Why Par­adise Papers mat­ter.

The Miracle - - Front Page - By:Will Martin Source: busi­nessin­sider.com/ & Geo News

LON­DON The In­ter­na­tional Con­sor­tium of In­ves­tiga­tive Jour­nal­ists pub­lished the lat­est of its in­ves­ti­ga­tions into the fi­nan­cial af­fairs of the rich and fa­mous, de­tail­ing how some of the world’s wealth­i­est and most pow­er­ful peo­ple legally hide their cash off­shore. The lat­est in­stall­ment — which fol­lows on from 2015’s Panama Papers — has been dubbed the “Par­adise Papers” and con­sists more than 13 mil­lion doc­u­ments, ob­tained mostly from law firm Ap­pleby, a lead­ing ad­viser on off­shore af­fairs. No wrong­do­ing is be­ing al­leged by the ICIJ: “There are le­git­i­mate uses for off­shore com­pa­nies and trusts. We do not in­tend to sug­gest or im­ply that any peo­ple, com­pa­nies or other en­ti­ties in­cluded in the ICIJ Off­shore Leaks Data­base have bro­ken the law or oth­er­wise acted im­prop­erly.” Busi­ness In­sider scanned the first set of papers re­leased by the ICIJ — it will re­lease more as the week goes on — for news­wor­thy or prom­i­nent in­di­vid­u­als in the world of celebrity and pol­i­tics. Here are some of the most in­ter­est­ing peo­ple named so far. The Queen The most strik­ing name in the lat­est leak is that of Her Majesty The Queen. The Duchy of Lan­caster, which pro­vides the Queen with an in­come and deals with the in­vest­ments for her £500 mil­lion pri­vate es­tate, is shown to have in­vested as much as £10 mil­lion off­shore in funds based in the Cay­man Is­lands and Ber­muda. “Our in­vest­ment strat­egy is based on ad­vice and rec­om­men­da­tion from our in­vest­ment con­sul­tants and ap­pro­pri­ate as­set al­lo­ca­tion,” Chris Ad­cock, the CFO of the Duchy said in a state­ment given to the BBC. “The Duchy has only in­vested in highly re­garded pri­vate equity funds fol­low­ing a strong rec­om­men­da­tion from our in­vest­ment con­sul­tants.” The Queen is not per­son­ally in­volved in any of the in­vest­ments. Madonna Pop star Madonna is named in the Par­adise Papers as hav­ing been a share­holder in a med­i­cal sup­ply com­pany in Ber­muda. The com­pany was reg­is­tered in 1997 and shut­tered in 2013, the papers show. Amitabh Bachchan Bachchan, one of the most recog­nis­able names in In­dia’s enor­mous Bol­ly­wood film in­dus­try, is named in the Par­adise Papers as hav­ing been a “share­holder of a dig­i­tal me­dia com­pany in­cor­po­rated in Ber­muda in 2002,” ac­cord­ing to news­pa­per the In­dian Ex­press. “Till the in­tro­duc­tion of the Lib­er­alised Re­mit­tance Scheme in 2004, all in­vest­ments abroad made by res­i­dent In­di­ans re­quired prior ap­proval of the Re­serve Bank of In­dia. It’s not clear if the share­hold­ing was dis­closed to RBI,” the paper writes. Names of sev­eral Pak­ista­nis, for­mer prime min­is­ter Shaukat Aziz among them, have sur­faced in the new data­base of doc­u­ments, Par­adise Papers, re­leased by the In­ter­na­tional Con­sor­tium of Jour­nal­ists Sun­day night. The Par­adise Papers re­veal data of over 25,000 com­pa­nies span­ning 180 coun­tries, from 1950 to 2016. Around 381 in­ves­tiga­tive jour­nal­ists from 67 coun­tries worked ex­ten­sively to bring facts about the Par­adise Papers be­fore the peo­ple. Se­nior News reporter and ICIJ mem­ber Umar Cheema was also part of the team which un­earthed the Par­adise Papers. The leak, which in­cludes 13.4 mil­lion doc­u­ments, com­prises a ma­jor part of doc­u­ments leaked from com­pany ‘Ap­pleby’. The doc­u­ments were ob­tained from two com­pa­nies in Sin­ga­pore and Ber­muda by a Ger­man news­pa­per and shared with the ICIJ. For­mer PM Shaukat Aziz Aziz was an em­ployee of Citibank be­fore be­com­ing Pak­istan’s fi­nance min­is­ter and then prime min­is­ter in Gen­eral (retd) Pervez Mushar­raf’s gov­ern­ment. He was one of the share­hold­ers and di­rec­tors of Ba­hamas-reg­is­tered Ci­titrust Lim­ited from 1997 to 1999, along with other ex­ec­u­tives of the bank. In 1999, Aziz was ap­pointed fi­nance min­is­ter and cre­ated the Antarc­tic Trust. The Antarc­tic Trust’s ben­e­fi­cia­ries in­clude Aziz’s wife, their chil­dren and grand­daughte

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