News 6 November 2017
Author: Rebecca Rose

Tax secrets of the ultra rich leaked overnight

6 November 2017

A new document which has been dubbed the “Paradise Papers” has been leaked which contains information on how the world’s wealthiest invest their money in offshore tax havens.

There are apparently 13.4 million documents, obtained by German newspaper Süddeutsche Zeitung, the newspaper which also leaked last year’s Panama papers and the publication also called in the International Consortium of Investigative Journalists to oversee the investigation.

The data was sourced from a company called Appleby who are based in Bermuda and provide legal services at the top end of the offshore investment industry. The papers reveal that the Queen has around £13 million invested offshore in the Cayman Islands and Bermuda. Although this is not illegal it calls into question the proper standards of conduct that should be exercised by the Royal Family.

Also revealed is that US commerce secretary Wilbur Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putin’s son-in-law and two men subject to US sanctions. There are many other offshore links from within Trump’s cabinet, his advisers and investors revealed in the documents. 

Twitter and Facebook have also come under fire for receiving hundreds of millions of dollars from Russian state institutions. 
The amount invested offshore totals to around $10 trillion.

There are key questions that need to be asked here in reference to the rich avoiding tax bills which are then picked up by the averagely earning person. The lack of transparency surrounding these offshore accounts is severely damaging to reputations of those involved.

Any updates from the leak you can catch here on GRM Daily.