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67-530: The Paradise Papers are a set of over 13.4 million confidential electronic documents relating to offshore investments that were leaked to the German reporters Frederik Obermaier and Bastian Obermayer , from the newspaper Süddeutsche Zeitung . The newspaper shared them with the International Consortium of Investigative Journalists , and a network of more than 380 journalists. Some of

134-484: A cyberattack in the previous year and denied the ICIJ's allegations. After media outlets started reporting on the documents, the company said there was "no evidence of wrongdoing", and they "are a law firm which advises clients on legitimate and lawful ways to conduct their business", and they "do not tolerate illegal behaviour". Appleby stated the firm "was not the subject of a leak but of a serious criminal act", and "this

201-450: A legal personality , limited liability , transferable shares , a centralized management, and shared ownership. In some cases the investment advantages of such a corporation are offset by legal, corporate and account registration fees imposed by the country in which the offshore account is established. Further, the officers of the corporation may be required to establish residence, own real estate, or meet an investment minimum (depending upon

268-523: A 26% increase, and close to $ 270 billion of intangible assets suddenly appeared in Ireland as the year began – more than the entire value of all residential property in the country. This may indicate that Apple took advantage of a tax incentive known as a capital allowance, which gives Irish companies generous tax breaks for buying intangible property – essentially intellectual property like patents. In other words, Apple (some suggest) transferred them to

335-512: A Bermudian subsidiary, Nike International Ltd. This transfer allowed the subsidiary to charge royalties to its European headquarters in Hilversum , Netherlands , effectively converting taxable company profits to an account payable in tax-free Bermuda. Although the subsidiary was effectively run by executives at Nike's main offices in Beaverton , Oregon – to the point where a duplicate of

402-589: A Brazilian conglomerate, and at least one of them was used as a vehicle for paying bribes in Operation Car Wash . Some of these offshore companies are publicly known to operate for Odebrecht in Africa and be involved in bribes. Among those involved in the operation who also are named in the papers are Marcelo Odebrecht , Brazilian businessman and former Odebrecht CEO, his father Emílio Odebrecht and his brother Maurício Odebrecht. Appleby and various banks in

469-449: A Glencore subsidiary of deducting from its taxes "fictitious" payments to other Glencore subsidiaries, and of selling the zinc from its mine (to another Glencore company) in unrefined form to minimize its revenue. Its CEO told shareholders before this that it expected a spike in demand, which did materialize. The mine is owned by Nantou Mining SA, which is owned by Merope Inc, a Bermuda shell company set up by Appleby with directors provided by

536-1117: A Global R&D Centre, Asia in Chennai , India a few months later. In 2016, the company signed an MoU with the Government of Andhra Pradesh to set up a new factory in the state. On 9 January 2018, the Chief Minister of Andhra Pradesh , N Chandrababu Naidu laid the foundation stone for Apollo Tyres' ₹1,800-crore tyre factory in Andhra Pradesh . The plant will come up over a 200- acre site in Chinnapanduru village near Sri City in Tirupati district and produce passenger car radial (PCR) tyres with an initial capacity of 55 lakh (5.5 million) tyres per year and also truck bus radial (TBR) tyres and will serve both domestic and export markets. The company's second plant in Europe,

603-695: A case called "Avianca" in which the President of Argentina Mauricio Macri and other officials were imputed. A Russia-owned firm , VTB Bank , put $ 191 million into DST Global , an investment firm part of Mail.ru Group and was founded by Russian billionaire Yuri Milner , which used it to buy a large share of Twitter in 2011. A subsidiary of the Kremlin-controlled Gazprom funded an investment company that partnered with DST Global to buy shares in Facebook , reaping millions when

670-507: A company in the Isle of Man to hold the registration for his private jet, according to Appleby documents. Mahama, the CEO of Engineers & Planners Company Limited, is also under investigation for allegedly issuing bad checks. In 2016, Ghanaian authorities took his company to court for allegedly not making social security payments. The case was later settled. Ghanaian Finance Minister Ken Ofori-Atta

737-544: A lower rate of corporate taxes in Ireland in a so-called sweetheart deal. This attracted the attention of EU regulators as many multinationals were doing the same thing. As the tax break in the Netherlands came to a scheduled end, Apple's law firm, Baker McKenzie , researched island tax havens, asking Appleby officials in numerous jurisdictions to confirm "that an Irish company can conduct management activities ... without being subject to taxation in your jurisdiction." Two of

