Monday, 06 November 2017 05:59
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Japanese 10,000 yen and U.S. 100 dollar banknotes are arranged for a photograph in Tokyo, Japan, on Thursday, Sept. 7, 2017 Japanese 10,000 yen and U.S. 100 dollar banknotes are arranged for a photograph in Tokyo, Japan, on Thursday, Sept. 7, 2017 Tomohiro Ohsumi/Bloomberg

A new set of data taken from an offshore law firm again threatens to expose the hidden wealth of individuals and show how corporations, hedge funds and others may have skirted taxes.

A year after the Panama Papers, a massive leak of confidential information from the Bermuda law firm Appleby Group Services Ltd., dubbed the Paradise Papers, has shone another light on the use of offshore accounts.

 Here are the highlights so far of the reporting by the International Consortium of Investigative Journalists and partner news outlets:
 
  • U.S. Commerce Secretary Wilbur Ross faces questions about his financial disclosures to Congress and the government after a report that he didn’t disclose business ties to the son-in-law of Russian President Vladimir Putin and an oligarch under U.S. sanctions. The Appleby documents included details of Ross’s stake in a shipping company, Navigator Holdings, according to the New York Times.
  • House Republicans should slow down their consideration of a tax-overhaul bill after the investigative reports alleged offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., congressional Democrats and tax-advocacy groups said.
  • Canadian tax authorities are reviewing reports linking a key fundraiser for Prime Minister Justin Trudeau to offshore trusts in the Caribbean. Montreal-based businessman Stephen Bronfman, son of billionaire Charles Bronfman, was among the individuals cited by news organizations including the Canadian Broadcasting Corp., Radio-Canada and the Toronto Star in Sunday’s leak of bank documents.
  • Commodities trader Glencore Plc was one of the top clients of Appleby, which even had a "Glencore Room" at its Bermuda office that kept information on the trader’s 107 offshore companies, according to the ICIJ investigation.
  • Indonesian authorities are investigating if former presidential candidate Prabowo Subianto and the children of ex-dictator Suharto, named in the leaked documents, are in breach of the country’s tax laws.
 

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