Internal data of a Panama-based offshore provider, Mossback Fonseca obtained by German newspaper Suddeutsche Zeitung and made accessible to PREMIUM TIMES and over 100 other media partners in 82 countries has exposed a handful of former and current world leaders involved in secret financial transactions around the world.
The records reveal a worldwide link of law firms and banks that offer secrecy to politicians, fraudsters, drug traffickers, celebrities and sports stars. Offshore companies linked to the family of Xi Jinping, China’s top leader and Ukrainian President Petro Poroshenko, and offshore dealings of the late father of British Prime Minister David Cameron were revealed in the leaked records.
The leaked records also reveal at least four assets belonging to the Nigeria Senate President, Bukola Saraki’s family which he did not declare to the Code of Conduct Bureau (CCB). This revelation may worsen Mr Saraki’s case before the Code of Conduct tribunal where he is being tried for alleged false declaration of assets.
The undeclared assets include a property located at #8 Whittaker Street, Belgravia, London SW1W 8JQ with title number NGL802235; 25, 000 units of shares in a company Girol Properties Ltd registered in British Virgin Island; Shares in Sandon Development Limited registered in Seychelles Island and Landfield International Developments Ltd, registered in the British Virgin Islands.
Although most of the offshore industry provide services that are legal, the revealed documents show that banks, law firms and other offshore players have often failed to follow legal requirements that ensure their clients are not involved in criminal activities, tax dodging or political corruption making it difficult for detection in cases where they are actually involved in these kind of activities.
SOURCE: Sahara Reporters