Leaked Panama Papers Shed Light on Global Offshore Industry

World | April 4, 2016, Monday // 16:51| Views: | Comments: 11
Bulgaria: Leaked Panama Papers Shed Light on Global Offshore Industry Photo shows the building where the office of law firm Mossack Fonseca is located in Panama City, Panama, 03 April 2016. 11 million documents from the firm's database were leaked allegedly exposing high profile tax evasion and money laundering. EPA/BGNES

An international consortium of media outlets has published an extensive investigation into the offshore financial dealings of political leaders, movie celebrities and sports starts based on a huge volume of documents reportedly leaked by an anonymous source.

A year-long worldwide media investigation into a trove of 11.5 million documents, leaked from a Panama-based law firm with offices in 35 countries, has exposed a tangle of offshore financial dealings by the elite, including from aides to Russian President Vladimir Putin and relatives of Chinese President Xi Jinping. The documents also name Ukraine's President Petro Poroshenko and the king of Saudi Arabia.

Putin isn’t himself named in the documents. Kremlin spokesman Dmitry Peskov has denounced the allegations at a press conference as “an attack”.

The records from legal firm Mossack Fonseca, the so-called Panama Papers, was obtained from an anonymous source by German daily Sueddeutsche Zeitung and shared with more than 100 media groups by Washington, D.C.-based International Consortium of Investigative Journalists (ICIJ).

Mossack Fonseca is one of the world’s leading firms in incorporation of offshore entities. The at the core of the investigation contains nearly 40 years of records, and includes information about more than 210,000 companies in 21 offshore jurisdictions, the ICIJ has said.

Mossack Fonseca has denied allegations of shady dealing, adding that “we have not once in nearly 40 years of operation been charged with criminal wrongdoing."

At least 50 companies, 16 company owners and 78 shareholders from across Bulgaria have been linked to registrations in offshore jurisdictions around the world, according to Sofia-based news daily newspaper 24 Chasa – the ICIJ's only reporting partner from Bulgaria. 

Another 100 people were directors, agents, lawyers or liquidators; some of them were foreign nationals residing in Bulgaria or having Bulgarian passports, while others were Bulgarians living abroad, according to 24 Chasa.

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Tags: Panama Papers, 24 chasa, Mossack Fonseca, ICIJ, Bulgaria
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» To the forumComments (11)
Jerry - 1 May 2016 // 01:29:43

To defeat the tax system, one defeats the social obligations between rich and poor.

Jerry - 29 Apr 2016 // 20:29:35


Jerry - 29 Apr 2016 // 20:20:52

Time has come to put all these tax evaders on a banana to Panama.

Jerry - 28 Apr 2016 // 01:18:49

While sitting a restaurant in Prague, reading the USA, German, Spanish and French newspapers, I was shocked at G7 countries as culprits’ tax evasion and conspirators to defeat social programs, health programs and educational training program to defeat unemployment and further dignity and quality of life for its citizens because the budgets in these countries have no funds.

The list of countries are shocking: The United States Department of Justice, German Justice Minister Heiko Maas, United Kingdom, HM Revenue and Customs, Russian President Vladimir Putin, Chinese, France, Two Spanish authorities, the Attorney General’s office and the Finance Ministry, announced investigations, The Australian Tax Office, Austria, Belgium, Indian Prime Minister Narendra Modi asked for a special multi-agency task force to be established to probe, The Swedish Financial Supervisory Authority, an investigation into Nordic banking giant Nordea, Mexico, Chile, Costa Rica, U.S. Attorney Preet Bharara, who heads the U.S. Attorney’s office for the Southern District of New York, “opened a criminal investigation regarding matters to which the Panama Papers are relevant.” This is the United States Attorney that handels Wall Street and German banks, including Deutsche Bank, Commerzbank, HypoVereinsbank and Bayerische Landesbank.
My sacred soccer FIFA has bank accounts in Panama with the world number player Messi.

We are in a new era of Mobster Al Capone International.

Jerry - 25 Apr 2016 // 21:30:31

"Shed Light on Global Offshore Industry" the result no hospitals, schools, security and all you hear from the politicians our budget has no funds because funds can be found offshore.

Jerry - 22 Apr 2016 // 00:35:47

On my visits to Panama, you find many Bulgarians in the streets of Panama City.

These Bulgarians are not Bankers and not in Panama to eat Panamanian shrimp.

The Rolex watch on the wrist of the Bulgarian tells me how much taxes are missing in the Bulgarian coffers.

This Bulgarian with the Rolex watch, I say to myself that I have seen this character in a newspaper while I was in Sofia.

Jerry - 17 Apr 2016 // 17:43:48

The income that remains offshore contributes to UNEMPLOYMENT and DEVELOPMENT.

We need more CRIMINAL ACTION to ward off poor enforcement.

Jerry - 9 Apr 2016 // 21:36:51

This morning I payed my US Income Taxes before April 15th.

Now I think of Panama and my conclusion is that I am a "sucker" since English, Russian, Saudi Arabians and Brazilian politicians do not pay taxes and get away with not paying taxes because they bank in Panama.

But I still think of Apple Pie, Chevrolet and USA and immigration seeking liberty and freedom.

Jerry - 6 Apr 2016 // 16:11:01

Imagine the lost revenue caused by offshore banking applied to PUBLIC HEALTH AND EDUCATION or our ENVIRONMENT.

The system would be perfect for our CREATION and INNOVATION.

Fr Jack Hackett - 5 Apr 2016 // 17:40:16

And this is just one company. Imagine just how many billions of taxes are not being paid by the wealthy elite while the ordinary workers are being screwed for every penny

Jerry - 5 Apr 2016 // 01:50:48

Off-shore banking is a way of life, when it comes to political corruption, money laundering, proceeds from illicit drug sales and embezzlement\'s from investment schemes.

The failure to pay taxes from offshores that sustain public health, education and public safety programs.

Now How can somebody lay their head on a pillow and sleep at night.

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