offshore incorporation

Police have raided the Mossack Fonseca office in their second raid of the week. The police seized documents, computers and talked to some of the staff at the office, but none of them were arrested.

El Salvador Attorney General Douglas Melendez oversaw the raid after the sign of the office were recently removed, raising suspicion. The AG said that all the documents and computer confiscated during the raid will be analysed in the coming days.

                      

The co-founder of Mossack Fonseca, Jurgen Mossack resigns from  Mossack Fonseca, also the Iceland PM, CEO of Austrian bank, FIFA ethics judge have all resigned due to the Panama scandal. The PM of UK, David Cameron is also under fire as protesters asked him to resign as PM after his late father's name was found in the document, and he had a stock in his company, though he had sold it before becoming the UK Prime Minister.

Ramon Fonseca currently runs the company and said that the company did not break any law and all actions are conducted legally.

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A recent leak is pointing fingers to head of states, World leaders, politicians, celebrities in a 40 years of using offshore accounts. According to the Consortium of Investigative Journalists (ICIJ), a non-profit group based in the US that originally published the leaked document, the documents listed 12 current and former world leaders, 128 politicians and public officials, billionaires, celebrities, sports stars and politicians.

                            

              From  Upper left, Sigmundur Davíð Gunnlaugsson, Petro Poroshenko,  Clive Khulubuse Zuma

              Down-left: Ayad Allawi, Salman bin Abdulaziz bin Abdulrahman Al Saud, Sheikh Khalifa bin Zayed bin Sultan Al Nahyan

The document has been tagged the Panama Papers. The data shows 38 years  (1977 through 2015) and 214,000 of offshore entities.

Confirming the report, a co-founder of Mossack Fonseca said that the documents were obtained illegally by hacking and most of the documents are real, but the firm had not engaged or assisted in any wrongdoing.

A German newspaper, Süddeutsche Zeitung said it had received about 2.6 terabytes of data, more than would fit in a 600 DVDs.

              "To our knowledge this is the biggest leak that journalists have ever worked on,” journalist Bastian Obermayer said

The Consortium of Investigative Journalists (ICIJ) has said it will published names of individuals involved in the scandal in early May, citing emails, financial spreadsheets and passports among its evidence.

But some of the people named already are:

Petro Poroshenko: President of Ukraine

Ayad Allawi: Allawi Iraq’s Vice-President between 2014 and 2015, and the country’s interim prime minister from 2004 to 2005

Salman bin Abdulaziz bin Abdulrahman Al Saud: King of Saudi Arabia

Sheikh Khalifa bin Zayed bin Sultan Al Nahyan: President of the United Arab Emirates, Emir of Abu Dhabi

Sigmundur Davíð Gunnlaugsson: Prime Minister of Iceland

        

                   

Sergey Roldugin: Close friend of Vladimir Putin

Sheikh Hamad bin Khalifa Al Thani: Emir of Qatar 1995-2013

Li Xiaolin: Daughter of Li Peng, the former Premier of China (The current vice-president of state-owned power company China Datang Gorporation and former CEO of China Power International Development, she has been nicknamed China’s “Power Queen”

Rami Makhlouf: Cousin of Bashar Assad, the President of Syria

Hafez Makhlouf: Cousin of Bashar Assad, the President of Syria

Clive Khulubuse Zuma: Nephew of Jacob Zuma, President of South Africa

Maryam Nawaz Sharif Safdar: Daughter of Nawaz Sharif, prime minister of Pakistan

Hasan Nawaz Sharif: Son of Nawaz Sharif, prime minister of Pakistan

Hussain Nawaz Sharif: Son of Nawaz Sharif, prime minister of Pakistan

Alaa Mubarak: The eldest son of ousted former Egyptian President Hosni Mubarak

 

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