Tag Archives: Panama Papers

Former EFCC boss Ribadu to speak on Panama Papers

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A former chairman of the Economic and Financial Crimes Commission, EFCC, Nuhu Ribadu, will on Thursday be part of a panel to discuss the Panama Papers leak as they affect Africa.

The forum is organised by the European Parliament Inquiry Committee, PANA, following revelations published by a consortium of international media, including PREMIUM TIMES, showing secretive offshore companies used by powerful individuals and criminals to hide wealth, evade taxes and commit fraud.

The event will hold in Strasbourg France on Thursday, April 6.

The committee, which had been working since July last year had held a series of public hearings with the journalists who revealed the Panama Papers, representatives of international organisations, academics, the business society.

The Members of the Committee have now decided to hold a hearing on “The impact of the schemes revealed in the Panama Papers on developing countries”.

Information from the European Parliament in Brussels, Belgium, reveals that members of the PANA Committee will use the meeting to get a better understanding of the impact of money-laundering and tax evasion on developing countries.

“The Members of the Committee will hear about the experience and findings of relevant stakeholders (journalist and experts in taxation and money-laundering) in this area, with a focus on the level of cooperation between EU and African authorities, the difficulties faced by them and the deficiencies observed in the existing legal framework in this field (including, if appropriate evidence of no respect of EU law),” one of the released information said.

Mr. Ribadu will be part of a panel that will discuss Panama Papers and Africa alongside Carlos Lopez, a former UN representative, as well as Alvin Mosloma, the founding executive director of Tax Justice Network Africa.

Others are Jean Ziegler, an author from Switzerland, Will Fitzgibbon, the International Consortium of Investigative Journalists, ICIJ, reporter focusing on the Panama Papers impact in Africa and De Pasquale, an Italian prosecutor.

 

Source: Premium Times

Result Of EFCC Probe Of Panama Papers Ready Soon– Magu

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The result of investigations carried out by the Economic and Financial Crimes Commission (EFCC) on the involvement of Nigerians in documents leaked by the Panamanian law firm, Mossack Fonseca, otherwise known as the Panama Papers, will soon be made public, the Acting EFCC Chairman, Mr. Ibrahim Magu,  has said.
Magu spoke at the closing session of a workshop organized by the Presidential Advisory Committee Against Corruption (PACAC) in collaboration with the Association of professional Bodies of Nigeria (APBN) at the weekend in Abuja.

Some prominent Nigerians were named in the Panama leaks, including former governors.
He said it sometimes takes between six and nine months after gathering intelligence before EFCC invites suspects.
“We do our work and we do not discriminate. There are no sacred cows. I work and finish my work as if there is no tomorrow because corruption is fighting back,” he said.
He said certain professionals frustrated the EFCC in the fight against corruption, adding that there are professionals who celebrate corruption.
He also said the EFCC would soon beam its search light on corruption in hospitals.
Credit: DailyTrust

Panama Papers: $2.6m Penthouses Traced To Ex-Minister

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A former Minister for National Planning, Rasheed Gbadamosi, bought two luxury penthouses worth $2.6m in Panama in 2008 while serving as the Chairman of the Petroleum Products Pricing Regulatory Agency, according to leaked data from Panamanian law firm, Mossack Fonseca.

According to a documents sighted by Nigerian online newspaper, Premium Times, Gbadamosi who was recently appointed co-chairman of the Lagos at 50 planning committee, bought the two houses in the most opulent areas of Panama.

Under Nigerian law, acquiring assets abroad is not illegal, but according to the Fifth Schedule of the constitution, chairmen and members of government boards or other governing bodies and staff of statutory corporations and of companies owned by the federal, state or local governments must declare their assets on assumption of duty and on leaving office.

Apart from declaring their assets, appointees are also expected to justify their sources of income for whatever additional assets are acquired in-between the commencement of duties and departure from office.

It could not be verified as of press time if Gbadamosi declared his interest in the two penthouses to the Code of Conduct Bureau.

According to documents sighted by Premium Times, sometime in early 2008, the former minister approached Gilberto Aleman, a Panamanian real estate broker, to help him secure two posh penthouses owned by Nicolas Corcione, owner of Ciclones Corporation Inc and Cosmopolitan Corp, the companies under which the properties were registered.

Valued at $1,365,000, the first penthouse Gbadamosi bought, is located in Ocean Park Tower 2, and consists of a surface area of 537.33 square meters, on floors 35 and 36 of the tower.

