Paradise Papers is the largest ever leak of corporate data. An investigation was carried out into the trove of documents by the International Consortium of Investigative Journalists in partnership with 96 media partners including The Indian Express. Paradise Papers is the largest ever leak of corporate data. An investigation was carried out into the trove of documents by the International Consortium of Investigative Journalists in partnership with 96 media partners including The Indian Express.

Investigation into the largest leak of corporate data that is being called the ‘Paradise Papers’ – a cache of 13.4 million documents – has revealed links of the uber rich and political elite and their offshore entities. The 10-month-long investigation was done by the International Consortium of International Journalists (ICIJ) which worked with 96 news organisations across including The Indian Express, to probe the huge trove of information that revealed the names of several corporate giants and political leaders.

Here are some of the names from the list of politicians that featured in the ICIJ investigation into the Paradise Papers:

Erkam and Bulent Yildirim–sons of Turkish Prime Minister Binali Yildirim

Erkam Yildrim. (Photo illustration: ICIJ) Erkam Yildrim. (Photo illustration: ICIJ)

The Yildirim family made big money in the shipping business. Erkam and Bulent are sole shareholders of two firms that are registered in Malta. One of the firms named Hawke Bay Marine Co. Ltd was registered in April 2004 while the other named Black Eagle Marine Co. Ltd was incorporated three years later in January.

Bulent Yildrim. (Photo illustration: ICIJ) Bulent Yildrim. (Photo illustration: ICIJ)

Erkam is a director in both the companies and is also the majority stakeholder. In October 2017, the Registry of Companies in Malta listed the two firms as operational.

Response:

Cumhuriyet was the media partner for ICIJ in Turkey in the investigation. Requests for comment from ICIJ and Cumhuriyet elicited no response.

Noor al-Hussein–Queen of Jordan

Queen of Jordan Noor al-Hussein. (Photo illustration: ICIJ) Queen of Jordan Noor al-Hussein. (Photo illustration: ICIJ)

Noor al-Hussein is regarded as Queen Noor and referred to Mrs Jordan or Mrs Brown in the Appleby database. She was found to be a beneficiary of two trusts that were registered in Jersey. The documents show Vaentine 1997 Trust that was valued at $40 million in 2015 and the income from the trust goes to Queen Noor for her entire life. Properties are also owned by the trust near Buckhurst Park in southern England, the area of her residence.

The trustees floated the idea of borrowing money in a transaction designed to cut down inheritance tax on the queen’s estate upon her death. The probe found in internal notes that the arrangement would lower the market value of the property and thus decrease the inheritance tax applicable on the same. It wasn’t found whether they actually went ahead to implement the idea.

The second trust named the Brown Discretionary Settlement was, according to Appleby documents, found to be the beneficial owner of a Jersey-based incorporated investment holding company. Investigation found tat the assets of the company amounted to $18.7 million in 2015.

Response

ICIJ approached the spokesperson for Queen Noor who replied “all the bequests made to her and to her children by [the late king Hussein] have always been administered according to the highest ethical, legal and regulatory standards.” The questions regarding offshore assets of the queen were met with no response.

Henrique de Campos Meirelles–Brazil’s Finance Minister

Brazil’s Minister of Finance Henrique de Campos Meirelles. (Photo illustration: ICIJ) Brazil’s Minister of Finance Henrique de Campos Meirelles. (Photo illustration: ICIJ)

Henrique de Campos Meirelles is the Minister for Finance in Brazil and assumed office in May 2016. Meirelles has had an over three decade association with a US-based bank and he served as the top central banker of Brazil from 2003-11.

The leaked data shows that Meirelles set up Sabedoria Foundation in Bermuda with the help of Appleby in December 2002. It was “specifically for charitable purposes”. The documents showed the foundation was operational throughout the time Meirelles was the head of Brazil’s central bank though the financial accounts of the foundation show almost negligible growth from $9,030 in 2003 to $11,176 in 2008. It found that two officers were attorneys with Cadwalader, Wickersham & Taft law firm based in New York.

Response

ICIJ partner Poder360 approached Meirelles for a comment. In his response, Meirelles said that the the foundation was a charitable one that was set up to promote education in Brazil after his death and that he received no benefit from it. “Therefore, this structure is not included in my Income Tax statements, as it should not be.”

Juan Manuel Santos–President of Colombia since 2010

President of Colombia Juan Manuel Santos. (Photo illustration: ICIJ) President of Colombia Juan Manuel Santos. (Photo illustration: ICIJ)

Juan Manuel Santos has served as the president of Colombia since 2010 and prior to that he held the position of the country’s finance minister from 2000 to 2002. He was the foreign trade minister from 1991-94 and also received the Nobel Peace Prize in 2016 for his contribution to bringing an end to Colombia’s long-running internal conflict with the organisation known as FARC.

In documents from Barbados corporate registry, Santos is listed as a director in the Global Tuition & Education Insurance Corp till 2001. This is a tax-exempt insurance company that was incorporated in 1998. The directors of the company were found to be close associates of Cesar Gaviria who was the president of Colombia from 1990-94. Directors named also included Gaviria’s family members, his adviser for communication at OAS as well as US ambassador to Colombia during his tenure Morris D. Busby.

Santos is also listed as a director of tax-exempt insurer Nova Holding Company from April to May in 2000. Global Tuition and Nova Holdings both are shareholders in Global Education Group Colombia S.A. The stake of Global Tuitions is over 90 per cent. Global Education was set up by Gabriel Silva Lujan who went on to take the post of defence minister in Colombia.

Response

In his response to El Espectador and Connectas, ICIJ media partner in Colombia, Santos said: “I never invested one single peso [in the company], and I was never a shareholder.” He added that his position as a member of the board was of an unpaid nature.

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