Countries implicated in the Panama Papers

The

Panama Papers The Panama Papers () are 11.5 million leaked documents (or 2.6 terabytes of data) published beginning April 3, 2016. The papers detail financial and attorney–client information for more than 214,488 offshore entities. These document ...

are 11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities. The documents, some dating back to the 1970s, were created by, and taken from, Panamanian law firm and corporate service provider

Mossack Fonseca Mossack Fonseca & Co. () was a Panamanian law firm and corporate service provider. This page details related allegations, reactions, and investigations, in

Asia Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which ...

Armenia

The Panama Papers show Major-General of Justice and head of Armenia's Compulsory Enforcement Service Mihran Poghosyan was connected to three Panama-registered companies: Sigtem Real Estates Inc., Hopkinten Trading Inc., and Bangio Invest S.A., which issued

bearer shares A bearer instrument is a document that entitles the holder of the document to rights of ownership or title to the underlying property. In the case of shares (bearer shares) or bonds (bearer bonds), they are called bearer certificates. Unlike nor ...

only. Poghosyan, who has a degree in economics, was the sole owner of Sigtem and Hopkinten, which together owned Best Realty Ltd, recently awarded government contracts. Poghosian resigned April 18, saying that it was unacceptable that he had caused Armenia's name to be mentioned alongside that of Azerbaijan, whose president

Ilham Aliyev Ilham Heydar Oghlu Aliyev (born 24 December 1961) is an Azerbaijani politician who has been the fourth president of Azerbaijan since 2003. He is also the leader of the New Azerbaijan Party since 2005. The son and second child of former Aze ...

"actually embezzled billions of dollars." On April 8, Armenian Transparency International Anti-Corruption Center filed a petition with the Ethics Committee for High Level Officials, requesting an investigation of Poghosyan. Members of the families of Poghosyan's uncles Grigor and Mikhail Haroutyunyan were also mentioned in connection with his business. Varuzhan Hotkanian, head of the Armenian branch of the anti-corruption watchdog Transparency International, said that perhaps Poghosian was forced to resign by the country's leadership, since the evidence pointed directly to him. But, he said, he still questions the government's commitment to fighting corruption. Leading opposition figure

Levon Zourabian Levon Arami Zourabian () (born March 9, 1964) is an Armenian politician and vice-chairman of the Armenian National Congress political party. He was a member of parliament and the head of the Armenian National Congress's parliamentary faction from ...

demanded answers on the matter from the floor of Parliament.

Azerbaijan

Ilham Aliyev par Claude Truong-Ngoc juin 2014

Azerbaijan International Mineral Resources Operating Company Ltd (AIMROC) and its consortium partners spent nearly US$230 million to open a mine and build a refinery in the western Azerbaijani village of Chovdar. AIMROC possibly produced US$30 million in gold before suddenly disappearing without making payroll in May 2014. Mine employees officially remain on vacation and under Azerbaijani law full-time employees cannot seek work elsewhere even though they have not been paid for two years. A 2012 investigation, by

Radio Free Europe Radio Free Europe/Radio Liberty (RFE/RL) is a media organization broadcasting news and analyses in 27 languages to 23 countries across Eastern Europe, Central Asia, the Caucasus, and the Middle East. Headquartered in Prague since 1995, RFE/RL ...

and the

Organized Crime and Corruption Reporting Project The Organized Crime and Corruption Reporting Project (OCCRP) is a global network of Investigative journalism, investigative journalists. It was founded in 2006 and specializes in organized crime and corruption. It publishes its stories through ...

(OCCRP) discovered that through overseas holding companies, the daughters of Azerbaijani president

owned an interest in a gold mine operation created by a 2006 presidential decree forming a consortium, then awarding it a 30-year lease over environmental and transparency objections in Parliament. But the Panama Papers made it possible to trace some of the elaborate network of shell companies that manage the ownership of the mines, and in 2016 OCCRP was able to establish that in fact the daughters control the mining operation. Aliyev awarded the gold mines to Globex International LLP, Londex Resources S.A., Willy & Meyris S.A. and Fargate Mining Corporation. Thirty percent of the proceeds were allocated to the government of Azerbaijan; 11% of the remaining 70% went to Globex, 45% to Londex, 29% to Willy & Meyris and the remaining 15% to Fargate. These companies were registered in Panama, according to the documents obtained from Panama Registry of Companies. A one of them, Fargate Mining Corporation was founded by Tagiva Management Ltd., Tagiva Services Ltd. and Verda Management Ltd. They issued the General Power of Attorney granted in favour of an individual Mr. Nasib Hasanov. Later, Londex Resources S.A., Globex International LLP, Fargate Mining Corporation and Willy & Meyris S.A. had been registered again at St. Kitts and Nevis with same addresses: Associated Trustees Limited of Nevis, Henville Building, Prince Charles Street, Charlestown, Nevis. According to subsequent records, Associated Trustees Limited at this address was used as the registered address for approximately 2,635 companies. The 2012 investigation's reporters established that Globex was owned through shell companies in Panama, and that these shell companies belonged to the president's daughters and a Swiss businessman whose name appears in other shell companies such as those that manage Azerphone, the family telecommunications monopoly. Villagers told reporters they hoped to work at the mine, which paid $12 a day, and asked them to intervene with the president about the problems the mine was causing with the water supply. They became angry and did not believe the reporters when they said the president's family had a stake in the mine. Following the May publication of this report, the National Assembly passed a law making it illegal to report company ownership and another giving former presidents and first ladies lifelong legal immunity.

Khadija Ismayilova Khadija Rovshan qizi Ismayilova (, ; born 27 May 1976), alternatively spelled Ismailova, is an Azerbaijani investigative journalist and radio host who is currently working for the Azerbaijani service of Radio Free Europe/Radio Liberty, until re ...