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804-637: A new plant at Chennai , Tamil Nadu, India . A year later in 2009, the company acquired the Netherlands-based tyre maker Vredestein Banden B.V. (VBBV) for an undisclosed sum The company focused on the production of truck tyres in India and introduced its first truck tyre, Rajdhani in India. The company expanded its operation across India and in 1996, expanded operations outside India by acquiring Dunlop 's Africa operations. In 2013, it disposed of

871-644: A result, the Cayman Islands and Liechtenstein implemented financial openness reforms to get off the list and escape the threat of sanctions, while Panama , Luxembourg , Liechtenstein , Switzerland and the British Virgin Islands (BVI) were still on the grey list as of late 2009. The expansion of the EU has motivated major improvements in tax-related transparency. The EU requires members to exchange tax information using automatic systems by

938-533: A secret, and that although the subsidiary's annual report showed revenues of $ 1.9 billion in 2014, Glencore did not mention the subsidiary in its disclosures to the London Stock Exchange or in any other public filing because, it said, it did not consider this a significant investment. The Australian branch of Glencore has been demonstrated to have carried out some $ 25 billion in cross-currency interest rate swaps , complex financial instruments

1005-406: A settlement on 31 July 2012. The Stars Group along with its former member of board of directors Wesley Clark and former CEO David Baazov also did business with Appleby. In March 2016, David Baazov and other executives were charged by Canadian regulators with multiple securities fraud charges related to the acquisition of PokerStars. Saadi Yacef , freedom fighter, author, and politician, appears in

1072-478: A subsidiary located in Ireland for the tax incentives, and didn't have to pay any tax on the transaction in Bermuda either, on the value it declared on the property when it sold them to itself. Following a 2013 US Senate investigation, which featured testimony by CEO Tim Cook , Ireland announced that henceforth Irish companies would be required to declare tax residency somewhere in the world. Apple had been paying

1139-584: A trust which holds the Seychelles -based Katonga Investments Ltd. Katonga gave as its source of income Enhas Uganda, another Kutesa-owned company criticized in a parliamentary committee as part of a privatization it said had been "manipulated and taken advantage of by a few politically powerful people who sacrifice the people's interests". Kutesa was also president of the United Nations General Assembly in 2014–2015. Kutesa told

1206-632: Is any evidence of regulatory wrongdoing, they would then investigate and take action if appropriate. The Government of Jersey (States of Jersey) also issued a statement of similar effect on 7 November 2017. The jurisdiction of Jersey has recently been independently assessed as fully compliant with international regulatory guidelines on tax transparency. The EU, under the leadership of Jean-Claude Juncker , threatened to sue Ireland over its tax deals, although Juncker himself had approved similar tax deals in his own country, Luxembourg . Apple paid all of its taxes in Ireland as required by that country, so Ireland

1273-523: Is appealing the EU decision. HP, Nike, Microsoft and others use the same tax arrangements in Ireland, Luxembourg and other countries, but Apple is frequently cited as a media example. Irish companies are required to pay taxes in Ireland, but if they convince authorities that they are "managed and controlled" from abroad, the companies may win an exemption. As of November 2017, Apple held $ 252 billion offshore. However, Apple has previously publicly stated that it reinvests post-tax earnings (generated outside

1340-429: Is listed in the papers. India ranks 19th out of the 180 countries represented in the data in terms of the number of names. In all, there are 714 Indians in the tally, including noted political leaders like Minister of State for Civil Aviation Jayant Sinha , notable names like actor Amitabh Bachchan (a shareholder in a Bermuda-based digital media company), Dr Ranjan Pai of Manipal Group, former Member of Parliament of

1407-510: Is no reciprocal benefit in their sharing information with other governments. All these conditions combine to provide advantages to both legitimate business and to tax evasion. In 2009 the USA initiated increased efforts to close taxation loopholes and identify and prosecute tax evaders using offshore accounts. As an element of this effort, they have pursued amended tax treaties to offset the banking secrecy laws of nations such as Switzerland . In 2010

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1474-532: Is one of the largest cases of financial fraud in history. Former Prime Minister Shaukat Aziz is listed in the papers, having set up a trust called the Antarctic Trust owned by a Delaware corporation . Aziz, a former Citibank executive, told the ICIJ he had set the trust up for estate planning purposes and that the funds had come from his employment at Citibank. An internal Appleby document raised concerns about warrants issued for him in connection with

