The #ParadisePapers data dump: What's been reported so far

Singapore - A new set of data taken from an offshore law firm again threatens to expose the hidden wealth of individuals and show how corporations, hedge funds and others may have skirted taxes.

A year after the Panama Papers, a massive leak of confidential information from the Bermuda law firm Appleby Group Services, dubbed the Paradise Papers, has shone another light on the use of offshore accounts.

#ParadisePapers:

Here are the highlights so far of the reporting by the International Consortium of Investigative Journalists and partner news outlets:

  • South Africans mentioned in the leaks include Illovo Sugar and Shanduka (the company which deputy president Cyril Ramaphosa founded and in which he held a stake until 2014), according to amaBhungane, a partner in the investigation. Appleby also cites advising Standard Bank on its brochure.
  • US Commerce Secretary Wilbur Ross faces questions about his financial disclosures to Congress and the government after a report that he didn’t disclose business ties to the son-in-law of Russian President Vladimir Putin and an oligarch under US sanctions. The Appleby documents included details of Ross’s stake in a shipping company, Navigator Holdings, according to the New York Times.
  • House Republicans should slow down their consideration of a tax-overhaul bill after the investigative reports alleged offshore tax-avoidance by US multinational companies including Apple and Nike, congressional Democrats and tax-advocacy groups said.
  • Canadian tax authorities are reviewing reports linking a key fundraiser for Prime Minister Justin Trudeau to offshore trusts in the Caribbean. Montreal-based businessman Stephen Bronfman, son of billionaire Charles Bronfman, was among the individuals cited by news organisations including the Canadian Broadcasting Corporation, Radio-Canada and the Toronto Star in Sunday’s leak of bank documents.
  • Commodities trader Glencore was one of the top clients of Appleby, which even had a "Glencore Room" at its Bermuda office that kept information on the trader’s 107 offshore companies, according to the ICIJ investigation.
  • Prominent Silicon Valley investor Yuri Milner, who was an early backer of Facebook, partnered in two investments with the Russian state-controlled bank VTB Bank PJSC before it was sanctioned, his spokesman confirmed Friday. Details about the relationship between Milner and VTB surfaced in the wake of the Paradise Papers.
  • Indonesian authorities are investigating if former presidential candidate Prabowo Subianto and the children of ex-dictator Suharto, named in the leaked documents, are in breach of the country’s tax laws.

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