, the Radio Free Europe reporter on the 2012 investigation was subjected to escalating legal and public harassment. She was threatened and eventually arrested. She is currently serving a 7.5 year sentence for tax evasion and abuse of power. Leaked Mossack Fonseca documents made it possible to establish that the daughters also owned Londex, the majority partner in the gold enterprise. It is not entirely clear why they shut the operation down but industry experts familiar with the consortium say it did not seem very experienced and may have rushed into production. According to the ICIJ, Aliyev's daughter Arzu not only has financial stakes not only in gold rights but also in Azerfon, the country's largest mobile phone business. She has shares in SW Holding, which "controls nearly every operation related to Azerbaijan Airlines" (Azal), from meals to airport taxis. Both sisters and their brother Heydar own property in Dubai valued at roughly $75 million in 2010; Heydar is the legal owner of nine luxury mansions in Dubai purchased for some $44 million. Leaked documents show that daughters Leyla and Arzu Aliyeva both hold shares in Exaltation Limited, incorporated in April 2015 for "holding UK property". Child & Child, a London law firm that registered it and obtained nominee directors for it though the

Jersey Jersey ( ; ), officially the Bailiwick of Jersey, is an autonomous and self-governing island territory of the British Islands. Although as a British Crown Dependency it is not a sovereign state, it has its own distinguishing civil and gov ...

branch of Mossack, claimed in doing so that the women had no political connections. The family of Azerbaijan President Ilham Aliyev leads a well-off life thanks in part to financial interests in various sectors of the nation's economy. His wife ascendants are privileged and powerful family that owns banks, insurance and construction companies, a television station and a line of cosmetics. She is well known for her pre-eminent charity work that has led to the construction of schools, hospitals and the country's major sports complex.

Bangladesh

On April 7, 2016, the

Anti Corruption Commission Bangladesh The Anti Corruption Commission (; ''often abbreviated:'' ACC, ) is the principal government agency against corruption in Bangladesh. History The Anti-Corruption Commission was formed through an act promulgated on 23 February 2004 that came ...

launched an inquiry to obtain details of the businesses and individuals allegedly affiliated with Mossack Fonseca. Allegations have been made against thirty-two Bangladeshi individuals and two corporations, media outlets staking this claim have referenced an ICIJ database of information compiled during the investigation of the 2013 Offshore Leaks.

China

Relatives of highly placed Chinese officials including seven current and former senior leaders of the

Politburo of the Chinese Communist Party The Politburo of the Chinese Communist Party, officially the Political Bureau of the Central Committee of the Communist Party of China, is the executive committee of the Central Committee of the Chinese Communist Party. Currently, the bureau i ...

have been named, including former Premier

Li Peng Li Peng (; 20 October 1928 – 22 July 2019) was a Chinese politician who served as the 4th premier of China from 1987 to 1998, and as the chairman of the Standing Committee of the National People's Congress, China's top legislative body, from ...

's daughter

Li Xiaolin Li Xiaolin (; born 1 June 1961) is a Chinese businesswoman, currently serving as vice-president of the China Datang Corporation, a state-owned power generation enterprise. She is the former CEO of China Power International Development ( SEHK ...

, former Communist Party general secretary

Hu Yaobang Hu Yaobang (20 November 1915 – 15 April 1989) was a Chinese politician who was a high-ranking official of the People's Republic of China. He held the Leader of the Chinese Communist Party, top office of the Chinese Communist Party (CCP) from ...

's son Hu Dehua and

Deng Jiagui Deng Jiagui (born 1951; 邓家贵) is a Chinese businessman, and brother-in-law of Xi Jinping, who is current General Secretary of the Chinese Communist Party and paramount leader of China since 2012. Deng Jiagui is a Canadian citizen and resi ...

, the brother-in-law of current

general secretary Secretary is a title often used in organizations to indicate a person having a certain amount of authority, Power (social and political), power, or importance in the organization. Secretaries announce important events and communicate to the org ...

Xi Jinping Xi Jinping, pronounced (born 15 June 1953) is a Chinese politician who has been the general secretary of the Chinese Communist Party (CCP) and Chairman of the Central Military Commission (China), chairman of the Central Military Commission ...

. Deng had two shell companies in the British Virgin Islands while Xi was a member of the

Politburo Standing Committee The Politburo Standing Committee (PSC), officially the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, is a committee consisting of the top leadership of the Chinese Communist Party (CCP) an ...

, but they were dormant by the time Xi became

General Secretary Secretary is a title often used in organizations to indicate a person having a certain amount of authority, Power (social and political), power, or importance in the organization. Secretaries announce important events and communicate to the org ...

of the Communist Party (

paramount leader Paramount leader () is an informal term for the most important Supreme leader, political figure in the China, People's Republic of China (PRC). The paramount leader typically controls the Chinese Communist Party (CCP) and the People's Liberatio ...

) in November 2012. Others named include the son and daughter-in-law of propaganda chief

Liu Yunshan Liu Yunshan (; zh, s=刘云山, t=劉雲山, p=Liú Yúnshān; born July 1947) is a retired Chinese politician. He was a member of the Politburo Standing Committee of the Chinese Communist Party, the top decision-making body of the CCP, between 2 ...

and the son-in-law of Vice-Premier

Zhang Gaoli Zhang Gaoli ( zh, 张高丽; ; born November 1946) is a Chinese retired politician who served as the first-ranking vice premier of China between 2013 and 2018, and as the seventh-ranking member of the Politburo Standing Committee of the Chi ...

