Tax Authorities Starting Probes into People in Panama Papers

Governments around the world have started investigating possible wrongdoing by the world’s rich and powerful following the leaking of thousands of documents from a law firm in Panama, which allegedly has showed how its clients laundered money or avoids taxes.

The documents give details of schemes involving a myriad of different figures from friends of Vladimir Putin the Russian President to relatives of the current prime minister in Pakistan, Iceland and Britain and the Ukraine president, said journalists who were sent the papers.

While these papers detail the complex arrangements the benefitted the elite of the world, they do not mean necessarily that the schemes used were all against the law.

Russia’s Kremlin said that the documents contained nothing new or nothing concrete, while a spokesperson for David Cameron the Prime Minister of Britain said the reported links of his late father to one of the offshore companies was a private matter.

Sigmundur Gunnlaugsson the Prime Minister of Iceland was not available to make a comment on the connection of his wife with a secretive company in a haven offshore, which brought calls from the opposition for him to announce his resignation.

Pakistan had denied wrongdoing by the Prime Minister’s family after his son and daughter had been linked to companies that are offshore.

Petro Poroshenko the President of Ukraine has yet to comment on the reported links to offshore companies he has.

Poroshenko’s opponents said he should be impeached for the alleged transferring of his business in 2014 to an offshore company, amidst the brutal fighting that took place between separatists that were pro-Russia and Ukraine.

A senior General Prosecutors official said there was not any evidence to show he had committed any crime.

India, France, Austria, New Zealand and Australia were amongst countries that said they started investigating the papers’ allegations based on over 11.5 million documents from the Mossack Fonseca law firm, which was located in Panama, a tax haven.

Banks and individual clients were under the spotlight.

One official said the leak will likely prove to be the biggest blow the world of offshore has ever experienced.

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One Response

  1. steve says:

    Clayton, Dubilier, and Rice needs to do something about Brand Energy, one of the companies it invests in. Their junk bonds are being sold off like crazy. It’s a disaster. They need to get rid of the GE castoffs that run it. Some are only there because of nepotism and are despised within the company. They have executives who have to be shuffled around because they don’t get along with anyone. They hide behind ridiculous titles like “development.”

    GE castoffs make terrible executives. They have a nepotism problem. They never get fired and are often despised in the companies they work in. Their performance is often a joke. People at Home Depot have all kinds of negative things to say about what the GE castoffs did to that company.

    Brand Energy can’t go public with these GE castoffs in charge. A good PE firm gets rid of bad management. It’s clear what Clayton, Dubilier, and Rice should do. The Houston area of Brand Energy is a an example of terrible management and the executives there should be removed.

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