Pandora Papers highlights: CBDT says cases will be investigated

Lebanon's former prime minister Hassan Diab said on Monday he had given up shares in a company he was linked to in a leak of financial documents, and denied wrongdoing.

A statement by his office said he had taken part in founding the company in 2015 and owned 17 shares, but that the firm had no activity since then and he had since resigned his management role and sold his stake.

A Lebanese news organisation, Daraj, was one of a number of international media outlets that reported the "Pandora Papers", a set of leaked documents purported to reveal offshore transactions involving global political and business figures.

. Ivory Coast Prime Minister Patrick Achi on Monday denied any wrongdoing after he was named in the "Pandora Papers" media investigation exposing world leaders' use of tax havens.

The investigation by the International Consortium of Investigative Journalists (ICIJ) named Achi as one of three dozen current and former world leaders featured in roughly 11.9 million documents leaked from financial services companies across the world.

The consortium writes that in the late 1990s Achi, then an adviser to Ivory Coast's energy minister, became the owner of Bahamas-based company Allstar Consultancy Services Ltd, owning shares through a trust which, it is alleged, obscured his ownership.

. Kenyan President Uhuru Kenyatta said Monday that an investigation exposing global leaders' use of tax havens will "enhance financial transparency" but declined to comment on allegations that his family owned 11 offshore companies worth millions of dollars.

Based on leaks of some 11.9 million financial documents analysed by the International Consortium of Investigative Journalists (ICIJ), the "Pandora Papers" published on Sunday revealed a hidden world of shielded wealth belonging to hundreds of politicians and billionaires.

The investigation showed how Kenyatta -- who has campaigned against corruption -- is accused along with six family members of secretly owning a network of 11 offshore companies, one of which was valued as holding assets of $30 million.

. The Centre on Monday said that relevant investigative agencies will investigate the "offshore secrets of wealthy elites" unravelled in 'Pandora Papers' and the probe will be monitored by a multi-agency group headed by the Chairman of Central Board of Direct Taxes (CBDT).

. Governments moved Monday to limit the fallout from a release of millions of documents detailing how leaders have used offshore tax havens to stash assets worth hundreds of millions of dollars.

Some 35 current and former leaders are featured in roughly 11.9 million documents leaked from financial services companies across the world that include reports of luxury homes on the French Riviera, Monte Carlo and California.

The documents, known as the "Pandora Papers," were obtained by the International Consortium of Investigative Journalists (ICIJ) and released in stories by media partners including The Washington Post, the BBC and The Guardian.

Allegations range from corruption to money laundering and tax avoidance.

. Oxfam India called for immediately abolishing tax havens after a leak of millions of documents, dubbed the 'Pandora Papers', revealed offshore financial assets of wealthy individuals across 91 countries and territories, including India.

. Russia on Monday dismissed revelations leaked in the Pandora Papers as "unsubstantiated claims," after a new investigation by the ICIJ media consortium shone light on wealth amassed by Kremlin-linked individuals.

"This is just a set of largely unsubstantiated claims," Kremlin spokesman Dmitry Peskov said in response to the allegations, including that a $4 million Monaco property had been purchased for a woman previously reported to have been in a relationship with President Vladimir Putin.

. An investigation based on one of the biggest ever leaks of financial documents on Sunday exposed a hidden world of shielded wealth belonging to hundreds of politicians and billionaires.

. Jordan's King Abdullah owns properties in the United States and Britain and this was not a secret, the royal palace said, adding privacy and security reasons were behind not disclosing it.

In a massive leak of financial documents published on Sunday, King Abdullah, a close ally of the United States, was alleged to have used offshore accounts to spend more than $100 million on luxury homes in the United Kingdom and the United States. (Reuters)

. "I've seen these things overnight as well and it's obviously tough for me to comment on them specifically given they've only just emerged, and of course HMRC will look through those to see if there's anything we can learn," Sunak told Sky News .

. A prestigious Panamanian law firm was named in the so-called "PandoraPapers" as implicated in the creation of offshore shell companies meant to hide money in tax havens for more than 160 politicians and public figures.