. Official Chinese statistics show investment in

British Overseas Territories The British Overseas Territories (BOTs) or alternatively referred to as the United Kingdom Overseas Territories (UKOTs) are the fourteen dependent territory, territories with a constitutional and historical link with the United Kingdom that, ...

acting as tax havens being much more significant than in other places: $44 billion invested in the

Cayman Islands The Cayman Islands () is a self-governing British Overseas Territories, British Overseas Territory, and the largest by population. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located so ...

and $49 billion in the

British Virgin Islands The British Virgin Islands (BVI), officially the Virgin Islands, are a British Overseas Territories, British Overseas Territory in the Caribbean, to the east of Puerto Rico and the United States Virgin Islands, US Virgin Islands and north-west ...

. Despite these figures "probably exclud ngthe private investments of the many family members of the ruling elite who have channelled money through the BVI", both figures exceed Chinese investment in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

. China's government suppressed mention of the Panama Papers on social media and in search engines results, and reportedly told news organizations to delete all content related to the Panama Papers leak. Chinese authorities consider the material a concerted foreign media attack on China, and ordered Internet information offices to delete reports reprinted from the Panama Papers, and with no exceptions not to follow up on related content.

Hong Lei Hong Lei may refer to: * Hong Lei (artist) (born 1960) * Hong Lei (diplomat) (born 1969) {{hndis ...

, spokesman for China's foreign ministry, responded that he had "no comment" for "such groundless accusations" at an April 5 news conference. A leaked national-level directive obtained by the

China Digital Times ''China Digital Times'' (CDT; ) is a California-based 501(c)(3) organization that runs a bilingual news website covering China. The site focuses on news items which are blocked, deleted or suppressed by China's state censors. History The websit ...

showed that authorities had forced all websites to delete content about the Panama Papers. Foreign websites such as

WikiLeaks WikiLeaks () is a non-profit media organisation and publisher of leaked documents. It is funded by donations and media partnerships. It has published classified documents and other media provided by anonymous sources. It was founded in 2006 by ...

and China Digital Times are blocked from mainland China. On

Sina Weibo Weibo (), or Sina Weibo (), is a Chinese microblogging ( weibo) website. Launched by Sina Corporation on 14 August 2009, it is one of the biggest social media platforms in China, with over 582 million monthly active users (252 million daily ...

, a Twitter-like social media website, censors deleted content about the Panama Paper. However, the name of Xi's brother-in-law got through, and Weibo users tried to circumvent them with less obvious language such as "brother-in-law", "Canal Papers" (for the

Panama Canal The Panama Canal () is an artificial waterway in Panama that connects the Caribbean Sea with the Pacific Ocean. It cuts across the narrowest point of the Isthmus of Panama, and is a Channel (geography), conduit for maritime trade between th ...

), and so on. Despite the censorship, Weibo search ranking was topped by phrases seemingly related to the Panama Papers, such as "tax evasion", "document", "leak" and "Putin". Chinese entertainment magnate and art collector Wang Zhongjun also appears in the documents and did not respond to a request for comment. According to the

Tax Justice Network The Tax Justice Network (TJN) is a British advocacy group consisting of a coalition of researchers and activists with a shared concern about tax avoidance, tax competition, and tax havens. Activity Research The TJN has reported on the OECD ...

, Chinese investors sometimes use overseas companies to take advantage of incentives China offers to foreign investors. Canadian broadcaster Radio Canada has reported that Hong Kong-based

CITIC CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. ...

Pacific had Mossack Fonseca set up or manage more than 90 subsidiaries, and that the Chinese government was a majority stakeholder, according to fiscal expert

Marwah Rizqy Marwah Rizqy is a Canadians, Canadian politician, who was elected to the National Assembly of Quebec in the 2018 Quebec general election, 2018 provincial election.Université de Sherbrooke The Université de Sherbrooke (UdeS; Quebec English, English: ''University of Sherbrooke'') is a French-language Public university, public research university in Sherbrooke, Quebec, Canada, with a second campus in Longueuil, a suburb on the Mont ...

Hong Kong

Mossack Fonseca's Hong Kong office was its busiest, says the ICIJ, as Chinese officials and other wealthy figures would carry funds across the border and deposit them there to be channeled to offshore entities. Hong Kong invested HK$4.6 trillion (£360 billion) into the BVI – more than Hong Kong invested in

mainland China "Mainland China", also referred to as "the Chinese mainland", is a Geopolitics, geopolitical term defined as the territory under direct administration of the People's Republic of China (PRC) in the aftermath of the Chinese Civil War. In addit ...

– and received HK$4.1 trillion (over £300 billion) from the BVI. A further £20 billion or so was placed into the Cayman Islands and Bermuda individually. Newspaper ''

Ming Pao ''Ming Pao'' () is a Chinese-language newspaper published by Media Chinese International in Hong Kong. In the 1990s, ''Ming Pao'' established four overseas branches in North America; each provides independent reporting on local news and coll ...

'' fired deputy editor Keung Kwok-yuen following a front-page article on the Panama Papers which mentioned many prominent Hong Kong citizens. The paper blamed a "difficult business environment," but had previously fired another editor in 2014 over another leak of offshore documents. Employees have been publishing blank columns scattered through the newspaper in protest of his dismissal. Polytechnic University has two offshore companies set up by Mossack Fonseca in 2012 and 2013. One was created by vice-president

Nicholas Yang Nicholas Yang Wei-hsiung, GBS, JP (, born 22 April 1955) is a Taiwanese-born Hong Kong politician and engineer and a former Non-official Member of the Executive Council. He is a former Executive Vice President of Hong Kong Polytechnic Univers ...

Wei-hsiung, who became IT minister of Hong Kong.

Georgia

Bidzina Ivanishvili Bidzina Ivanishvili (; born 18 February 1956), also known as Boris Grigoryevich Ivanishvili, is a French-Georgian businessman, politician and billionaire oligarch. He is founder and the leader of the ruling Georgian Dream party and has ruled G ...

became wealthy in Russia before returning to

Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...

and becoming prime minister in 2012; his public official's asset declaration was 72 pages long. However, he does not list Lynden Management, a Mossack Fonseca company which held about 20% of the shares of Raptor Pharmaceuticals (which he did declare), a US-based company listed on the New York Stock Exchange. He refused for nearly four years to provide a copy of his passport and a proof of address to the law firm, which needed it to comply with money-laundering regulations as well as inquiries into the company by the Financial Investigation Agency of the British Virgin Islands. Forbes calculates Ivanishvili's net worth at $4.8 billion.

