Queen, politicos, celebs named
WASHINGTON: A federal judge is set to hear arguments on whether President Donald Trump’s former campaign chairman can be removed from home confinement as the criminal case against him moves forward.
Paul Manafort and business associate Rick Gates surrendered last week to face charges brought by special counsel Robert Mueller.
They are accused of laundering the profits of foreign consulting work performed on behalf of a Ukrainian political party and concealing those assets from the US government. They have pleaded not guilty. A magistrate placed Manafort and Gates under house arrest. Manafort has pledged $12.5 million (R177m) in assets to guarantee he’ll show up for court. – AP
AHUGE leak of financial documents, revealed by a group of about 100 media organisations, provided deep insights into mechanisms used by top politicians or celebrities to escape paying taxes.
Most individuals featured in the devastating leaks come from the US, followed by Britain.
The concealing of the wealth of billionaires, politicians and at least one head of state in offshore accounts comes as a major embarrassment to those mentioned.
The material could end up being used as evidence in investigations looking into links between members of the Trump administration and entities affiliated with the Russian government.
In Britain, the revelations could support accusations that the ruling Conservative Party indirectly benefited from offshore tax haven funds it has publicly condemned, adding to mounting pressure on Prime Minister Theresa May.
Among those named in the 13.4 million documents is Queen Elizabeth II, whose private estate invested more than $12 million offshore, according to the reports. Other documents in the leak refer to Trump administration officials, an aide of Canadian Prime Minister Justin Trudeau, a major donor to Britain’s Conservative Party and a Russian oligarch.
Last year, the Panama Papers – revealed by the same consortium of journalists – exposed companies, top officials, oligarchs and politicians who benefited from tax evasion. At the time, the Panama-based law firm Mossack Fonseca was portrayed by law firm industry representatives as an outlier. The companies where most of the new leak’s documents originated from are generally considered industry leaders, however, which exposes the extent to which questionable practices may still be the norm rather than the exception.
The 1 400GB of data were first leaked to German newspaper Süddeutsche Zeitung, which shared the documents with the International Consortium of Investigative Journalists. The consortium collaborates with hundreds of media partners around the world, including the New York Times and Britain’s Guardian.
About half of the leak’s documents are believed to have come from the Bermuda-based Appleby law firm, and corporate services provider Estera, previously part of Appleby for years. Appleby assists corporations or individuals with setting up companies offshore.
More than $12m of Queen Elizabeth’s private funds were invested offshore by the Duchy of Lancaster – a portfolio of assets which provides the queen’s income. A private estate on the same name may be the most well known part of the portfolio, but it also held funds in Bermuda and the Cayman Islands.
Chris Adcock, the chief finance officer of the estate, defended the investments.
He told the BBC: “The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants.”
The leaked documents reportedly show that US Commerce Secretary Wilbur Ross holds business investments in companies tied to Russian President Vladimir Putin’s inner circle, according to The Post’s Carol Morello. “The documents leaked as the administration faces investigations into possible collusion between the Trump campaign and Russia, including a probe by special counsel Robert Mueller that brought its first indictments last week.
“The reports said Ross has maintained a financial interest through offshore investments in a shipping company called Navigator Holdings. One of the firm’s largest clients is the Russian energy firm Sibur, a huge petrochemicals company.
“Among the firm’s major stakeholders are Putin associate Gennady Timchenko – individually under US sanctions – and Leonid Mikhelson, whom Forbes magazine lists as Russia’s richest man and whose company, Novatek, is under sanctions.”
Separately, the leak also appeared to show that a Russian billionaire, Yuri Milner, bought shares in US tech companies Twitter and Facebook. The purchases of the shares came from Russia’s VTB Bank and the state-led Gazprom company – both under US sanctions. Other individuals directly or indirectly mentioned in the leaks include Trump’s son-in-law Jared Kushner. A start-up company co-owned by Kushner and his brother received funding from Russian billionaire Milner in 2015.
Kushner had told the Senate Intelligence Committee he never “relied on” Russian money to finance his private business dealings, Morello said. Other references in the documents refer to the chief economic adviser Gary Cohn and Secretary of State Rex Tillerson. – Washington Post