “influence the Czech election”, which takes place next week.
Australian links in Pandora papers will be investigated, tax office says
Australians linked to the revelations in the Pandora Papers will be investigated by the country’s tax office, it has been confirmed.
Some 400 Australian names are contained in the leaked documents, which also implicate 35 world leaders and more than 300 other public officials.
The Guardian, one of a variety of media outlets involved in the Pandora Papers investigation, declined to name any of the Australian nationals named in the files but said they included “senior figures from the finance and property industries”.
Will Day, the head of the Australian Tax Office (ATO), said there were “a range of legitimate reasons that someone may have for an offshore bank account or structure”.
He continued: “We know most Australians do the right thing.
“However, there are some who attempt to hide their ownership interests or financial misdoings through offshore arrangements.
“We are well-connected locally and globally in our efforts to fight financial crime. We will certainly look at this data set and compare it with the data we already have to identify any potential connections.”
Explained: Where are the American names in the Pandora Papers?
To the surprise of some analysts and commentators, not a single American business figure or politician has been included in the Pandora Papers, writes John Bowden.
Over 300 public officials and 35 world leaders were named as part of the reports, which were released on Sunday by a variety of global media outlets. Nine countries have since promised to investigate the allegations revealed in the files.
While American businessmen appeared to have escaped the investigation’s gaze, the United States did not.
Experts told NPR that the US’ low tax rates (compared to other developed nations) contributed to the findings, which indicated that some Americans simply found no need to stash money abroad; others were found to be likely using companies whose finances were not revealed in the latest batch of documents.
And some Americans still use the same methods to hide assets when under investigation or facing lawsuits, the Washington Post found, though none were named specifically.
“The records also show how a firm in Central America became a one-stop shop for American clients, allowing them to conceal their assets while facing criminal investigations or lawsuits,” the paper reported.
You can read more on that in our article below.
Why are there no big American names in Pandora Papers?
Laws in Nevada, South Dakota now rival most lax offshore tax havens
Revelations are ‘bitter bill to swallow’ for Jordanians
The revelations regarding King Abdullah II of Jordan in the Pandora Papers are a “bitter pill to swallow” for Jordanians who are “struggling” financially, an analyst has told The Independent.
King Abdullah has said claims he used offshore accounts to disguise a hidden property empire were “defamatory and designed to target Jordan’s reputation”.
It came after reports alleged that the king used a network of secretly owned firms to spend more than $100m (£70m) on property in the UK and US.
“This is a very expensive country to live in: people are largely living on economic support from the diaspora,” said Bessma Momani, professor of politics at the University of Waterloo.
“I don’t think it is a surprise that the king has lots of foreign assets. But he will have to fiercely defend himself [against accusations] that foreign aid is going into his coffers.
“People are legitimately frustrated with their economic situation.”
You can read more about that story here.
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