India

Bollywood Hindi cinema, popularly known as Bollywood and formerly as Bombay cinema, is primarily produced in Mumbai. The popular term Bollywood is a portmanteau of "Bombay" (former name of Mumbai) and "Cinema of the United States, Hollywood". The in ...

celebrities

Amitabh Bachchan Amitabh Bachchan (; 11 October 1942) is an Indian actor who works in Hindi cinema. He is often considered one of the greatest, most accomplished and commercially successful actors in the history of Indian cinema.* * * * * With a cinemati ...

, his daughter-in-law and actress

Aishwarya Rai Bachchan Aishwarya Rai Bachchan (; Rai; born 1 November 1973) is an Indian actress who is primarily known for her work in Hindi and Tamil language, Tamil films. Rai won the Miss World 1994 pageant and later established herself as one of the most-popu ...

and actor

Ajay Devgan Vishal Veeru Devgan (born 2 April 1969), known professionally as Ajay Devgn, is an Indian actor, film director, and producer. One of the most prolific actors of Hindi cinema, Devgn has appeared in over 100 films and has won numerous accola ...

are listed in the papers. Bachchan has denied any connection to overseas companies, and a spokesman for Rai also questioned the documents' authenticity. Bachchan repeated the denial in response to an August 21 report that he was listed as a director of two companies and participated in board meetings. Indian actor Amitabh Bachchan

Also listed are real estate developer and DLF CEO

Kushal Pal Singh Kushal Pal Singh (born 15 August 1931) is an Indian billionaire real estate developer and retired military officer. Singh was the chairman and chief executive officer of the Indian real estate company DLF, founded by his father-in-law Chaud ...

Sameer Gehlaut Sameer Gehlaut (born 3 March 1974) is an Indian businessman. He is the founder and chairman of the Indiabulls Group, a diversified financial services group with businesses in housing and consumer finance through independent and listed companies i ...

of the

Indiabulls The Indiabulls Group is an Indian conglomerate headquartered in Gurgaon, whose primary businesses are financial services, construction-equipment rentals, and LED lighting. History Indiabulls was started in 2000 with the establishment of India ...

group, and

Iqbal Mirchi Mohammad Iqbal Memon (25 April 1950 – 14 August 2013), known as Iqbal Mirchi, was an Indian underworld figure, known as the right-hand man of India's most wanted criminal, Dawood Ibrahim. Mirchi was often called a drug baron for his thrivin ...

. Shares of both companies fell following the release of the papers, as well as those of

Apollo Tyres Apollo Tyres Limited is an Indian multinational tyre manufacturing company headquartered in Gurugram, Haryana. It was incorporated in 1972, and its first plant was commissioned in Perambra in Thrissur, Kerala. The company now has five manufac ...

, which had also been mentioned. DLF said it had invested in existing overseas companies in compliance with the LRS Scheme set up in 2004 and reported this to the Indian tax agency. An Apollo spokesman said that the family members of Chairman Onkar Kanwar who had been reported as owning offshore companies did not live in India and had complied with the law where they resided. Gehlaut said he had paid full taxes and made full disclosures. Indian politicians on the list include

Shishir Bajoria Shishir Bajoria (born 1957) is an Indian politician, industrialist and the head of S K Bajoria Group, an Indian multinational with an annual turnover of US$330 million. Early life and education Shishir Bajoria, born in Kolkata in one of the old ...

from

West Bengal West Bengal (; Bengali language, Bengali: , , abbr. WB) is a States and union territories of India, state in the East India, eastern portion of India. It is situated along the Bay of Bengal, along with a population of over 91 million inhabi ...

and Anurag Kejriwal, former chief of the

Delhi Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, but spread chiefly to the west, or beyond its Bank (geography ...

Lok Satta Party Lok Satta is a classical liberal political party in India, founded by Nagabhairava Jaya Prakash Narayana, a former IAS officer and renowned activist from Andhra Pradesh. Since 1996, the Lok Satta Movement functioned as a non-governmental or ...

. Bajoria said he owned two other Isle of Man companies but not the one ascribed to him in the leaked documents. Corporate services provider First Names Group acknowledged erroneously providing his information to Mossack Fonseca. MF records show Anurag Kejriwal as director of three offshore companies based in the British Virgin Islands (BVI), and holding two private foundations in Panama and power of attorney of another BVI company. He acknowledged having had offshore companies but said he shut them down after a short period of time. The name of deceased drug kingpin

has also surfaced in the papers. Some 500 Indian citizens appear to be mentioned. Indian government ordered an inquiry, and subsequently announced that it was constituting a special multi-agency group comprising officers from the investigative unit of the

Central Board of Direct Taxes The Central Board of Direct Taxes (CBDT) is a statutory body under the Department of Revenue, Ministry of Finance, Government of India. It oversees the administration of direct taxes, including income tax and corporate tax, through the Income Ta ...

(CBDT) and its Foreign Tax and Tax Research Division, the

Financial Intelligence Unit A financial intelligence unit (FIU) is a national agency responsible for receiving, analyzing, and disseminating financial information on suspicious or unusual financial activity from the financial industry and other entities or professions req ...

and the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

. By June 2021, the CBDT identified undeclared assets worth of following the investigation. Total 46 cases were filed while the investigations were carried out in 83 cases. Total were recovered as taxes from the individuals under prosecution.

