Breaking News, Kenya News. Today's latest from

Global news

Everything you need to know about the Pandora’s Papers.

Dozens of world leaders and hundreds of officials have used coastal tax centers to hide assets worth hundreds of millions of dollars, a major investigation has revealed.

Pandora’s documents, released on Sunday, are based on documents leaked to the International Monetary Fund (ICIJ) and reveal coastal “contracts” of kings, presidents and prime ministers.


The leaked documents come from 14 coastal service companies around the world – from Vietnam to Belize to Seychelles.

Who was behind?

ICIJ – a network of journalists and media organizations – has launched a two-year effort to filter out 11.9 million secret files, backed by more than 600 journalists from 150 media outlets.

The team also confirmed the 2.94 terrestrial shipping information by checking it with public records from several countries.

The ICIJ found that the documents were compiled by more than 330 politicians and officials, as well as 35 current and former national leaders, in more than 91 countries and territories.

“The files contain information about the triple activity of current and former leaders of the country such as any leak of documents from coastal ports,” ICIJ wrote on its website.

Je! Are coastal companies illegal?

Setting up coastal companies to do business is not illegal, the ICIJ said, as some people may have legitimate reasons to keep their money secret.

But such entities have often proved to be attractive because they could facilitate tax evasion and money laundering.

Such revelations are not a shame for leaders who may have campaigned publicly against tax evasion and corruption, or advocated for harsh measures at home.

Who was appointed?

Among the key people mentioned is King Abdullah II of Jordan, who reportedly spent coastal accounts spending more than $ 100 million on luxury homes in Britain and America.

A few days before the October 8-9 parliamentary elections in the Czech Republic, the documents reportedly linked the country’s Prime Minister Babis to a $ 22 million real estate in a high hill village near Cannes, France.

The newspapers also named Kenyan President Uhuru Kenyatta and his mother as key beneficiaries in Panama who own coastal companies.

In addition to politicians, public figures on display include Colombian singer Shakira, German model Claudia Schiffer and former Indian cricket captain Sachin Tendulkar.

Coastal system

In addition to revealing the financial transactions of hundreds of world leaders and celebrities, the survey shed light on the coastal system itself, with America becoming a major player in the coastal world.

South Dakota, according to records, became a U.S. state with many deposits – a financial mechanism that is often used to prevent or significantly reduce tariffs.

Pandora’s papers are the latest in a series of major financial leaks by ICIJ, from LuxLeaks in 2014 to Panama Papers in 2016, which led to the resignation of the Icelandic prime minister and paved the way for the removal of the leader. Pakistan. .

They were followed by Paradise Paper files in 2017 and FinCen in 2020.

%d bloggers like this: