Paradise Papers Discloses Hidden Wealth of Global Elite

Paradise PapersPanama Papers hit the newspapers headlines last year that exposed more than 11.5 million leaked documents providing complete details of 214,488 overseas entities of several international elites. The same “Panama Papers” was in the news recently as it has released another database revealing the hidden wealth of global elites.

The Paradise Papers” is a global investigation report released by US-based International Consortium of Investigative Journalists or ICIJ earlier this week. This report provides more than 13.4 million leaked papers of overseas activities by some of the most influential companies and individuals.

Paradise Papers’ primary files were procured by Süddeutsche Zeitung which is a German newspaper and were later analysed by ICIJ and 95 other media partners.

The Paradise Papers exposes the activities and overseas interest of Queen Elizabeth II, friends and cabinet members of USA President Donald Trump, Commerce Secretary Wilbur Ross and wicked tax planning of several global companies like Uber, Nike and Apple.

ICIJ

The Paradise Papers also reveal 7 million documents like loan agreement papers, financial statements, trust deeds, emails and other paperwork from Appleby Group Services Ltd. This Bermuda based law company was named Offshore Firm in 2015 by Legal 500 UK. Some of the big corporate clients include Lloyd Banking Group, JPMorgan Chase, Citibank, Credit Suisse, Barclays Group, HSBC Bank and Goldman Sachs.

ICIJ published a summary in which it mentions that private estate of Queen Elizabeth II has invested heavily in Cayman Island Fund which is further invested in other private equity firm run by BrightHouse. This company has been under a lot of criticism from the market watchdogs, UK consumers and MPs who accused this firm of selling household goods at a very high-interest rate of 99.9 percent.

John McDonnell who is the politician in the United Kingdom made the following statement:

I think we need now a full public inquiry because we’ve heard from the government time and time again that they’re tackling this issue, we now know they’re not tackling it effectively. What we need is a public inquiry into tax avoidance overall. We also need full publication of registers of beneficiaries of these trusts.

Apart from mentioning the interests of the private estate of Queen Elizabeth II in Cayman Island Fund, the Paradise Paper has also revealed the name of Canadian Prime Minister Justin Trudeau. The tax authorities in Canada have started reviewing the reports after the leak that links the PM with the overseas trusts in the Caribbean Islands.

Paradise Papers has also exposed the name of several donors and advisors to US President Donald Trump. Some of the big names are Steve Wynn, Paul Singer, Randal Quarles, Geoffrey Palmer, Rex Tillerson and Sheldon Adelson. More than 120 different politicians and other world leaders have been named in the Paradise Papers which in turn has raised a lot of eyebrows regarding investment in offshore companies.

Rich Archer

Rich Archer

Hi, my name is Rich Archer. I am living in London. Welcome to Binary Manual. Reach to Binary Options broker reviews and market news here.


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