Israel

Some 600 Israeli companies and 850 Israeli shareholders are listed. Among the Israeli names found in the leaked documents are top attorney

Dov Weissglass Dov Weissglas (; born 4 October 1946) is an Israeli lawyer and businessman who was involved in the Middle East peace process during the term of Prime Minister Ariel Sharon. Biography Dov Weissglas was born in Tel Aviv to an affluent family and g ...

, who was the bureau chief of deceased prime minister

Ariel Sharon Ariel Sharon ( ; also known by his diminutive Arik, ; 26 February 192811 January 2014) was an Israeli general and politician who served as the prime minister of Israel from March 2001 until April 2006. Born in Kfar Malal in Mandatory Palestin ...

; Jacob Engel, a businessman active in the African mining industry; and

Idan Ofer Idan Ofer (; born 2 October 1955) is an Israeli billionaire businessman and philanthropist, with interests in shipping, energy, mining and sports. He is the founder of the principal of the Quantum Pacific Group, a holding company. He is majority ...

, a member of one of Israel's wealthiest families, according to

Haaretz ''Haaretz'' (; originally ''Ḥadshot Haaretz'' – , , ) is an List of newspapers in Israel, Israeli newspaper. It was founded in 1918, making it the longest running newspaper currently in print in Israel. The paper is published in Hebrew lan ...

. Weissglass' name appears as a sole owner of one of four companies set up by his business partner Assaf Halkin. The company, Talaville Global, was registered in the

in May 2012, according to Haaretz, and seven months later, all of its shares were mortgaged against a loan from a

Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

bank. Weissglass and Halkin told Haaretz that the company "was registered for the purpose of receiving a loan from the bank in order to invest in European properties. The bank would only allow a loan to a corporation... hecompany activity is reported to the tax authorities in Israel. The required tax on the said activity is paid in Israel." Many leaked documents reference

Bank Leumi Bank Leumi (, lit. ''National Bank''; ) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the ''Anglo Palestine Company'' as subsidiary of the Jewish Colonial Trust () Limited formed before in London by members of the Zionism, ...

, primarily its branch on the island tax haven of

. One of its customers, billionaire

Teddy Sagi Teddy Sagi (; born November 14, 1971) is an Israeli billionaire businessman based in London and Dubai. Sagi is the founder of the gambling software company Playtech, cybersecurity company and owner of London's Camden Market. His personal wealth ...

, made his fortune developing online gambling technology in England and recently developed the

Camden Market The Camden markets are a number of adjoining large retail markets, often collectively referred to as Camden Market or Camden Lock, located in the historic former Pickfords stables, in Camden Town, London. It is situated north of the Hampstead R ...

commercial real estate space. Sagi is sole shareholder of at least 16 Mossack Fonseca offshore companies, mostly real estate ventures. Israeli businessman

Beny Steinmetz Beny Steinmetz (; born 2 April 1956) is an Israeli businessman and entrepreneur, with a focus on the mining, energy, real estate and diamond-mining industries. He has been convicted of corrupt and illegal business practices in multiple countries ...

was also a Mossack Fonseca customer, with 282 companies.

Pakistan

Nawaz Sharif

Nawaz Sharif Mian Muhammad Nawaz Sharif (born 25 December 1949) is a Pakistani politician and businessman who served as the 12th Prime Minister of Pakistan, prime minister of Pakistan for three non-consecutive terms, first serving from 1990 to 1993, then ...

was the second top official to be ruled out as the result of information disclosures in the Panama Papers. Supreme Court disqualified him from office. One judge said that Mr Sharif was no longer "eligible to be an honest member of the parliament". Pakistan's ruling party, the Pakistan Muslim League-Nawaz (PML-N), was permitted by the speaker of the

National Assembly In politics, a national assembly is either a unicameral legislature, the lower house of a bicameral legislature, or both houses of a bicameral legislature together. In the English language it generally means "an assembly composed of the repr ...

to select an interim prime minister until the 2018 general election. The Supreme Court verdict was announced in the context of heightened security in the capital. Over 3,000 armed police and members of the

Pakistan Rangers The Pakistan Rangers () are a pair of paramilitary federal law enforcement corps' in Pakistan. The two corps are the Punjab Rangers (operating in Punjab province with headquarters in Lahore) and the Sindh Rangers (operating in Sindh province w ...

paramilitary force were deployed around the Supreme Court. The verdict followed months of dramatic news coverage and social media debates, the divisions falling largely along party lines. A hearing on October 18, 2017, resulted in an indictment for Sharif, who has faced allegations of corruption since the 1980s. The Panama Papers corroborated a federal inquiry in the mid-1990s and name both Nawaz Sharif and his younger brother, Shebaz Sharif, who was the chief minister of Punjab at the time. They also link in-laws of Shebaz Sharif and children of Nawaz Sharif to offshore companies.

Mossack Fonseca Mossack Fonseca & Co. () was a Panamanian law firm and corporate service provider.Maryam Nawaz Maryam Nawaz Sharif (born 28 October 1973) is a Pakistani politician who has served as the 20th chief minister of Punjab since 26 February 2024. She is the first woman to hold the position of chief minister in Pakistan. Born to former Prime ...

and her brothers Hussein and Hassan to four offshore companies, Nescoll Limited, Nielson Holdings Limited, Coomber Group Inc., and Hangon Property Holdings Limited. The companies acquired luxury real estate in London during 2006–2007. The real estate was collateral for loans of up to $13.8 million, according to the Panama Papers. The prime minister's children say the money came from the sale of a family business in Saudi Arabia. But these offshore companies and assets were not disclosed on his family's wealth statement and the suspicion that the companies were meant to hide or launder ill-gotten wealth or to avoid taxes called Sharif's ethics into question. Prior to the ruling, Maryam Nawaz had tweeted denial of wrongdoing, adding that she did not own "any company/property abroad," except as "a trustee" in a brother's corporation, "which only entitles me to distribute assets to my brother Hussain's family/children if needed." The leaked documents name her as a

trustee Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the ...