1541-758: Is that Apple funds relating to these entities have not been remitted to or held in the Island. The JFSC states that it has not seen any of the documentation that the International Consortium of Investigative Journalists (ICIJ) claims to hold following the Appleby data breach. If the ICIJ possesses data of a criminal or regulatory nature which relates to business activities in Jersey then the JFSC requested that this information be shared with them and, if there

1608-405: Is the driving force behind most 'offshore' activity. Due to the use of offshore centers, investors are able to conduct investment activities in a more profitable fashion. Often, taxes levied by an investor's home country are critical to the profitability of any given investment. Using offshore-domiciled special purpose mechanisms (or vehicles) an investor may reduce the amount of tax payable, allowing

1675-591: The Daily Monitor he had never done anything with the company. President Ilham Aliyev and his family were involved in offshore dealings according to the leaked documents. The Panama Papers allegedly revealed that the Aliyev family had secret offshore companies used for various financial transactions, including the ownership of luxury properties and involvement in lucrative business deals. Jim Watkins , owner of known Neo-Nazi recruitment image board 8Chan ,

1742-646: The Australian Taxation Office suspects of being used to avoid paying taxes in Australia. The Australian High Court recently held that documents revealed in the Paradise Papers leak could be used by the Australian Taxation Office to assess Glencore's tax obligations, despite legal privilege. Appleby documents detail how Nike boosted its after-tax profits by, among other maneuvers, transferring ownership of its Swoosh trademark to

1809-621: The Competition Commission of India raided the headquarters of Apollo Tyres along with other tyre companies like CEAT , MRF (Madras Rubber Factory) and Continental Tyre at multiple locations. Earlier in February the anti trust watch dog had released a statement about fining these tyre companies a total of ₹ 1,788 crores (of which Apollo Tyres fined ₹ 425.53 cr.) for sharing price sensitive information among themselves to manage their cartelization of tyre prices for supplies to

1876-693: The Democratic Republic of Congo in negotiations over a joint venture with state-owned Gécamines at the Katanga copper mine . One of the Katanga board members was Glencore major shareholder Telis Mistakidis , a former employee whose stock options made him a billionaire in the IPO. Glencore, which had effectively taken over Katanga, agreed to vote for the joint venture. The loan document specifically provided that repayment would be owed if agreement

1943-648: The European Union (EU) and the United States of America (USA) strive for exchanging tax data. The OECD has established a threshold of bilateral tax-information exchange agreements, twelve, as the minimum which a country is also placed on the “white list” and recognized as having “substantially implemented” internationally agreed tax standards. The OECD “grey list” includes countries which have not achieved “white list” status and are considered as fostering tax evasion through insufficient financial openness. As

2010-485: The Isle of Man , including Conister Bank , owned by Arron Banks and Jim Mellon , did business with PokerStars and its founders, Mark Scheinberg and his father Isai Scheinberg , until it was sold for $ 4.9 billion in 2014 to The Stars Group , formerly known as Amaya. PokerStars and its founders were pursued by the US Department of Justice for allegedly money laundering billions until they negotiated

2077-595: The Netherlands and one in Hungary . The company generates 69% of its revenues from India, 26% from Europe and 5% from other countries. Apollo announced its entry into the two-wheeler tyre segment with contract manufacturing in March 2016. Apollo Tyres Ltd. was incorporated on 28 September 1972 in India as a public limited company and obtained certificate of Commencement of Business on 24 October 1972. The company

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2144-565: The Bermudian company's seal was needed – for tax purposes the subsidiary was treated as based in Bermuda. Its profits were not declared in Europe and came to light only because of a mostly unrelated case in US Tax Court , where papers filed by Nike briefly mention royalties in 2010, 2011 and 2012 totaling $ 3.86 billion. Under an arrangement with Dutch authorities, the tax break was to expire in 2014, so another reorganization transferred

2211-582: The Dunlop brand in Africa along with most of the South African operation in a sale to Sumitomo Rubber Industries of Japan. The very same year, it started its Global R&D Centre, in Enschede , the Netherlands. In 2015, Apollo Tyres bought Germany's Reifencom tyre distributor for €45.6 million. It shifted its corporate office for Europe region to Amsterdam from Enschede, the Netherlands and opened

2278-439: The Government of India identified undeclared assets worth of about ₹ 246 crore (equivalent to ₹ 276 crore or US$ 33 million in 2023) following the investigation. Two children of deceased former president and dictator Suharto , Tommy and Mamiek , in addition to opposition party leader Prabowo Subianto (Suharto's former son-in-law) and businessman-turned-opposition politician Sandiaga Uno , are listed in

