Pandora Papers got leaked after millions after millions of documents related to hidden world of offshore wealth came into picture to the International Consortium Of Investigative Journalism (ICIJ).
What Are Pandora Papers
These are 11.9 million leaked papers from 14 companies, in offshore tax havens, comprising of details of ownership of 29,000 Offshore companies an trusts from other companies like Vietnam, Belize and Singapore. These documents highlight the ownership of assets has been settled in private offshore trusts and investments like cash, shareholding and real estate properties are held by the offshore entities. In this case, around 380 people of Indian nationality have been named.
Pandora Paper Investigation
A global network comprising of reporters, publication houses and International Consortium Of Investigative Journalism (ICIJ) took two-year effort to go through 11.9 million leaked documents. About 600 journalists from 150 media outlets are a part of the ongoing investigation.
It reveals two fold objectives being setting up the trusts –
- To hide real identities in order to make it impossible for tax authorities to them.
- To safeguard their investments from creditors and law enforces.
Similar Leaks That Happened Previously
2016 Panama Leaks – It is the greatest offshore leak till now. It comprises of 2.6 terabytes of data that was leaked from a law firm Mossack Fonseca.
Paradise Papers Leak – Paradise Papers were leaked from the offshore provider Appleby. It comprised of 1.4 terabytes of leaked data.
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