(Photo : Photo by LOIC VENANCE / AFP / Photo by LOIC VENANCE/AFP via Getty Images)
This photograph illustration shows the logo of Pandora Papers, in Lavau-sur-Loire, western France, on October 4, 2021. - Russia on October 4 dismissed revelations leaked in the Pandora Papers as "unsubstantiated claims" after an investigation by a media consortium shone a light on wealth amassed by Kremlin-linked individuals. The "Pandora Papers" investigation involving some 600 journalists from media including The Washington Post, the BBC and The Guardian is based on a leak of some 11.9 million documents from 14 financial services companies around the world.
A massive leak of documents known as the Pandora Papers has been leaked that claims to reveal offshore financial dealings of hundreds of global elites and politicians involved in hiding trillions of dollars.
The International Consortium of Investigative Journalists (ICIJ) was able to retrieve the 12 million documents included in the leak. The agency coordinated with over 600 journalists in 117 countries worldwide to filter the records.
Hidden Wealth in Offshore Accounts
In a video accompanying the release of the leak, the ICIJ director, Gerard Ryle, said that the leak showed more than just a couple million dollars. The official noted that the documents alleged trillions of dollars hidden in offshore accounts by global elites and politicians.
The Pandora Papers detail how wealthy global elites shield their fortunes from prying eyes by spreading them around the world. They park their money in Caribbean tax havens, hide assets in foreign trusts, and keep their wealth in opaque Panamanian corporations.
Out of the 12 sitting heads of state implicated in the massive leak, the majority comes from low- or middle-income countries. The countries included in the list are Brazil, Ivory Coast, Gabon, India, Pakistan, and Sri Lanka, NPR reported.
The ICIJ revealed that many power players who had the means to bring an end to the offshore system instead benefitted from the process themselves. The Pandora Papers detail how they hid assets in covert companies and trusts while their home countries' governments did little to avert the flow of illegal money that enriched criminals and impoverished communities.
The high-profile individuals listed in the leaked documents include Pakistani Prime Minister Imran Khan's inner circle members. It included the top donor who provided funding to his party and one of his ministers.
On Sunday, Khan responded to the leaked papers by saying that his government would investigate the matter and anyone who was mentioned in the papers. The official said that if any wrongdoings were discovered, they will take appropriate actions, CNN Reported.
The Pandora Papers
A British consortium of charities, Oxfam International, praised the release of the Pandora Papers for exposing global elites and politicians. The agency said that the leaked documents showed where the missing hospitals were and where the pay-packets of extra teachers, firefighters, and public servants have gone.
"Whenever a politician or business leader claims there is 'no money' to pay for climate damage and innovation, for more and better jobs, for a fair post-COVID recovery, for more overseas aid, they know where to look," Oxfam International said, Fox Business reported.
There were roughly 330 current and former global politicians included in the list of individuals benefiting from offshore accounts. This includes Jordan's King Abdullah II, former UK Prime Minister Tony Blair, Czech Republic Prime Minister Andrej Babis, Kenyan President Uhuru Kenyatta, Ecuador's President Guillermo Lasso, and associates of both Pakistani Prime Minister Khan, Russian President Vladimir Putin.
The leaked documents also included several wealthy individuals and billionaires such as Turkish construction mogul Erman Ilicak and Robert T. Brockman, who was the former CEO of Reynolds & Reynolds, a software maker.
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