Paradise Papers: Massive New Leak Exposes Tax-Haven Secrets, Links Wilbur Ross To Russia

Source: Zero Hedge

November 5, 2017

Update: A Commerce spokesman told Fox News that Ross was not involved with Navigator’s decision to engage in business with Sibur, a publicly traded company, which was not under sanction at the time and is not currently. The spokesman also said Ross, the Trump administration’s point man on trade and manufacturing policy, !never met” Shamalov, and generally has supported the Trump administration’s sanctions against Russia, while recusing himself from matters focused on transoceanic shipping vessels.

Still, as Fox News notes, “the published reports by news agencies including NBC and the BBC likely will raise more questions about whether those associated with Trump are connected to Russia, amid special counsel Robert Mueller’s investigation into whether both sides colluded to influence the 2016 White House race. It wasn’t immediately clear how many partners Ross might have or what the profit-sharing agreement might be. The reports also indicated there was no sign Ross broke any disclosure rules.

* * *

One year after the Panama Papers revealed billions in assets are held in offshore “tax haven” accounts by some of the world’s most powerful and wealthy individuals, on Sunday a huge new leak of financial documents disclosed by the International Consortium of Investigative Journalists (ICIJ) – a global network that won the Pulitzer Prize this year for its work on the Panama Papers – and its 94 media partners has revealed how the powerful and ultra-wealthy, including the Queen’s private estate, secretly invest vast amounts of cash in offshore tax havens. Of particular interest for the US media will be the discovery that Donald Trump’s commerce secretary, Wilbur Ross, is shown to have a stake in a firm dealing with Russians sanctioned by the US, including Vladimir Putin’s immediate family, which Ross failed to clearly disclose prior to his confirmation.

The leak, dubbed the Paradise Papers, contains 13.4 million documents, mostly from the Bermuda-based offshore finance law firm, Appleby, has been investigated by 95 media groups, with the findings released today. The records expand on the revelations from the leak of offshore documents that spawned the 2016 Panama Papers investigation. The new files shine a light on a different cast of underexplored island havens, including some with cleaner reputations and higher price tags, such as the Cayman Islands and Bermuda.

The year-long investigation exposes offshore interest and activities of more than 120 politicians and world leaders. That includes ties between Russia and U.S President Donald Trump’s billionaire commerce secretary Wilbur Ross. It also highlights the offshore activities of another 12 Trump allies.

The Paradise Papers’ key findings summarized:

• Reveals offshore interests and activities of more than 120 politicians and world leaders, including Queen Elizabeth II, and 13 advisers, major donors and members of U.S. President Donald J. Trump
• Exposes the tax engineering of more than 100 multinational corporations, including Apple, Nike and Botox-maker Allergan
• Reveals tax haven shopping sprees by multinational companies in Africa and Asia that use shell companies in Mauritius and Singapore to reduce taxes
• Shines a light on secretive deals and hidden companies connected to Glencore, the world’s largest commodity trader, and provides detailed accounts of the company’s negotiations in the Democratic Republic of the Congo for valuable mineral resources
• Provides details of how owners of jets and yachts, including royalty and sports stars, used Isle of Man tax-avoidance structures

That said, as the BBC admits, “the vast majority of the transactions involve no legal wrongdoing.”

The BBC reports that as with last year’s Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. Sunday’s revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data.

The most detailed revelations emerge in decades of corporate records from the white-shoe offshore law firm Appleby and corporate services provider Estera, two businesses that operated together under the Appleby name until Estera became independent in 2016. At least 31,000 of the individual and corporate clients included in Appleby’s records are U.S. citizens or have U.S. addresses, more than from any other country. Appleby also counted clients from the United Kingdom, China and Canada among its biggest sources of business.

Nearly 7 million records from Appleby and affiliates cover the period from 1950 to 2016 and include emails, billion-dollar loan agreements and bank statements involving at least 25,000 entities connected to people in 180 countries. Appleby is a member of the “Offshore Magic Circle,” an informal clique of the planet’s leading offshore law practices. The firm was founded Bermuda and has offices in Hong Kong, Shanghai, the British Virgin Islands, the Cayman Islands and other offshore centers. Appleby has a well-guarded 100-year reputation and has avoided public scrapes through a mixture of discretion and expensive client monitoring.