of Nescoll, created in 1993, and Nielson, first registered in 1994. The two companies subscribed to Mossack Fonseca services in July 2006. Mossack Fonseca was managing Nescoll, Nielsen Holdings, and Coomber Group when the three companies obtained a £7 million mortgage from the Swiss bank,

Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

(Suisse) SA and purchased four flats in Avenfield House, at 118

Park Lane Park Lane is a dual carriageway road in the City of Westminster in Central London. It is part of the London Inner Ring Road and runs from Hyde Park Corner in the south to Marble Arch in the north. It separates Hyde Park, London, Hyde Park to ...

in London. Hassan, the other brother, bought Hangon Holdings and its stock in 2007 for £5.5 million; Hangon then bought property, financed through the

Bank of Scotland The Bank of Scotland plc (Scottish Gaelic: ''Banca na h-Alba'') is a commercial bank, commercial and clearing (finance), clearing bank based in Edinburgh, Scotland, and is part of the Lloyds Banking Group. The bank was established by the Par ...

, at 1 Hyde Park Place in London. Samina Durrani, mother of Shebaz Sharif's second wife, and Ilyas Mehraj, brother of his first, also figure in the documents. Habib Waqas Group/Ilyas Mehraj is listed as a shareholder with 127,735 shares in Haylandale Limited, registered July 24, 2003 in the Bahamas. Mehraj has denied knowing anything about "any company whether incorporated in the Commonwealth of Bahamas or anywhere else under the name: Haylandale Ltd." Rainbow Limited, the newest of the three offshore companies owned by Samina Durrani, was registered September 29, 2010 in the British Virgin Islands (BVI). Armani River Limited, registered in the Bahamas on May 16, 2002, describes its assets as "property in London, which is not currently rented." Assets of Star Precision Limited, registered in BVI May 21, 1997, were reported as "cash as the investment portfolio. We are also holding 1,165,238 shares in Orix Leasing Pakistan Limited." Hussain Nawaz said his family won't hamper any investigation, and urged one of former president

Pervez Musharraf Pervez Musharraf (11 August 1943 – 5 February 2023) was a Pakistani general and politician who served as the tenth president of Pakistan from 2001 to 2008. Prior to his career in politics, he was a four-star general and appointed as ...

as well. The government on April 15 announced an investigation by an inquiry commission of all Pakistanis named in the documents. Opposition politicians said a judge, not a retired judge, should investigate. Numerous judges

recused Recusal is the legal process by which a judge, juror, or other adjudicator steps aside from participating in a case due to potential bias, conflict of interest, or appearance of impropriety. This practice is fundamental to ensuring fairness and ...

themselves. On July 28, 2017, the

Supreme Court of Pakistan The Supreme Court of Pakistan (; ''Adālat-e-Uzma Pākistān'') is the apex court in the Judiciary of Pakistan, judicial hierarchy of the Islamic Republic of Pakistan. Established in accordance witPart VIIof the Constitution of Pakistan, it h ...

, disqualified Sharif from holding office.

Benazir Bhutto

The late

Benazir Bhutto Benazir Bhutto (21 June 1953 – 27 December 2007) was a Pakistani politician who served as the 11th prime minister of Pakistan from 1988 to 1990, and again from 1993 to 1996. She was also the first woman elected to head a democratic governmen ...

was also a

Mossack Fonseca Mossack Fonseca & Co. () was a Panamanian law firm and corporate service provider.Rehman Malik Rehman Malik NI ( Punjabi, Urdu: رحمان ملک; born 12 December 1951 – 23 February 2022) was a Pakistani politician, and a former Federal Investigation Agency (FIA) officer, who later served as the federal Interior Minister from 25 Marc ...

, who later became a Senator and Interior Minister in the government of

Yousaf Raza Gillani Yusuf Raza Gilani (born 9 June 1952) is a Pakistani politician who served as the 16th prime minister of Pakistan from 2008 to 2012. He is currently serving as the Chairman of the Senate of Pakistan since 2024. Chairman Gilani served as the acti ...

. Mossack Fonseca had deemed Bhutto's first company, the similarly named Petrofine FZC, politically sensitive and "declined to accept Mrs Bhutto as a client." A

United Nations The United Nations (UN) is the Earth, global intergovernmental organization established by the signing of the Charter of the United Nations, UN Charter on 26 June 1945 with the stated purpose of maintaining international peace and internationa ...

committee chaired by former US

Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...

head

Paul Volcker Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chair of the Federal Reserve, chairman of the Federal Reserve from 1979 to 1987. During his tenure as chairman, Volcker was widely ...

had determined in a 2005 investigation into abuses of the

oil-for-food The Oil-for-Food Programme (OIP) was established by the United Nations in 1995 (under UN Security Council Resolution 986) to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Ir ...

program that Petrofine FZC paid US$2 million to the

Iraq Iraq, officially the Republic of Iraq, is a country in West Asia. It is bordered by Saudi Arabia to Iraq–Saudi Arabia border, the south, Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq border, the east, the Persian Gulf and ...

i government of

Saddam Hussein Saddam Hussein (28 April 1937 – 30 December 2006) was an Iraqi politician and revolutionary who served as the fifth president of Iraq from 1979 until Saddam Hussein statue destruction, his overthrow in 2003 during the 2003 invasion of Ira ...

to obtain US$115–145 million in oil contracts. In 2006, the Pakistani

National Accountability Bureau The National Accountability Bureau (; abbreviated NAB) is Pakistan's anti-corruption agency. Its chairman is Nazir Ahmed Butt, a retired general. History The Ehtesab Act, 1997 established an Ehtesab Cell, charged with the investigation and pr ...

