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What are Pandora Papers Leaks?
The Pandora Papers are about 1.19 crore secret files leaked by 14 corporate service firms. These files contain the names of private trusts created secretly. The files contain the names of 29,000 off-the-shelf companies and private trusts set up by these 14 service firms. Companies and private trusts had prepared them only to save tax. These off-the-shelf companies were set up to hide records in countries where taxes are not levied, as well as in wealthy countries such as Singapore, New Zealand and the US.
The International Consortium of Investigative Journalists (ICIJ), an international body of journalists, and media organizations around the world have made important revelations about the secret transactions of the world’s richest personalities. The names of big people of about 114 countries have come in this disclosure. In these, from current and former heads of state to hundreds of industrialists, sportspersons, celebrities, politicians and others, they have shown the ways and means of hiding their wealth and money transactions. This leaked data has been named Pandora Papers.
Who Is On Pandora Papers?
These Pandora Papers include interviews with presidents of Ukraine, Lebanon, Kenya, and Ecuador. They also include a biography of former British Prime Minister Tony Blair and a picture of the son of Chilean president Sebastián Piera. Many famous names accompany the politicians, including Shakira, Claudia Schiffer, Julio Iglesias, Ringo Starr, and Elton John.
How does Pandora compare with Previous Leaks?
| Year | Papers | Files |
| 2013 | Offshore Leaks | 2.5 Million |
| 2016 | Panama Papers | 11.5 Million |
| 2017 | Paradise Papers | 13.4 Million |
| 2021 | Pandora Papers | 11.9 Million |
Who are offshore companies?
A country with a low tax rate and where it is easy to set up a business with confidential identities is called an off-shore country. People who do not reside in these countries but have established companies in off-shore locations often can’t be identified. The definition of an offshore company is a company which is easily incorporated in a low-tax country.
Off-shore countries include the Cayman Islands, Switzerland, the Virgin Islands, the United Kingdom, and the Virgin Islands. The possibility of a property transaction going wrong is quite high in these countries despite property being legal. Many countries have laws and regulations designed to prevent financial crimes. If companies do not comply with these regulations, they may be subject to a variety of fines. Sanction Scanner is a software service that assists companies in complying with regulations and preventing financial crimes. For more information, contact us or request a demo.
PANDORA PAPERS LEAKS
Russia: President Putin’s CEO also included
The CEO of Russia’s leading channel, Konstantin Ernest, is considered a special one of President Vladimir Putin. He was sold to a Soviet-era cinema house and surrounding properties at a very low price.
England: Former PM Tony Blair also under suspicion
Former PM Tony Blair and his wife Cheri bought a building worth 66 crores in London through BVI company in 2017.
Lebanon: PM Najib Mikati also in leaked paper
Lebanese Prime Minister Najib Mikati, his former PM Hassan Daeb, Lebanese Central Bank Governor Riya Salameh looted their own country by forming offshore companies. Through this, yachts worth Rs 750 crore were purchased.
Check: PM also bought forts
In 2009, Czech Republic PM Andrzej Babis invested about Rs 164 crore in a shell company to buy a small fort in a French village.
Jordan: Ruler Abdullah II bought 14 Hotels
King Abdullah II of Jordan bought 14 luxury homes in America and Britain. This purchase, which took place from 2003 to 2017, was done through companies made in tax haven countries. They also formed their own 36 shell companies.
What are the big names exposed in India?
1. Anil Ambani’s name is there in Pandora Papers. Leaked documents have revealed that he has 18 illegal properties.
2. Nirav Modi, through his sister Purvi, had set up a firm in the Virgin Islands of Britain, which is acting as a corporate protector of Singapore’s Trident Trust Company. This information was hidden.
3. Sachin Tendulkar, his wife Anjali and their father-in-law have also been accused of benefiting from the sale of a company set up in the Virgin Islands of Britain in 2016.
Big Celebrities Of Pakistan Also In Pandora Papers Leaks
The names of close to Imran Khan are also included in Pandora Papers along with about 700 Pakistanis. Their assets are alleged to be in shell companies abroad.
The country’s Finance Minister Shaukat Tarin, Water Resources Minister Moonis Elahi, Senator Faisal Wawada, Ishaq Dar’s son, PPP’s Sharjeel Memon, Industry and Production Minister Khusro Bakhtiar’s family, PTI leader Abdul Aleem Khan are among the most prominent in this. The names of Shoaib Sheikh, the CEO of Axact and the owners of some media companies have also been included in the Pandora Papers leak.
About ICIJ
It is a unique organization. As a nonprofit newsroom based in the United States, we have our own journalism team as well as a global network of reporters and media outlets who work together to investigate the most important stories in the world.
Over 280 of the world’s best investigative journalists are represented in THIS network of trusted members. Additionally, we work with over 100 media outlets, from the BBC, to the New York Times, to the Guardian, to smaller regional nonprofit investigative centers.
We collaborate with our network to carry out groundbreaking investigations, exposing the truth and holding powerful individuals accountable while adhering to the highest standards of fairness and accuracy.
We have a small but ambitious core team at ICIJ. Our goal is to empower our readers to become active in their local communities concerning issues of global importance, like broken systems and power abuses. Utilizing the enormous network at our disposal, we will be able to do so.
Is it illegal to use a tax haven?
By moving their money or setting up companies in tax havens, people can legally avoid paying some taxes, but it is generally seen as unethical. “Tax avoidance involves complying with the letter of the law without complying with the spirit,” the UK government says.
Furthermore, there are a number of legitimate reasons why people may want to store money and assets in another country, such as protection from criminals or avoiding unstable governments.
The use of complex networks of secret companies to move money and assets around is ideal for hiding the proceeds of criminal activity, even if having offshore assets is not illegal.
Political leaders have repeatedly called on the government to make avoiding taxes and hiding assets more difficult, particularly following previous leaks like the Panama Papers.
However, Mr Ryle points out that the Pandora Papers show that “the people who can end the secrecy offshore… are themselves benefiting from it. So ending it does not make sense”.
Why do people evade taxes?
There are two types of tax evasion: deliberate and inadvertent. Using the example of income not reported or the failure to pay taxes, deliberate evasion can occur. It is also possible to evade taxes inadvertently if filing tax returns contain unintentional mistakes. A person who evades tax legally is distinct from someone who avoids tax by using legal means, such as deducting mortgage interest. In spite of this, there can be some gray areas because laws can be vague, interpretations may differ, new circumstances arise, and other factors may contribute to a lack of clarity.
The tax gap is the amount of taxes owed that are not paid on time or voluntarily. It is a standard measure of tax evasion. IRS analyses a number of sources to determine the size and composition of the tax gap on a periodic basis. A random sample of taxpayers is examined by the IRS annually during examinations of the tax gap’s major component-underreporting of individual income taxes. A tax gap study was conducted in 2011.
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