Appleby, for example, is one link in a chain of offshore actors who helped sports stars, Russian oligarchs and government officials to purchase jets, yachts and other luxury items. The offshore experts helped Arkady and Boris Rotenberg, two Russian billionaires and childhood friends of President Putin, buy jets worth more than $20 million in 2013. U.S authorities blacklisted the Rotenbergs in 2014 for their support of “Putin’s pet projects” and for having banked “high price contracts” through the Russian government. Appleby cut its ties with the brothers but, in one case, received approval from the Isle of Man government nearly two years after sanctions were imposed to disburse fees to keep one of the brothers’ companies on the business register. The Rotenbergs did not reply to Süddeutsche Zeitung’s requests for comment. Clients prize Appleby for its expertise, efficiency and global network of professionals. Its peers repeatedly crown it Offshore Law Firm of the Year.

But decades of private documents also show that even one of the offshore industry’s brightest stars has hidden shortcomings: accepting questionable clients and failing to monitor multimillion-dollar money flows.

The leaked files also include documents from government business registries in some of the world’s most secretive corporate havens in the Caribbean, the Pacific and Europe, such as Antigua and Barbuda, the Cook Islands and Malta. One-fifth of the world’s busiest secrecy jurisdictions are represented in these databases.

Please go to Zero Hedge to read the entire article.
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Ever wonder how the world’s wealthy become wealthy?

The Paradise Papers: Revelations Spring From Leaked Records Of World’s Wealthy

 

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9 comments

  • Roland Edgar Dent GBR DL13 3PR

    FYI
    From: DERGROSSEN at aol.com
    CC: direk at spoe, tsvetelina.parvanova at osce-org
    Sent: 11/8/2017 11:30:24 A.M. GMT Standard Time
    Subj: Fwd: partisan assessments.
    FYI FAO KERN bitte
    ——————————————————————————–
    From: DERGROSSEN@aol.com
    To: federica.mogherini at ec.europa.eu
    CC: alexander.italianer at ec.europa.eu, margaritis.schinas at ec.europa.eu
    Sent: 11/8/2017 11:28:15 A.M. GMT Standard Time

    Subj: partisan assessments.

    Dear EEAS and OSCE

    Are you sure this statement made by the EEAS, can, without a shadow of a doubt, be proven?

    “EU External Action‏Verified account at eu_eeas 48m48 minutes ago
    #Syria The EU expresses its strongest condemnation of the confirmed use of chemical weapons by both the Syrian Armed Forces and Da’esh, and continues to be determined to take strict measures against these unspeakable acts hwww.consilium.europa.eu/en/press/press-releases/2017/11/07/hr-declaration-on-the-use-of-chemical-weapons-in-syria/ …”

    This is a war crime and accusations cannot be dispensed without due caution.

    Given the European situation I would suggest some caution is exercised while dispensing statements.

    Faithfully
    Roland Edgar Dent
    GBR DL13 3PR

  • Roland Edgar Dent GBR DL13 3PR

    From: DERGROSSEN-at-aol.com
    To: federica.mogherini at ec.europa.eu
    CC: canada.consul.bel at aol.co.uk, canada.consul.edi at gmail.com, margaritis.schinas at ec.europa.eu, alexander.italianer at ec.europa.eu, londonhub at state.gov, fabrizia PANZETTI at ec.europa.eu, david.McALLISTER at ec at europa.eu, helga.SCHMIDT at ec at europa.eu

    Sent: 11/8/2017 1:55:22 P.M. GMT Standard Time

    Subj: Feedback

    Ma’am

    I listened to your unscripted Q and A presser in WA DC as broadcast on EbS.

    A good stance on the European position.

    ec.europa.eu/avservices/video/player.cfm?ref=I146068

    At time point 23:45 you mention the Canadian policy on human rights.

    Canada has NOT SIGNED THE UN MANDATE on OUTLAWING NAZI DOCTRINE.

    We have PLENTY OF EVIDENCE OF NAZI DOCTRINE AS APPLIED IN THE EAST UKRAINE under the KIEV GOVERNMENT.

    I would be most grateful if the EU would be mindful of this phenomena given the current situation in Europe.

    Faithfully
    Roland Edgar Dent
    GBR DL13 3PR

  • i THINK THIS ONE IS TRUE . Exclusive Leak: Deep State To Launch Massive Terror Attacks In US. https://youtu.be/1yIq8PdAzQ0 The missile was fired and they are trying to start war with Iran .

