Pandora Papers: Exposé of the tax havens for the rich and famous across the globe

Pandora Papers: The Pandora papers are opening the box to reveal how rich and politically influential people across the globe are using offshore companies to avoid taxes and hoard wealth. The report released on Sunday by the International Consortium of Investigative Journalists involved 600 journalists from 150 media outlets in 117 countries.

The reveal is even more expansive than the Panama Papers, porting through nearly 3 terabytes of data — the equivalent of roughly 7,50,000 photos on a smartphone — leaked from 14 different service providers doing business in 38 different jurisdictions in the world. Branded the Pandora papers, the cache includes 11.9m files from companies hired by wealthy clients to create offshore structures and trusts in tax havens such as Panama, Dubai, Monaco, Switzerland and the Cayman Islands.

The records date back to the 1970s, but most of the files span from 1996 to 2020. They expose the secret offshore affairs of 35 world leaders, including current and former presidents, prime ministers and heads of state. They also shine a light on the secret finances of more than 300 other public officials such as government ministers, judges, mayors and military generals in more than 90 countries.

Also Read: Claudia Schiffer, Shakira named in Pandora Papers leak revealing offshore fortunes

So who is named and what do they own? The list ranges from world leaders including the King of Jordan and former British Prime Minister Tony Blair to Shakira and model Claudia Schiffer. While, closer home has named the master blaster Sachin Tendulkar and 'bankrupt' billionaire Anil Ambani.

The Pandora's papers reveal that the ruler of Jordan, King Abdullah II has amassed a secret $100 million property empire spanning Malibu, Washington and London. UK attorneys for Abdullah said he isn't required to pay taxes under his country's law and hasn't misused public funds, adding that there are security and privacy reasons for him to have holdings through offshore companies. Jordan appeared to have blocked the ICIJ website which hosted the information on Sunday, hours before the Pandora papers launched.

Tony Blair, UK prime minister from 1997 to 2007, became the owner of an $ 8.8 million Victorian building in 2017 by buying a British Virgin Islands company that held the property, and the building now hosts the law firm of his wife, Cherie Blair, according to the the investigation. The two bought the company from the family of Bahrain's industry and tourism minister, Zayed bin Rashid al-Zayani.Buying the company shares instead of the building saved the Blairs more than $ 400,000 in property taxes, the investigation found.

Closer home, Anil Ambani who stated to a London court that his net worth was zero is revealed to own at least 18 offshore companies in Jersey, British Virgin Islands (BVI) and Cyprus as per the Pandora Papers reports the Indian Express. Set up between 2007 and 2010, seven of these companies have borrowed and invested at least $1.3 billion

Indian cricket superstar Sachin Tendulkar, who has been a Member of the Upper House of Parliament, along with members of his family, figures in the Pandora Papers as Beneficial Owners of an offshore entity in the British Virgin Islands (BVI) which was liquidated in 2016. Tendulkar’s attorney said the cricket player’s investment is legitimate and has been declared to tax authorities.