PANAMA PAPERS REVEAL SAINT LUCIA LINK
The Panama Papers, which have been making international headlines, have revealed a Saint Lucia link. According to the reports, original documents show that Lord Glenconner, who owned land here particularly in Soufriere, controlled the offshore company Beau Estates, in which he held his assets.
It is reported that Beau Estates was set up in Panama in 1988 before being transferred to the BVI.
Glenconner, a close friend of Princess Margaret, died in 2010 leaving his shares in Beau Estates to his manservant, Saint Lucian Winston Kent Adonai.
Adonai is reported to have inherited a fortune estimated at some thirty million pounds sterling although Glenconner’s will has been challenged by family members in the courts.
The Panama Papers are a leaked set of confidential documents providing detailed information about more than two hundred thousand offshore companies.
The companies were listed by the Panamanian corporate service provider Mossack Fonesca, which provided the identities of shareholders and directors of the companies. The documents purport to show how wealthy individuals, including public officials, hide their money from public scrutiny.
There have been suggestions that the companies may have been used for money laundering.
Several countries are investigating possible financial crimes by the rich and powerful following the Mossack Fonseca leak.
The mass leak revealed the extent to which Mossack Fonseca appeared to help some clients evade tax and avoid sanctions, although the firm has denied it has done anything wrong and says the information is being presented out of context.
However, it is reported that there is nothing to suggest that Lord Glenconner sheltered, or sought to shelter, money or assets offshore to avoid tax or for any unlawful purpose.