The property is registered under the ownership of Ciclones Corporation Inc.

The second penthouse is located in the same building as the first, Ocean Park Tower 2. It consists of a surface area of 479.88 square meters, on the 39th floor of the building. It was registered under the ownership of Cosmopolitan Corp.

All attempts to speak with the ex-minister prove abortive as his telephone line did not connect while a text message was not responded to by of 7pm on Sunday.

Credit : Punch

 

Panama Papers Claim New Victim As Spain Minister Quits

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The worldwide Panama Papers scandal claimed a fresh political victim Friday as Spain’s industry minister resigned over allegations he had links to offshore companies.

Jose Manuel Soria said he had tendered his resignation “in light of the succession of mistakes committed along the past few days, relating to my explanations over my business activities… and considering the obvious harm that this situation is doing to the Spanish government.”

Soria’s troubles began on Monday when Spanish online daily El Confidencial, which has had access to the Panama Papers — millions of files leaked from law firm Mossack Fonseca — said he was an administrator of an offshore firm in 1992.

Soria called a news conference to deny any link to the company, but as the week went by, more allegations emerged from other media outlets, revealing further alleged connections to offshore havens.

It is unclear as yet whether any of his alleged actions were illegal.

Soria is the latest political victim of the Panama Papers leak, which revealed how the world’s wealthy stashed assets in offshore companies and which the law firm blamed on a computer hack.

Iceland’s Prime Minister Sigmundur David Gunnlaugsson was also forced to resign over the leaks.

In his statement, Soria said politics “is an activity that must always be exemplary, also where… explanations are concerned.”

“When that doesn’t happen, one must assume one’s responsibilities,” he added, in an indication that he was resigning due to how he had handled the revelations, rather than over any irregularities.

Credit: Guardian

Panama Papers: T.B. Joshua’s Shell Company Revealed- Report

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Files obtained by Premium Times from the massive leaked data of a Panamanian law firm, Mossack Fonseca, has now shown that Mr. Joshua and his wife, Evelyn, own Chillon Consultancy Limited, a company incorporated on June 20, 2006 at the British Virgin Island (BVI).

Both owners own one ordinary share each, although the company, with registration number 1033675, is authorized to issue a maximum “50,000 no par value Shares of a single class.”

It remains unclear what businesses Mr. Joshua transacted with the shell company which has no physical presence in Tortola, the largest and most inhabited island at the British Virgin Island.

Chillon Consultancy Limited uses the office address of its registered agent, Mossack Fonseca (Akara Bldg., 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola) as its contact information in the British Virgin Island.

Mr. Joshua is the second Nigerian mega preacher shown to set up offshore companies in tax havens.

Credit: PremiumTimes

Dangote, His Brother Dantata, Fingered in Panama Paper Leak

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Africa and Nigeria’s richest man Aliko Dangote and his half-brother, Sayyu Dantata including allies and relatives have been named among those who use secret shell companies domiciled in controversial tax havens in their business transactions.

According to Premium Times investigation, Mr Dangote, alongside his half brother, Sayyu Dantata, the founder of MRS Holdings bought equal shares of 12,500 each from OVLAS S.A, a shell company registered in Seycheles, on October 6, 2003.

13 shell companies registered by the firm are directly linked to persons and companies who in turn are linked to Aliko Dangote and his allies, the report added.

In what seems like a curious but smart business transaction, Dangote, Dantata and their company, bought equal shares of 12,500 each from OVLAS S.A, a shell company registered in Seycheles, on October 6, 2003.

On the same date, a company they both own, MRS Oil and Gas Co. Limited bought 25,000 numbers of shares from OVLAS S.A.

According to the documents, three years after they existed as shareholders of the company, the trio – Dangote, Dantata and M.R.S Oil and Gas Company Limited – ceased to be shareholder in the company. That was on April 12, 2006.

Mr. Dangote was issued a higher amount of shares – 250,000 – on the same day he resigned. Same curious but smart business transaction was used to acquire Petrowest S.A in the same Seycheles.

The report also revealed that Mr Dangote employed a tactical move of companies within companies all in an attempt to evade taxes.

Dangote had earlier been linked to be operating highly secretive foreign accounts with the Swiss branch of banking giant, HSBC.

But Dangote has denied having connection with the off shore companies.