2345-667: The Indian companies listed in the papers are Apollo Tyres , the Essel Group , D S Construction, Emaar MGF , GMR Group , Havells , Hinduja Group , the Hiranandani Group , Jindal Steel , the Sun Group and Videocon . A great deal of the company's intangible property was exposed around the time of an internal Apple Inc. reorganization of three Irish subsidiaries. The company's 2015 gross domestic product showed

2412-568: The Papers in connection with a trust in the Cayman Islands, along with a former energy minister, the family of a former foreign minister and their South Pacific holdings. An opposition party, UNITA , called for an investigation into alleged diversions from the country's sovereign wealth fund . Jean-Claude Bastos de Morais , a close associate of the son of former long-term president José Eduardo dos Santos , has invested over $ 2 billion from

2479-550: The Rajya Sabha and Vijay Mallya , an Indian fugitive former businessman and politician . The papers revealed that Mallya sold United Spirits to Diageo in 2013, which it later approached London-based law firm Linklaters to restructuring the group structure created by Mallya. With three other subsidiaries based in the UK, United Spirits was allegedly involved with diverting funds amounting to $ 1.5 billion. By July 2021,

2546-549: The Swiss bank Union Bank of Switzerland (UBS) has paid a fine of $ 780 million and is cooperating on identifying the estimated 19,000 wealthy U.S. tax evaders who have accounts in UBS. The US Internal Revenue Service has offered amnesty to those who come forward voluntarily. Similarly the banking firm HSBC has been alleged to have aided two U.S. citizens in a multimillion-dollar tax evasion scheme that relied on various accounts held in

2613-535: The US and Switzerland agreed to a protocol increasing shared tax information to aid the prosecution of tax evasion. As with all treaties, this does not come into force until ratified by the appropriate legislative bodies (in this case the U.S. Senate and the Swiss Federal Council and Parliament ). As one example of efforts to reduce illegal offshore investments made for the purpose of tax evasion, in 2010

2680-469: The US) into the global economy via investment funds held offshore. Germán Efromovich , founder of Synergy Group , is linked to an offshore conglomerate used for the aerocommercial holding business with ramifications in Bermuda, Panama, and Cyprus. Efromovich used a Panamanian offshore that hid more than 20 firms located in tax havens. The conglomerate was used by Synergy Group's subsidiary Avianca Holdings in

2747-458: The company registers of 19 tax havens. Süddeutsche Zeitung journalists contacted the ICIJ, which has been investigating the documents with 100 media partners. The consortium made the data available to these media partners using Neo4j , a graph-database platform made for connected data, and Linkurious , graph-visualization software. This allowed journalists across the globe to undertake collaborative investigative work. The documents were released by

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2814-461: The consortium on 5 November 2017. According to the papers, Allergan (the manufacturer of Botox ), Allianz , Apple Inc. , Facebook , Global Vantedge , McDonald's , Nike, Inc. , Siemens , The Walt Disney Company , Twitter , Uber , Walmart , and Yahoo! are among the corporations that own offshore companies . According to The Express Tribune , "Apple, Nike, and Facebook avoided billions of dollars in tax using offshore companies." Among

2881-439: The country this may range up to $ 1 million). An advantage which accrues from establishing a corporate structure is that although a citizen may be proscribed from establishing an offshore account, they can establish a corporation that can do so. Motivations for investment offshore include: Reasons which have been advanced against offshore investment include: The Organisation for Economic Co-operation and Development (OECD),

2948-660: The country's sovereign wealth fund in Mauritius, according to Appleby documents. In a 20-month period he was paid over $ 41 million in management fees, and invested much of the money in his own projects. The Supreme Court of Mauritius later froze 91 bank accounts associated with Bastos as part of an inquiry into his investments for the Angolan sovereign wealth fund, and suspended the licenses of seven investment companies linked to Bastos' Quantum Global. Ibrahim Mahama , brother of former president of Ghana John Mahama , registered

3015-628: The details were made public on 5 November 2017 and stories are still being released. The documents originate from the legal firm Appleby , the corporate services providers Estera and Asiaciti Trust , and business registries in 19 tax jurisdictions. They contain the names of more than 120,000 people and companies. Among those whose financial affairs are mentioned are, separately, AIG , then- Prince Charles and Queen Elizabeth II , President of Colombia Juan Manuel Santos , and U.S. Secretary of Commerce Wilbur Ross . The released information resulted in scandal, litigation, and loss of position for some of