  • Let us not forget who the deep state Rothschilds are -the Queens bankster .. There must be some decent CIA, FBI somewhere surely … IF They destroy USA they wont have a job . The favourite trick of the Marxist Communists is to dispose of those who helped them into power not only because they are traitors but are a threat to those who run them .

  • Roland Edgar Dent GBR DL13 3PR

    From: DERGROSSEN-at-aol.com
    To: federica.mogherini@ec.europa.eu
    CC: direkt@spoe.at, tsvetelina.parvanova@osce.org, canada.consul.bel@aol.co.uk, canada.consul.edi@gmail.com, sp.info@scottish.parliament.uk, londonhub@state.gov
    Sent: 11/8/2017 3:21:42 P.M. GMT Standard Time
    Subj: Human Stories SE Ukraine

    Ma’am and OSCE and EU Stakeholders

    FYI

    This video is self explanatory: how long will this situation continue on the borders of the EU?

    Copyright: PATRICK LANCASTER independent journalist working in The Ukraine

    http://www.youtube.com/watch?v=bxgrDzF1-74

    Faithfully
    Roland Edgar Dent
    GBR DL13 3PR

  • Hi Y’all
    It took me 4 refreshes to get this page to load, so am pleased to get here!
    A lot happening(‘What Happened’!!!) at the moment…

  • Roland Edgar Dent GBR DL13 3PU

    From: DERGROSSEN-aol.com
    To: postmaster-ec.europa.eu
    Sent: 11/8/2017 7:04:22 P.M. GMT Standard Time

    Subj: Fwd: Incident in Khan Shaykhun
    FOR YOUR HISTORICAL RECORDS

    To: federica.mogherini-ec.europa.eu
    CC: michael.mann-ec.europa.eu, sabrina.bellosi-ec.europa.eu, michael.curtis-ec.europa.eu, diane.schmitt=ec.europa.eu, sp.info-scottish.parliament.uk, canada.consul.bel-aol.co.uk, canada.consul.edi@gmail.com, scarter-circanews.com, alexthomson29-yahoo.co.uk, postmaster-ec.europa.eu, maja.kocijancic-ec.europa.eu
    Sent: 11/8/2017 6:27:11 P.M. GMT Standard Time

    Subj: Incident in Khan Shaykhun

    Ma’am

    WHY DID THE SOROS NEWS AGENCY “BELLINGCAT” led by ELLOTT HIGGINS have finished conclusive news report about this incident only 2 hours after the event?

    This was given to the BBC Radio 4 news show at 5 pm that same day. The BBC read out the report verbatim.

    Does the EU not possesses investigative professionals? Or are all of your staff appointments based on neoptism?

    tass.com/politics/974663

    Russia believes that conclusions by the UN-OPCW Joint Investigative Mechanism (JIM) probing chemical attacks in Syria of the incident in Khan Shaykhun are amateurish and politically biased, Director of the Russian Foreign Ministry‘s Department for Nonproliferation and Arms Control, Mikhail Ulyanov, said on Wednesday.

    Faithfully
    Roland Edgar Dent
    GBR DL13 3PR

  • Roland Edgar Dent GBR DL13 3PR

    From: DERGROSSEN-aol.com
    To: info-rusemb-org-uk
    Sent: 11/8/2017 8:36:24 P.M. GMT Standard Time

    Subj: Character Exchange

    Dear RU in UK

    This may be of interest:

    http://mediawhores.co.nz/tag/greg-hallett/

    Sincerely
    Roland Edgar Dent
    GBR DL13 3PR

  • Roland Edgar Dent GBR DL13 3PR

    From: DERGROSSEN-aol.com
    To: tsvetelina.parvanova-osce.org
    CC: direkt-spoe.at, federica.mogherini-ec.europa.eu
    Sent: 11/8/2017 8:47:49 P.M. GMT Standard Time
    Subj: How exactly will the OSCE deal with this situation?

    Dear OSCE cc KERN in Wien cc EEAS Brussels

    How exactly will the OSCE deal with this situation?

    https://www.liveleak.com/view?i=815_1510144173

    Sincerely
    Roland Edgar Dent
    GBR DL13 3PR

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