Lon­don

The Week (US) - - 8 News -

Royal tax dodge: Bri­tain’s royal fam­ily was en­snared in a fi­nan­cial scan­dal this week after leaked doc­u­ments showed that the pri­vate es­tate of Queen El­iz­a­beth II had in­vested mil­lions of dol­lars in off­shore tax havens. Rev­e­la­tions in the Par­adise Pa­pers, a batch of 13.4 mil­lion doc­u­ments thought to have come from a Ber­muda-based law firm, in­di­cate that the Duchy of Lan­caster—which man­ages the monarch’s real es­tate, land and fi­nan­cial hold­ings—put some $13 mil­lion into funds in the Cay­man Is­lands and the Ba­hamas. Those funds then in­vested in ven­tures in­clud­ing U.K. re­tailer BrightHouse, a rent-to-own com­pany ac­cused of goug­ing poor peo­ple with sky-high in­ter­est rates. The duchy said all of its funds are “fully au­dited and le­git­i­mate.”

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