3082-525: The end of 2011, which assures that Austria , Belgium and Luxembourg are coming into compliance. Further, since January 2007 former tax havens (noted for their banking secrecy and low tax rates for foreign investments) in Bermuda , the Channel Islands ( Jersey and Guernsey ) and the Isle of Man have achieved “white list” status due to their EU ties. Panama is currently recognized as one of

3149-738: The firm. Glencore sold Merope in April 2017 but before that it was 100% owned by Glencore Finance (Bermuda) Ltd, which was, according to a document from the Paradise Papers leaks, 100% owned by Glencore Group Funding Ltd of the United Arab Emirates , an entity in turn 100% owned by Swiss firm Glencore International AG, itself a wholly owned subsidiary of Glencore plc, registered in Jersey . Documents were also discovered discussing Glencore's desire to keep its substantial stake in SwissMarine

3216-546: The intellectual property from the Bermudian company to a Dutch commanditaire vennootschap or limited partnership, Nike Innovate CV. Dutch law treats income earned by a CV as if it had been earned by the principals, who owe no tax in the Netherlands if they do not reside there. One in six dollars of foreign profit earned by US multinationals was earned, at least on paper, through a Dutch CV subsidiary. Companies with similar structures include Tesla, Inc. , NetApp and Uber . Appleby managed 17 offshore companies for Odebrecht ,

3283-608: The investor to achieve greater profitability overall. Another reason why 'offshore' investment is considered superior to 'onshore' investment is because it is less regulated, and the behavior of the offshore investment provider, whether he be a banker, fund manager, trustee or stock-broker, is freer than it could be in a more regulated environment. Offshore investing includes investment strategies outside of an investor's home country. Investment opportunities in money-market, bond and equity assets are available through offshore companies. One may also charter an offshore corporation to provide

3350-642: The killing of a local leader. Aziz dismissed both the murder charge and the allegations of financial impropriety. Alfred Gusenbauer was head of the Social Democratic Party of Austria from 2000 to 2008 and Austria's chancellor from January 2007 to December 2008. He is listed as a director for Novia Management, a Maltese company listed as a shareholder in Novia Funds Sicav Plc, also Malta -based, which includes among its other shareholders Tal Silberstein  [ de ] , who

3417-532: The more attractive countries for legitimate offshore investment as well as for tax evasion, and is on the OECD “grey list”. Panama's free-trade zone handles over $ 19 billion in commerce per year and construction is booming. Corporations are easily created in Panama and, although they are heavily taxed on Panama-domestic operations, they pay no taxes on foreign activities. Company ownership can be readily concealed through

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3484-405: The named, as well as litigation against the media and journalists who published the papers. On 20 October 2017, an anonymous Reddit user hinted at the existence of the Paradise Papers. Later that month, the International Consortium of Investigative Journalists (ICIJ) approached the offshore law firm Appleby with allegations of wrongdoing. Appleby said that some of its data had been stolen in

3551-716: The names of foreign shell corporations, using Swiss lawyers to act as cut-out signatories for some of these accounts. The two men were arrested and are under indictment for tax evasion. Apollo Tyres Apollo Tyres Limited is an Indian multinational tyre manufacturing company headquartered in Gurugram , Haryana . It was incorporated in 1972, and its first plant was commissioned in Perambra in Thrissur , Kerala . The company now has five manufacturing units in India , one in

3618-561: The oil industry, a sector in which Hoifu planned to expand. The principal shareholder of the company was Hui Chi Ming. Neil Bush , brother of George W. Bush , was a director (deputy chairman) of the company. Former Minister of Oil and Gas Sauat Mynbayev is listed as an original shareholder of Meridian Capital Ltd. Former BTA Bank Chairman Mukhtar Ablyazov is documented for his ownership of Cayman Island-registered CFJ Star Trust, which may have been used in his alleged embezzlement and mismanagement of $ 10 billion of BTA money. The embezzlement

3685-480: The papers as a director of the Bermuda company Songhai Financial Holdings Ltd. a subsidiary of Databank's finance, fund management and investment company Databank Brokerage Ltd., from April 2001 until September 2012. The Ghanaian Minister for Finance and Economic Planning, Ken Ofori-Atta , was a co-founder of Databank and a co-director, with Johnson Sirleaf, of Songhai Financial Holdings. Aliko Dangote , then Africa's richest man with an estimated wealth of 12.1 billion,

