Ground Report | New Delhi: Pandora papers; In this disclosure, popularly known as Pandora Papers, 29 thousand such companies and trusts have been found which were formed abroad. The International Consortium of Investigative Journalists (ICIJ) studied 12 million documents of 14 companies for a year, after which it has been claimed that businessmen, industrialists, politicians, and sports and entertainment world celebrities from different countries have hidden the money.
India’s newspaper Indian Express was involved in this investigation. According to the newspaper, these documents have the names of more than 300 Indians, including industrialist Anil Ambani, Nirav Modi’s sister, and Kiran Mazumdar Shaw’s husband.
The Indian Express has said in its report that more than 60 important people and companies have been investigated, which will be disclosed in the coming days. The newspaper writes that after the revelations of the Panama Papers, the wealthy have found new ways to hide their wealth.
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Cricketer Sachin Tendulkar, for example, sold his stake in the British Virgin Islands just three months after the Panama Papers’ revelations. Sachin Tendulkar’s lawyer has said that all his investments are legitimate.
Now Indian industrialists are setting up many trusts abroad so that by dividing their money into different parts, they can be saved from the eyes of the government. These include 130 billionaires from many countries including India, Russia, America, and Mexico.
Names of hundreds of leaders
The names of foreign dignitaries whose names have been revealed in the Pandora Papers revelations include the King of Jordan, the Presidents of Ukraine, Kenya, and Ecuador, the Prime Minister of the Czech Republic, and former British Prime Minister Tony Blair.
At least 35 current or former heads of state have been named in these documents. The documents show how King Abdullah II set up a network of companies in tax-exempt sites to build his $100 million properties in Malibu, California, Washington, and London.
ALSO READ: What are Pandora Papers?
Czech Prime Minister Andrei Babis hid foreign investment through which he bought a $22 million bungalow in southern France.
The documents revealed about 1,000 foreign companies that were founded by 336 ministers, politicians and government officials from around the world. These include the cabinet ministers of Pakistan Prime Minister Imran Khan and his family members.
new ways to get rich
The Indian Express writes, “The Pandora Papers show that the money-machine is active in every part of the world. These include the financial capitals of the world’s richest countries, including the US. Global banks, advocacy companies, and accounting firms based in the US and Europe Let’s also helped this system.
For example, the Pandora Papers revealed that banks around the world set up companies overseas for at least 3,926 clients with the help of Alcogal (Alemán, Cordero, Galindo & Lee – Alcogal), a Panamanian advocacy company. This company also has offices in New Zealand, Uruguay and UAE. This company created 312 companies at the request of the British Virgin Islands American bank Morgan Stanley.
Based on the scrutiny of documents obtained from 14 companies, the reports published by more than 600 journalists from 150 media organizations of the world, including Deutsche Welle’s Turkish service, are from 1996 to 2020. And the companies and trusts that are being talked about were established between 1971 and 2018.