World
In photos: 20 facts about the Paradise Papers leak
Here is a pictorial summary of how the Paradise Papers leak came into the hands of journalists and what it revealed.
Süddeutsche Zeitung: The same German newspaper Süddeutsche Zeitung that obtained the Panama Papers leak received this new batch of offshore documents. They reveal how global magnates and large multinational companies use go offshore to dodge taxes, acquire luxury properties and hide fortunes, among other operations.
David Maris
Frederik Obermaier and Bastian Obermayer are the reporters for the German newspaper Süddeutsche Zeitung who share the leak with the International Consortium of Investigative Journalists (ICIJ).
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The ICIJ, led by Marina Walker and Gerard Ryle, is based in Washington DC. It was responsible for coordinating 382 journalists from 96 media outlets in 67 countries around the world.
ICIJ
Formula One auto racing star Lewis Hamilton got a new luxury jet, a $27 million candy-apple-red Bombardier Challenger 605 with Armani curtains. The leak revealed he also got a refund on the value-added tax.
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The documents reveal the inner workings of the Bermuda law firm Appleby Global, well respected in the offshore industry with offices around the world. The access to its database, added to that of Asiaciti Trust (Singapore) plus the registeries of 19 offshore jurisdictions allowed for the cross-referencing of shareholders and real beneficiary owners of companies to better understand their operations.
Hidefumi Nogami/ICIJ
Apple : The files reveal that America’s most profitable company, Apple Inc., shopped around Europe and the Caribbean for a new island tax shelter after a U.S. Senate inquiry found that the tech giant had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries.
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The US Secretary of Commerce, Wilbur Ross, has shares in a shipping company called Navigator Holdings LTD which includes among its clients Sibur, a Russian petrochemical company whose owners are the son-in-law of President Vladimir Putin and a Russian tycoon sanctioned by the United States.
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Venezuelan state oil company PDVSA is also on the list of important clients of the company of Wilbur Ross. That presents a seeming conflict of interest for the Commerce Secretary who presides over US sanctions against the Venezuelan company and other figures of the Venezuelan government.
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Glencore mining company, headquartered in Switzerland and with branches across the world, is one of Appleby's main clients. It has operations In Argentina, Chile, Colombia, among other countries in Latin America.
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In Brazil, a Minister of Agriculture was found to have an offshore company. In Argentina, a Minister of Finance and in Mexico, journalists found obscure financial maneuvers by the Legionaries of Christ, a Catholic group.
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A discussion between Walmart Mexico and Appleby shows the reluctance of the law firm to abide by U.S. anti-corruption regulations.
The records show that as of 2007, Queen Elizabeth's personal estate invested in a Cayman Islands fund that in turn invested in a private equity company that controlled BrightHouse, a U.K. rent-to-own firm criticized by consumer watchdogs for selling household goods to cash-strapped Britons on payment plans with interest rates as high as 99.9 percent.
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In Guatemala, a multi-millionairer Guatemalan family, Los Campollo, uses offshore schemes that had not come to light.
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Among the companies that appear in this leak are large global corporations such as Apple, Nike, McDonald's and Walmart.
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Russian magnate Yuri Milner made large investments in Twitter and Facebook via investments tied to the Russian government. the leak revealed.
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Uber is also a client of Appleby.
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Madonna: The database reveals that pop singer Madonna has shares in a medical supply company and musician and social activist Bono, listed with his full name, Paul Hewson, owned shares in a company registered in Malta that invested in a shopping center in Lithuania.
Getty ImagesThe co-founder of eBay, Pierre Omidyar, is a major donor to the consortium of journalists leading this research. He has an investment vehicle in Cayman Island; his spokesman said he was declaring it to the IRS.
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Stephen Bronfman is a major donor to the Prime Minister of Canada, Justin Trudeau, and he has had a long relationship with the offshore world. Trudeau was elected after promises of social justice and what he called “fiscal justice.” He considers it unfair that the middle class and the poorest pay more taxes than the rich and powerful.
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Is this investigation related to Panama Papers? Yes, companies and documents found in Paradise Papers could be linked to those obtained in the previous database. The new filtration offers added value: it reveals data from corporate records previously unknown to journalists, such as those from the Isle of Man and the Cayman Islands.
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