A leak from ‘Pandora Papers’ shows how the powerful shield assets
New report sheds light on how world leaders, powerful politicians, billionaires and others have used offshore accounts to protect assets collectively worth trillions of dollars over the past quarter century.
The report released by the International Consortium of Investigative Journalists (ICIJ) is dubbed the “Pandora Papers” because the findings shed light on the previously hidden actions of the elite and the corrupt.
Hundreds of politicians, celebrities, religious leaders and drug dealers have hidden their investments in mansions, exclusive beachfront properties, yachts and other assets.
This is according to a review of nearly 12 million records obtained from 14 companies located around the world. The files are said to include private emails, secret spreadsheets, clandestine contracts, and other records.
The Washington Post reports that 14 current leaders of countries among those who appear to have used the secret offshore system to hide assets, including King Abdullah II of Jordan and the rulers of the Czech Republic, Kenya, Ecuador and ‘other countries.
The Post reports that the files detail more than 29,000 offshore accounts, including more than 130 people listed as billionaires by Forbes and nearly 330 public officials in more than 90 countries and territories.
According to The Guardian, the newspapers are also highlighting places in the United States that appear to be tax havens, particularly the state of South Dakota, which is said to be home to billions of dollars in wealth linked to people previously accused of financial crimes. .
The Post claims millions of dollars from outside the United States are sheltered by trust companies in Sioux Falls, some of which are linked to individuals and companies accused of human rights abuses and other misconduct .