From Nawaz to Putin: The politicians implicated in the Panama Papers
A massive leak of 11.5 million documents from a Panama-based law firm presented only a glimpse into the shadowy world in which the rich and powerful stash their wealth raising sharp questions about the use of shell companies that hide the identity of their true owners.
Leaders of the Group of 20 — representing almost 80% of the global economy — have vowed to crack down on the practice, which is blamed for aiding money laundering, corruption and tax evasion. Countries have tightened rules on using them — but not enough to satisfy anti-corruption activists.
A number of high-profile heads of state have been implicated in the leaks, ranging from the Russian President, Vladimir Putin to Syria’s controversial Head of the state, Bashar al-Assad.
Nawaz Sharif
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Sharif’s daughter Mariam Safdar was the owner of British Virgin Islands-based firms Nielsen Enterprises Limited and Nescoll Limited, incorporated in 1994 and 1993, both of which were struck off in 2014.
Hussain and Mariam in 2007 conducted transactions in which Deutsche Bank, Geneva lent $13.8 million to Nescoll, Nielsen and another unnamed company. Hasan Nawaz Sharif was the director of Hangon Property Holdings Limited incorporated in the British Virgin Islands.
Xi Jingping
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Deng Jiagui was the sole director and shareholder of two British Virgin Islands-based “shell companies” in Mossack Fonseca’s inventory. The nature of work of the two companies is still ambiguous.
Kofi Annan
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Kojo Annan was the sole director of the Samoan company Sapphire Holding Ltd, which was employed in buying a $500,000 London apartment.
David Cameron
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Ian Cameron helped to create “Blairmore Holdings Inc.” in Panama in 1982 and was involved in the investment fund until his 2010 death, and allegedly managed it to avoid paying taxes.
Vladimir Putin
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Arkady and Boris Rotenberg were owners of at least seven companies in the British Virgin Islands. These investments included a pipeline company and helped build an Italian villa for Arkady’s son.
Sergey Roldugin was the owner of three offshore companies. It is alleged that these companies received advantageous loans.
Petro Poroshenko
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Poroshenko’s offshore firm, Prime Asset Partners Limited, was set up by Mossack Fonseca in the British Virgin Islands and is described as a “holding company of Cyprus and Ukrainian companies of the Roshen Group, one of the largest European manufacturers of confectionery products.”
The Ukrainian President set up this company during the 2014 war with separatists backed by Russia.
AnuragKejriwal
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Kejriwal and his wife owned several offshore companies and foundations, some of which were used for iron ore trading.
Hosni Mubarak
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Alaa Mubarak owned the British Virgin Islands firm Pan World Investments Inc., managed by Credit Suisse.
Bashar al-Assad
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Rami controlled key economic sectors such as oil and telecommunications. He allegedly held such control over the Syrian business that any foreign company seeking to do business in the country had to be cleared by him.
Hafez, a general in charge of Syria’s intelligence and security, was suspected of helping his older brother intimidate business rivals. Both jointly held at least nine overseas companies.