They included "some accused of looting their countries," according to the International Consortium of Investigative Journalists (ICIJ), which obtained the leaked documents as part of thePandoraPapers, published Sunday, which sent shockwaves of embarrassment through powerful circles.

. An unprecedented leak of financial records known as the Pandora Papers has revealed the offshore financial assets of dozens of current and former world leaders and hundreds of politicians from Asia and the Middle East to Latin America.

. Cricketer Sachin Tendulkar is among the wealthy elite and heads of states from across the world whose offshore financial dealings were exposed by the Pandora Papers.

. A year after declaring bankruptcy to a UK court, the Pandora Papers report showed that Reliance ADAG chief Anil Ambani, along with his representatives, has at least 18 offshore companies located in Jersey, Cyprus and other companies.

. Panama fears the publication Sunday of a new expose about financial secrecy in global tax havens could again taint its reputation, which was seriously damaged by the "Panama Papers" scandal, according to a government letter released by local media.

"The damage could be insurmountable," the Panamanian government said in the letter, sent through a law firm to the International Consortium of Investigative Journalists (ICIJ). ( AFP )

. Czech Prime Minister Andrej Babis denied any wrongdoing on Sunday in connection with an international investigative report that listed him among current and former world politicians and businessmen that it says have used offshore financial structures.

. The records date back to the 1970s, but most of the files span from 1996 to 2020.

In contrast, the Panama Papers culled through 2.6 terabytes of data leaked by one now-defunct law firm called Mossack Fonseca that was located in the country that inspired that project's nickname.

The latest investigation dug into accounts registered in familiar offshore havens, including the British Virgin Islands, Seychelles, Hong Kong, and Belize.

. Members of Pakistan Prime Minister Imran Khan's inner circle, including cabinet ministers and their families, were found to secretly own companies and trusts holding millions of dollars.

Khan himself welcomed the findings on Twitter, saying they exposed "the ill-gotten wealth of elites, accumulated through tax evasion & corruption & laundered out to financial 'havens'" and promised to investigate any wrongdoing. ( AFP )

. Prime Minister Imran Khan promised Sunday to "investigate" Pakistani citizens connected to a massive probe into the hidden wealth of politicians worldwide, after members of his inner circle were implicated in the report.

The so-called "Pandora Papers" investigation -- involving some 600 journalists from media including The Washington Post, the BBC and The Guardian -- is based on the leak of some 11.9 million documents from 14 financial services companies around the world.

. According to the ICIJ, its secret documents expose offshore dealings of the likes of 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. The files also reveal financial activities of Russian President Vladimir Putin’s “unofficial minister of propaganda” and more than 130 billionaires from Russia, the US, Turkey and other nations.

The ICIJ says the leaked records come from 14 offshore services firms from around the world that set up shell companies and other offshore nooks for clients often seeking to keep their financial activities in the shadows. ( PTI )

. The International Consortium of Investigative Journalists (ICIJ), which involved the BBC and ‘The Guardian’ newspaper in the UK and ‘The Indian Express’ in India among 150 media outlets in its investigation, claims it obtained the trove of more than 11.9 million confidential files to find secret financial dealings of many super rich.

. More than a dozen heads of state and government, including the King of Jordan and the Czech prime minister, have hidden millions in offshore tax havens, according to an investigation published Sunday by the ICIJ media consortium.

The so-called "Pandora Papers" investigation -- involving some 600 journalists from media including The Washington Post, the BBC and The Guardian -- is based on the leak of some 11.9 million documents from 14 financial services companies around the world. ( AFP )

Pandora Papers highlights: CBDT says cases will be investigated

Lebanon's former PM Diab says he gave up shares in company mentioned in 'Pandora Papers'

Named in Pandora Papers, I.Coast PM denies any 'illicit activities'

Kenya president hails Pandora Papers but stays quiet on offshore claims

Multi-agency group to probe 'Pandora Papers' revelations

World leaders scramble to limit 'Pandora Papers' damage

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