Putin, Nawaz Sharif among world leaders exposed in tax haven dump

  • Agencies
  • Updated: Apr 05, 2016 15:06 IST
Close aides of Russian president Vladimir Putin and Pakistan prime minister Nawaz Sharif are among those whose assets feature in a vast expose of tax havens.

Close aides of Russian president Vladimir Putin and Pakistan prime minister Nawaz Sharif are among those whose assets feature in a vast expose of tax havens published Sunday after a year-long investigation into 11.5 million leaked documents.

The assets of around 140 political figures -- including 12 current of former heads of states -- are mentioned in the revelations, according to the probe by the International Consortium of Investigative Journalists (ICIJ) and German daily Sueddeutsche Zeitung .

The investigation yielded 11.5 million documents from around 214,000 offshore entities, the ICIJ said on its website.

The leaked data from 1975 to the end of last year provides what the ICIJ described as a “never-before-seen view inside the offshore world”.

Sueddeutsche Zeitung said Sunday the amount of data it obtained is several times larger than a previous cache of offshore data published by WikiLeaks in 2013 that exposed the financial dealings of prominent individuals.

Sharif’s family owned properties in London

Hussain and Hasan Nawaz Sharif, and Mariam Safdar, the sons and daughter of Pakistan prime minister Nawaz Sharif, had set up set up at least four offshore companies in British Virgin Islands (BVI), reported the Indian Express . The Sharif family bought six lavish properties overlooking London’s Hyde Park through these companies.

Documents reviewed by The Indian Express and subsequent enquiries reveal that the Sharif family mortgaged four of these properties to the Deutsche Bank (Suisse) SA for a loan of GBP 7 million and the Bank of Scotland part financed the purchase of two other apartments.

$2 billion offshore trails that leads to Putin

Though the president’s name does not appear in any of the records, the data reveals a pattern – his friends have earned millions from deals that seemingly could not have been secured without his patronage, reported the Guardian .

The documents suggest Putin’s family has benefited from this money – his friends’ fortunes appear his to spend.

Putin and his close associates “secretly shuffled as much as $2 billion through banks and shadow companies”, the ICIJ said.

“These findings show how deeply ingrained harmful practices and criminality are in the offshore world,” said Gabriel Zucman, an economist at the US-based University of California, Berkeley, cited by the consortium.

The other names figuring in the leak included the president of Ukraine, the king of Saudi Arabia and the prime ministers of Iceland, the ICIJ statement said.

The leaked documents came from Mossack Fonseca, a law firm with offices in more than 35 countries.

They were reviewed by a team of more than 370 reporters from over 70 countries, according to the ICIJ.

The BBC cited Panama-based Mossack Fonseca as saying it had operated “beyond reproach” for 40 years and had never been charged with any criminal wrongdoing.

It wasn’t clear who was the original source of the leaked documents .


500 Indians in global list of secret firms in tax havens
Tax authorities in Aus, NZ begin probe

Panama papers name Fifa officials, Platini, Messi in offshore dealings

The law firm behind Panama papers leak

40 years of financial records, 11 main allegations

also read

Hitler’s secret Arctic base discovered by Russian scientists
Show comments