Leak reveals how elite avoid tax
PARADISE PAPERS Appleby defends itself, says it advises clients on legitimate, lawful ways to conduct their business
LONDON: The world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens are being revealed this week in a major new investigation into Britain’s offshore empires.
The details come from a leak of 13.4m files that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.
The material, which has come from two offshore service providers and the company registries of 19 tax havens, was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Con- sortium of Investigative Journalists with partners including the Guardian, the BBC and the New York Times .
The project has been called the Paradise Papers.
The disclosures will put pressure on world leaders, including Trump and the British prime minister, Theresa May, who have both pledged to curb aggressive tax avoidance schemes.
The publication of this investigation, for which more than 380 journalists have spent a year combing through data that stretches back 70 years, comes at a time of growing global income inequality.
Meanwhile, multinational companies are shifting a growing share of profits offshore – €600bn in the last year alone – the leading economist Gabriel Zucman will reveal in a study to be published later this week.
“Tax havens are one of the key engines of the rise in global inequality,” he said. “As inequality rises, offshore tax evasion is becoming an elite sport.”
At the centre of the leak is Appleby, a law firm with outposts in Bermuda, the Cayman Islands, the British Virgin Islands, the Isle of Man, Jersey and Guernsey. In contrast to Mossack Fonseca , the discredited firm at the centre of last year’s Panama Papers investigation , Appleby prides itself on being a leading member of the “magic circle” of top-ranking offshore service providers.
It acted for the establishment offshore, providing the structures that helped to legally reduce their tax bills.
Appleby says it has investigated all the allegations, and found “there is no evidence of any wrongdoing, either on the part of ourselves or our clients.” Business links found between
and son-in-law.
Ross has a stake in a shipping company that received more than
$68 mn in revenue since 2014 from a Russian energy company co-owned by Kirill Shamalov, who is married to Vladimir Putin’s daughter.
More than a dozen Trump cabinet advisors named in the leaks Millions of pounds from Britain’s
private estate were invested in offshore tax haven funds in Cayman Islands and Bermuda
Secret financial dealings of Stephen R. Bronfman, the chief fundraiser for
Canadian Prime Minister
revealed U2 lead singer used Malta-based firm to invest in Lithuanian shopping centre German newspaper Suddeutsche Zeitung received the documents. More than 380 journalists from 67 countries analysed the documents and partner organisations included The New York Times, The Guardian and BBC
certified wealth manager and Copenhagen Business School professor