(NAB) accused Bhutto, Malik and Ali Jaffery of owning Petrofine, established since 2000 in

Sharjah Sharjah (; ', Gulf Arabic: ''aš-Šārja'') is the List of cities in the United Arab Emirates, third-most populous city in the United Arab Emirates, after Dubai and Abu Dhabi. It is the capital of the Emirate of Sharjah and forms part of the D ...

United Arab Emirates The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab E ...

. Bhutto and the

Pakistan Peoples Party The Pakistan Peoples Party (PPP) is a political party in Pakistan and one of the three major List of political parties in Pakistan, Pakistani political parties alongside the Pakistan Muslim League (N) and Pakistan Tehreek-e-Insaf. With a Cent ...

denied it. In April 2006 an NAB court froze assets owned in Pakistan and elsewhere by Bhutto and her husband

Asif Ali Zardari Asif Ali Zardari (born 26 July 1955) is a Pakistani politician serving as the 14th president of Pakistan since 2024, having held the same office from 2008 to 2013. He is the president of Pakistan People's Party Parliamentarians and was the ...

, saying that the assets, totaling $1.5 billion, were the result of corrupt practices, and that Swiss charges of criminal money laundering filed in 1997 were still in litigation.

Palestine

Tareq Abbas, a son of

Mahmoud Abbas Mahmoud Abbas (; born 15 November 1935), also known by the Kunya (Arabic), kunya Abu Mazen (, ), is a Palestinian politician who has been serving as the second president of Palestine and the President of the Palestinian National Authority, P ...

, the president of the

Palestinian Authority The Palestinian Authority (PA), officially known as the Palestinian National Authority (PNA), is the Fatah-controlled government body that exercises partial civil control over the Palestinian enclaves in the Israeli occupation of the West Bank, ...

, was revealed to hold $1 million in shares of the Arab Palestinian Investment Company (APIC), an offshore company associated with the Palestinian Authority and partially owned by the Authority's

Palestine Investment Fund The Palestine Investment Fund (, PIF) is an independent investment company aiming to strengthen the Palestinian economy through strategic investments, while maximising long-run returns for its ultimate shareholder; the people of Palestine. Estab ...

Qatar

Hamad bin Jassim bin Jaber Al Thani Hamad bin Jassim bin Jaber bin Mohammed bin Thani Al Thani (Arabic: ; born 1959), also known informally by his initials HBJ, is a Qatari politician. He was the Prime Minister of Qatar from 3 April 2007 to 26 June 2013, and foreign minister from ...

, prime minister from 2007 to 2013, in 2002 acquired three shell companies incorporated in the Bahamas and another in the British Virgin Islands and through them moorage in

Mallorca Mallorca, or Majorca, is the largest of the Balearic Islands, which are part of Spain, and the List of islands in the Mediterranean#By area, seventh largest island in the Mediterranean Sea. The capital of the island, Palma, Majorca, Palma, i ...

and a $300 million yacht named ''Al Mirqab''. The Panama Papers indicate he owns or owned eight shell companies. Subsequent reporting by ''Forbes'' found that Al Thani bought $700 million in

shares in 2014 through Paramount Services Holdings and in 2015 transferred roughly half the stock to Supreme Universal Holdings, owned by a relative who had left office as emir of Qatar, also in 2013.

Saudi Arabia

King Salman Salman bin Abdulaziz Al Saud (; born 31 December 1935) has been King of Saudi Arabia since 2015, and was Prime Minister of Saudi Arabia from 2015 to 2022. He is the 25th son of King Abdulaziz, the founder of Saudi Arabia. He assumed the thro ...

is mentioned in the leaks in relation to two companies based in the British Virgin Islands—Verse Development Corporation, incorporated in 1999, and Inrow Corporation, incorporated in 2002. The companies took out mortgages totaling over US$34 million and purchased properties in central London. His role in the companies was not specified. BVI company Crassus Limited, incorporated in 2004, registered a yacht in London, named ''Erga'' after King Salman's palace in

Riyadh Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of the Riyadh Governorate. Located on the eastern bank of Wadi Hanifa, the current form of the metropolis largely emerged in th ...

. The vessel boasts a banquet hall and can comfortably sleep 30. Former Crown Prince

Muhammad bin Nayef Muhammad bin Nayef Al Saud (; born 30 August 1959), colloquially known by his initials MBN or MbN, is a former Saudi Arabian politician and businessman who served as the crown prince and first deputy prime minister of Saudi Arabia from 2015 to 2 ...

is also named in the papers. The ''Irish Times'' found a link to Iran-Contra in the Panama Papers, in the persons of one of America's most colourful political donors Farhad Azima and multi-billionaire

Adnan Khashoggi Adnan Khashoggi (; 25 July 1935 – 6 June 2017) was a Saudi businessman and arms dealer known for his business dealings, extensive geopolitical influence, and opulent lifestyle, which earned him the moniker "''The Jay Gatsby, Great Gatsby ...

, who both employed Mossack Fonseca's services, and were both important figures in Iran-Contra scandal. The Mossack Fonseca files show Khashoggi appeared as early as 1978, when he became president of the Panamanian company ISIS Overseas S.A. The documents reveal that Fonseca's clients included Sheikh

Kamal Adham Kamal Adham (; 1929 – 29 October 1999) was a Saudi businessman and the director general of Al Mukhabarat Al A'amah from 1965 to 1979. He served as a royal counsellor to both King Faisal bin Abdul Aziz, King Faisal and King Khalid. Early li ...

, Saudi Arabia's first intelligence chief (1963–79), brother-in-law of King Faisal, who was named by a US Senate committee as the CIA's “principal liaison for the entire the Middle East from the mid-1960s through 1979”. Adham controlled offshore companies involved in the B.C.C.I. banking scandal.

Singapore

The

Ministry of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

and

Monetary Authority of Singapore The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as ...

said in a statement that "Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm action."

