Paradise Papers expose tax haven secrets of rich

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy secretly invest vast amounts of cash in offshore tax havens, reports BBC.

Donald Trump's commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US.

The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from a company called Appleby, a Bermuda-based legal services provider at the top end of the offshore industry, helping clients set up in overseas with low or zero tax rates.

 As with last year's Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The vast majority of the transactions involve no legal wrongdoing.

The papers show that about £10m of the Queen's private money was invested offshore. It was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m estate.

Wilbur Ross helped stave off bankruptcy for Donald Trump in the 1990s and was later appointed commerce secretary in Mr Trump's administration. The documents reveal Mr Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putin's son-in-law and two men subject to US sanctions.

 

Paradise Papers expose tax haven secrets of rich

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy secretly invest vast amounts of cash in offshore tax havens, reports BBC. Donald Trumps commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US. The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from a company called Appleby, a Bermuda-based legal services provider at the top end of the offshore industry, helping clients set up in overseas with low or zero tax rates. As with last years Panama Papers leak, the documents were obtained by the German newspaper Sddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The vast majority of the transactions involve no legal wrongdoing. The papers show that about 10m of the Queens private money was invested offshore. It was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her 500m estate. Wilbur Ross helped stave off bankruptcy for Donald Trump in the 1990s and was later appointed commerce secretary in Mr Trumps administration. The documents reveal Mr Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putins son-in-law and two men subject to US sanctions.