for subscribers

Offshore tax haven specialist David Marchant unpacks the headline grabbing #PanamaPapers

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

There are few better positioned to explain the relevance of the #PanamaPapers scandal than offshore tax haven specialist David Marchant. Just over a year ago, the Offshorealert.com editor exposed now collapsed Belvedere, a global Ponzi scheme masterminded by South Africans Cobus Kellermann and David Cosgrove.

In this interview with Biznews.com’s Alec Hogg, Marchant unpacks the relevance of 11.5m mostly top secret client documents leaked from the files of Panama-headquartered law firm Mossack Fonseca. Marchant explains why the information keeps making international headlines and suggests what we’ve seen so far is only the start.

Alec Hogg: It’s a privilege as always, to have an opportunity to chat to David Marchant, the proprietor and editor of OffshoreAlert.com. You might remember (about a year ago), that David was very instrumental in bringing the Belvedere Group of companies to book. That whole organisation, which was put together by two South Africans, has since collapsed, losing billions of Dollars for those who trusted them. David, the big story of the moment is the Panama Papers. Have you been following it?

David Marchant: Yes. That lead was coordinated by the International Consortium of Investigative Journalists and I know the guy who hedged that. He’s spoken at one of our conferences before and in fact, has agreed to speak on the Panama papers at our next conference in Miami in three weeks’ time. They might actually be making a big announcement regarding the data at our event so yes; I’ve been following it like everyone else around the world.

It appears that they took a year to process the data – 11.5 million documents, emails, copies of passports etcetera. Is everything out in the open?

Well, no. Everything’s not out in the open and actually, the potential big announcement that they might be making at our event when the head (Gerard Ryall) speaks, will concern access/possible access to the information. It’s all somewhat up in the air at the moment. When it comes to a leak of that size, it’s almost a case of ‘be careful what you wish for’.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
16.59
(+0.81)
ZAR/GBP
21.39
(+0.98)
ZAR/EUR
19.49
(+0.57)
ZAR/AUD
11.93
(+0.41)
ZAR/JPY
0.16
(+0.86)
Gold
1904.66
(+0.90)
Silver
23.75
(+1.75)
Platinum
898.00
(+0.88)
Brent Crude
42.12
(+1.78)
Palladium
2309.28
(+0.72)
All Share
54446.78
(+0.34)
Top 40
50159.14
(+0.23)
Financial 15
10158.72
(+0.86)
Industrial 25
73766.43
(+0.79)
Resource 10
53032.08
(-0.66)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1404 votes
It depends on how the funds are used.
73% - 9095 votes
No. We should have gotten the loan elsewhere.
16% - 2001 votes
Vote