Sri Lanka

Sri Lankan Finance Minister

Ravi Karunanayake Ravindra Sandresh Karunanayake (born 19 February 1963) is a Sri Lankan politician and Member of Parliament. He served as the Minister of Foreign Affairs from May 2017 to August 2017, Minister of Finance from 2015 to 2017, and Cabinet Minister of ...

said his panel will investigate Sri Lankan names that come up in the Panama Papers, as well as the 46 who appear in the 2013 Offshore Leaks, according to the ''Daily Mail'', since earlier leadership apparently did not do so. The country has many large outstanding foreign loans taken out under the administration of former president

Mahinda Rajapakse Mahinda Rajapaksa (; ; born Percy Mahendra Rajapaksa; 18 November 1945) is a Sri Lankan politician. He served as the sixth President of Sri Lanka from 2005 to 2015; the Prime Minister of Sri Lanka from 2004 to 2005, 2018, and 2019 to 2022; the ...

, and the current government recently had to obtain a US$1.5 billion

IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...

bailout. Rajapakse has denied diverting funds. The current government came to power in January 2016 on an anti-corruption platform.

Syria

Rami Makhlouf Rami Makhlouf (; born 10 July 1969) is a Syrian businessman and a maternal cousin of former president Bashar al-Assad. At the beginning of the Syrian civil war in 2011, he was considered one of Syria's richest and most powerful men. According t ...

, a maternal cousin of

Bashar al-Assad Bashar al-Assad (born 11September 1965) is a Syrian politician, military officer and former dictator Sources characterising Assad as a dictator: who served as the president of Syria from 2000 until fall of the Assad regime, his government ...

, was worth an estimated $5 billion before the Syrian Civil War, and had control of 60% of the economy. He was subject to sanctions by the

and the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

, and controlled Syria's oil and telecommunications business. The

US Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States. It is one of 15 current U.S. government departments. The department oversees the Bureau of Engraving and ...

charged that Pangates, a company registered to him, supplied the Assad government with a thousand tonnes of aviation fuel. However, the Makhloufs were able to continue to operate via Panama shell companies, registered in the

, and so not subject to US law – however, on May 9, 2011, the EU issued its own sanctions, and these were extended by an order in council to the British Virgin Islands in July 2011. Mossack Fonseca decided September 6 to resign from Makhlouf's companies. By then, Makhlouf had already cut ties with his bank. HSBC told the law firm that the Swiss authorities had frozen Makhlouf's accounts, and that "they have had no contact with the beneficial owner of this company since the last 3 months".

Thailand

The ''

Bangkok Post The ''Bangkok Post'' is an English-language daily newspaper published in Bangkok, Thailand. It is published in broadsheet and digital formats. The first issue was sold on 1 August 1946. It had four pages and cost one baht, a considerable amount ...

'' reported that the " Anti-Money Laundering Office (AMLO) is seeking information from its foreign counterparts regarding twenty-one Thai nationals reportedly included in a list of people worldwide using a Panama-based law firm apparently specializing in money laundering and tax evasion." It is not clear why AMLO is investigating only twenty-one. The Panama Papers include at least 780 names of individuals based in Thailand and another 50 companies based in Thailand. Some are foreigners or foreign-owned companies, but 634 individual addresses in Thailand appear in the documents that have surfaced to date, including the CEOs of giant companies Bangkok Land and Phatra Finance.

Taiwan

Investigations by ICIJ's sole

East Asian East Asia is a geocultural region of Asia. It includes China, Japan, Mongolia, North Korea, South Korea, and Taiwan, plus two special administrative regions of China, Hong Kong and Macau. The economies of Economy of China, China, Economy of Ja ...

partner ''CommonWealth Magazine'' in Taiwan found that at least 2,725 offshore companies had registered addresses in Taiwan. Ninety Taiwanese, including the singer and actor Nicky Wu, were included in the papers. According to a report released by ''CommonWealth Magazine'', Wu used the firm Horizon Sky Technology, Ltd. to co-operate with Hong Kong-based Sun Entertainment Culture Limited (:zh:太陽娛樂文化, zh). The publisher concludes that: "Taiwanese companies and individuals are believed to be extensively using offshore shelters to avoid or evade taxes ... after scouring the Panama Papers documents that Mossack Fonseca has not been one of their main conduits. This time, it appears that big Taiwanese banks, law firms and accounting firms did not often use the services of Mossack Fonseca, which does not have a presence in Taiwan. The forty-six Taiwanese brokers that did work with Mossack Fonseca were relatively small-scale consulting firms operating in Greater China. Most of the Taiwanese entities that set up shell companies through the Panamanian law firm were small, unlisted companies or individuals."

United Arab Emirates

ICIJ, ''The Guardian'' and ''The Independent'' have reported that former UAE President Khalifa bin Zayed Al Nahyan owned London real estate worth more than £1.2 billion through a structure of some thirty shell companies Mossack Fonseca set up for him in the

and administered for him, using them to manage and control the luxury properties in London. By December 2015, Mossack Fonseca held nearly all of the shares in those companies in trust structures on his behalf, with bin Zayed and his Shamsa bint Suhail Al Mazrouei, wife, son, and daughter the trust beneficiaries.

References

Panama Papers Portal
of ''Le Desk'' (Morocco)
Panama Papers Portal
of Reykjavík Media (Iceland)
Panama Papers Portal
of Armando.info (Venezuela) * New Zealan
IR607:Foreign trust disclosure
{{authority control Panama Papers, Asia Sanctions against Iran

Armenia

Azerbaijan

Bangladesh

China

Hong Kong

Georgia

India

Israel

Pakistan

Nawaz Sharif

Benazir Bhutto

Palestine

Qatar

Saudi Arabia

Singapore

Sri Lanka

Syria

Thailand

Taiwan

United Arab Emirates

See also

References

Further reading

External links