“Thank you for your enquiry concerning our alleged relationship with the following off shore companies namely: Paseo Trading Ltd, Seychelles; Petrowest S.A.,Seychelles; SID Holdings Corp, Panama and Chalmers Shipping Inc, Panama.

“I wish to state categorically that neither Aliko Dangote nor Dangote Industries Ltd (DIL) has any form of relationship with these alleged four off shore companies. The Group has four quoted companies on the Nigerian Stock Exchange and we cannot afford to tarnish our reputation or conduct our business in an unethical manner given this profile,” the spokesperson for the Dangote Group, Tony Chiejina said.

Nigeria’s anti-graft agency, Economic and Financial Crimes Commission (EFCC) is set to swing into action and arrest Nigerians named in the Panama Paper leaks with secret offshore companies.

So far, Nigerians named in the leak are embattled senate president, Bukola Saraki, Former Senate President David Mark, Saraki’s wife, Toyin, former Delta State Governor James Ibori, Mr. Laolu Saraki, Mr. Obi Asika, Olufela Ibidapo and former Defence Minister Gen. Yakubu Danjuma.

Panama Report: Swiss Police Raid UEFA Headquarters After FIFA President Gianni Infantino Is Dragged Into Scandal

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The Federal Swiss Police yesterday raided the office of UEFA, European football’s governing body after FIFA president Gianni Infantino’s name was dragged into the Panama Papers report for his role in a TV deal, signed while he was in his previous role as UEFA director of legal services.

The FIFA president, along with European football’s governing body, have been linked to individuals now accused of bribery.

Documents leaked from Panamanian law firm Mossack Fonseca included a television rights contract bearing Infantino’s signature.
 UEFA confirmed in a statement yesterday that Swiss authorities raided their Nyon offices on Wednesday, despite Gianni Infantino’s denial of any wrongdoing.
“UEFA can confirm that today we received a visit from the office of the Swiss Federal Police acting under a warrant and requesting sight of the contracts between UEFA and Cross Trading/Teleamazonas.
“Naturally, UEFA is providing the Federal Police with all relevant documents in our possession and will cooperate fully.”
Swiss police authorities have insisted no specific individual was the target of the raid.

Argentine President’s Foes Seek Panama Papers Probe

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An Argentine opposition lawmaker pressed charges Wednesday against President Mauricio Macri, seeking to have him investigated for financial crimes after his name appeared in the so-called Panama Papers leaks.

Lawmaker Norman Martinez asked a federal judge to order an investigation into whether the conservative president “knew of, collaborated in, ordered or approved maneuvers to launder money or evade taxes.”

Martinez, an ally of Macri’s predecessor and opponent, Cristina Kirchner, filed the complaint after the lower house voted down a bill that sought to force the president to testify before Congress on his interests in two firms registered in the Bahamas and Panama.

Macri still faces a separate move to launch a congressional commission to probe any irregularities in his finances.

Information about Macri’s offshore financial dealings emerged Sunday in the leak of millions of documents from Panamanian law firm Mossack Fonseca, which has put a host of world leaders and celebrities in the hot seat over their secret financial dealings.

Macri, who vowed to fight corruption during his presidential campaign last year, denies wrongdoing and says he has nothing to hide.

Martinez also requested an investigation into Nestor Grindetti, a close ally of the president who served as finance secretary for Buenos Aires when Macri was mayor.

Grindetti, who is now mayor of the Buenos Aires suburb of Lanus, was listed in the leaks as managing a Panamanian-registered company and holding a Swiss bank account during his time as finance secretary for the capital.

Credit: ngrguardian

Pakistan Prime Minister To Investigate Panama Papers Claims

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Pakistani Prime Minister Nawaz Sharif announced Tuesday the formation of a commission to investigate allegations made in the so-called Panama Papers that linked his family to a series of offshore companies.

“I have decided to set up a high level judicial commission headed by a retired judge of the Supreme Court. This commission will decide after its investigation that what is reality and how much weight these allegations should be given,” Sharif said in a TV address broadcast nationwide.

The leaked papers, comprising 11.5 million documents from Panama-based law firm Mossack Fonseca, exposes how some of the world’s most powerful people have secreted their money offshore, and also implicated Sharif’s sons Hasan Nawaz and Hussain Nawaz.

