Christened the Paradise Papers, similar to the famous 2016 leaked Panama Papers, reveals how and where world’s wealthiest and just how they avoid tax. Although it is not illegal to own an offshore accounts but do raise questions on what the motives possibly are.
Amongst the initial names to emerge from the leaked documents is Nigeria’s senate president Bukola Saraki.
Saraki’s company, Tenia Ltd, “a holding company,” was established in the Cayman Islands in 2001. It address, 30 Saka Tinubu Street, Victoria Island, was one of the properties investigated in 2016 during Saraki’s alleged false declaration of assets.
Other notable names are; Queen Elizabeth II, ex Liberian president Ellen Johnson Sirleaf, U2 member Bono, and Justin Trudeau while many names are expected to emerge in the coming days.
The documents has revealed that recently appointed US Secretary of commerce by President Donald Trump, Wilbur Ross, owns a stake in a Russian shipping company closely linked to Vladimir Putin.
The leaked Paradise Papers also revealed how Twitter and Facebook received hundreds of millions of dollars in investments from Russian institutions closely linked to Putin, through a business associate of Trump’s son-in-law Jared Kushner.