International Consortium of Investigative Journalists (ICIJ) is back with a new leak after panama papers i.e. the Paradise Papers. The Paradise papers reveal corporate connection with offshore companies and details of the financial data of the biggest of corporations around the world.
Here’s what to know about the leak.
What are the Paradise Papers?
Paradise papers aims to expose trails of veiled offshore financial activities. It was obtained by German newspaper Süddeutsche Zeitung and were investigated by the International Consortium of Investigative Journalists (ICIJ) working in partnership with 96 news organisations. The files contain information about 19 tax havens and how show companies & individuals are avoiding taxes.
These papers are a huge leak of financial documents that throw light on the top end of the world of offshore finance. It exposed assets of top politicians and corporations, as well as some of the world’s wealthiest individuals and celebrities and considered as one of the biggest data leaks in history after Panama paper leaks.
What are offshore companies?
A company incorporated for the purpose of operating outside the country of its registration is an offshore company. It is a term that means outside one’s own jurisdiction.
The leaked data covers seven decades from 1950 to 2016
Papers contain 13.4 million documents and 6.8 million come from the offshore legal service provider Appleby and corporate services provider Estera. and beyond.
The Appleby’s leaks show that the Queen of England(Queen Elizabeth II’s) has invested millions in medical and consumer loan companies. Canadian PM Justin Trudeau’s key fundraiser, adviser and friend Stephen Bronfman is also involved in Paradise papers.
Other major international figures include-
- Donors of U.S. President Donald Trump
- U.S. Secretary of State Rex Tillerson
- U.S. Secretary of Commerce Wilbur Ross
- Jordanian Queen Noor al-Hussein
- The leaked files also detail Russia’s involvement in Twitter and Facebook through an associate of Jared Kushner, son-in-law of President Trump.
This is the world’s second biggest data leak
381 journalists from 67 countries have been analyzing the material. Nearly 100 media groups are investigating the papers. A bulk of the records investigated is from Bermuda law firm Appleby.
Paradise Papers’ records show that the powerful and wealthy can utilize tax havens for their own benefit.
Why Paper leak is important?
Data leaks have exposed wrongdoing resulting in politicians, ministers and even prime ministers being forced from office. Tax avoidance is a global problem. It is very important to put his problem in front of the world.
Paradise papers- India connection
This investigation has triggered a fresh debate in India’s political arena as names of some high-value individuals have also emerged.
According to the investigation, there are instances of assets of Indian companies being used to guarantee loans raised by offshore companies without disclosing it to Indian regulators.
180 countries are represented in the data in which India ranks 19th in terms of the number of names. In total, there are 714 Indian names in the cache of 13.4 million documents.
Papers reveal details of prominent individuals from India who have invested in offshore accounts.
Prominent Indian names in Paradise Papers-
- Amitabh Bachchan
- Union minister Jayant Sinha,
- Nira Radia
- Sanjay Dutt’s wife Manyata Dutt
- Cairman of Fortis-Escorts Dr Ashok Seth
- Vijay Mallya
- Rajya Sabha MP Ravindra Kishore Sinha’s
Paradise Papers show how the rich and powerful take advantage of offshore tax havens.
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