“Some of my friends advised me that because there are no allegations against me and that both of my sons are adults and responsible for their own affairs, I should remain separate from this issue… but my dear compatriots, I want the facts to be presented before the nation and every Pakistani should be aware of the reality of the allegations,” he said.

Among those named are three of Sharif’s four children — daughter Maryam, who has been tipped to be his political successor, and sons Hasan and Hussain — with the records showing they owned London real estate through offshore companies administered by Mossack Fonseca.

“I would ask those who repeat these stereotypical allegations and stage everyday a circus, that they go in front of this commission and prove their allegations,” Sharif said, while emphasising that his family’s wealth had been hard earned and they were being victimised.

Sharif’s son Hussain has also denied the allegations saying his family had done “nothing wrong”.

“Those apartments are ours and those offshore companies are also ours,” he said.

“There is nothing wrong with it and I have never concealed them, nor do I need to do that. It is according to British law and laws of other countries that it is a legal way to avoid unnecessary tax via offshore companies,” he told local tv channels when the Panama Papers were first released.

Credit: Guardian

Panama Papers: Why I Failed To Declare My Wife’s Assets- Saraki

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Last September the CCB slammed false asset declaration charges on Mr. Saraki, accusing the Senate President, among other things, of failure to declare his assets in full.

Under the code of conduct law, a public office holder is required to declare his own assets, those of his wife as well as assets in the names of his children below the age of 18.

The Senate President maintained that he did not fail to declare assets belonging to his wife in secret offshore territories, adding that he, in his different asset declarations, included properties owned individually by himself and his wife.

“The property in question forms part of Dr Saraki’s wife’s family asset,” Mr. Saraki said. “It is public knowledge that Mrs. Saraki comes from a family of independent means and wealth with numerous and varied assets acquired over decades in family estates and investments

“Furthermore, the law only requires a public officer to declare both his own assets and those held by his spouse and his children under 18 years of age. The law does not require a public officer to declare assets held by the spouse’s family.

“It is not expected by the law that a public officer should declare such assets held in the spouse’s family estate. Indeed, the Code of Conduct form does not make provision for declaration of spouse’s family assets,” he stated.

Indeed, Toyin Saraki hails from the rich and famous Ojora family of Lagos. She married Bukola Saraki in 1991.

The hidden properties in offshore territories the Senate President failed to declare were acquired in 2004 and 2011 respectively.

They are not part of the Ojora’s family estate and were not acquired through inheritance.

They are owned by Mrs. Saraki, as shown in the offshore documents obtained by this newspaper.

Credit: PremiumTimes

Jackie Chan, Amitabh Bachchan Named In Panama Papers Leak

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Bollywood’s Amitabh Bachchan and martial arts movie star Jackie Chan are among celebrities who feature Monday in a massive leak of documents, some of which reveal hidden offshore assets.

Bollywood legend Bachchan, simply known as the “Big B” in India, was appointed a director of at least four shipping companies registered in offshore tax havens and set up 23 years ago.

The authorised capital of these companies ranged from just $5,000 to $50,000 but they traded in ships worth millions of dollars, according to the Indian Express newspaper.

The Express is among more than 100 media groups which have investigated a massive leak of 11.5 million documents from Mossack Fonseca, a Panama-based law firm with offices in 35 countries.

Bachchan, who has long since resigned from the companies and has not commented on the documents, is not the only member of his famous family named in the leaks.

His daughter-in-law, actress Aishwarya Rai Bachchan, was also director and shareholder of an offshore company, along with members of her family, before it was thought to have been wound up in 2008, according to the newspaper.

The media adviser of the former Miss World winner has rejected the documents as “totally untrue and false”.

As with many of Fonseca’s clients, there is no evidence that the Bollywood A-listers used their companies for improper purposes and having an offshore entity is not illegal.

But the documents, naming more than 500 Indians including real estate tycoons in Fonseca’s list of offshore companies, foundations and trusts, come at a sensitive time in India.

Prime Minister Narendra Modi’s government has vowed to crack down on the “menace” of so-called black money — vast sums stashed abroad to keep them secret from Indian tax authorities.

Hong Kong film star Jackie Chan has also been revealed to have at least six companies represented by Fonseca’s firm, though he too may have used the companies legitimately for business purposes rather than for tax avoidance.

The stash of records was obtained from an anonymous source by German daily Sueddeutsche Zeitung and shared with media worldwide. The documents, from around 214,000 offshore entities, cover almost 40 years.

Credit: Guardian