3752-476: The papers. The Directorate General of Taxes released a statement that they will follow up the information provided on Indonesian taxpayers. Former Japanese Prime Minister Yukio Hatoyama is listed in the papers. The Bermuda-incorporated company, Hoifu Energy Group , is listed on the Stock Exchange of Hong Kong and appointed Hatoyama honorary chairman in 2013 because of his "amicable relationship" with

3819-539: The purchase of MacAir Jet, now Avianca Argentina , an aircraft company owned by Macri Group, for an amount of $ 10 million, allowing Avianca to make headway in the low-cost carrier business in Argentina. The Argentine government accepted the offshores as a financial guarantee to assign air routes to Avianca. The whole operation of assigning air routes was investigated by the Argentine federal justice system in

3886-797: The social media giant went public in 2012. Twitter similarly went public in 2013. The US government sanctioned VTB in 2014 because of the Russian military intervention in Crimea , but DST Global had by then sold its stake in Twitter. Four days after the Facebook IPO , a DST Global subsidiary sold more than 27 million shares of Facebook for approximately $ 1 billion. In 2009, Glencore , an Anglo–Swiss multinational commodity trading and mining company, loaned $ 45 million to Israeli billionaire Dan Gertler in exchange for his help with officials of

3953-415: The subsidiaries moved to Jersey and took intellectual property with them. The third is receiving tax breaks in Ireland for buying Apple IP from another Apple subsidiary. The Jersey Financial Services Commission (JFSC) issued a statement regarding Apple on 7 November 2017. The JFSC confirmed that the two Apple subsidiaries referred to by the media are not Jersey-registered companies and their understanding

4020-435: The use of anonymous “ bearer shares ”. As a result, more than of 45,000 offshore shell companies and subsidiaries companies are created in Panama each year; Panama has one of the highest concentrations of subsidiaries of any country in the world. Panama's banks are well regulated, providing stability and predictability. Panama does not yet participate in tax-information-exchange treaties; since they tax only domestic income, there

4087-745: Was an illegal computer hack". The company added: "Our systems were accessed by an intruder who deployed the tactics of a professional hacker". The documents were acquired by the German newspaper Süddeutsche Zeitung , which had also obtained the Panama Papers in 2016. According to the BBC , the name "Paradise Papers" reflects "the idyllic profiles of many of the offshore jurisdictions whose workings are unveiled", so-called tax havens , or "tax paradises". The data breach comprises some 13.4 million documents—totaling about 1.4 terabytes—from two offshore service providers, Appleby and Asiaciti Trust , and from

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4154-578: Was arrested in 2017 with Beny Steinmetz on charges of money laundering, then released. Silberstein had served as Gusenbauer's campaign advisor. The French filmmaker Jean-Jacques Annaud is listed in the papers. As a result of the investigation, according to his lawyer, the filmmaker informed French tax authorities in the month preceding the release of the papers about his offshore holdings. Offshore investment Locations favored by investors for low rates of tax are known as offshore financial centers or (sometimes) tax havens . Payment of less tax

4221-454: Was identified as a co-director of an offshore company with outgoing president of Liberia, Ellen Johnson Sirleaf . Sally Kosgei , member of parliament 2008–2013 and minister of agriculture 2010 to March 2013, owned a million-dollar flat near Harrods in London through an offshore she told Appleby was funded by her flower-export company. Liberian President Ellen Johnson Sirleaf is listed in

4288-532: Was inaugurated by the Hungarian Prime Minister , Viktor Orban , in April 2017. Apollo Tyres currently sells Apollo and Vredestein (or Maloya) branded tyres in Europe. The company currently operates two tyre factories in Europe; in the Netherlands and in Hungary . The Enschede plant was acquired from Vredestein, the newly built facility southeasterly from Gyöngyöshalász was inaugurated for production on 7 April 2017. In April 2022,

4355-430: Was linked to shell companies residing in tax havens by the Paradise Papers and, previously, by the Panama Papers , then, subsequently, by the Pandora Papers . President of the Nigerian Senate Bukola Saraki is listed in the papers as a director and a shareholder of Tenia Ltd., a company established in the Cayman Islands in April 2001. Foreign Minister Sam Kutesa is listed as beneficiary, along with his daughter, of

4422-579: Was not reached within three months. Gertler and Glencore each have denied wrongdoing. Appleby had worked for Glencore and its founder Marc Rich on major projects in the past, even after his indictment in 1983. Rich was indicted in the United States on federal charges of tax evasion and making controversial oil deals with Iran during the Iran hostage crisis . He received a controversial presidential pardon from U.S. President Bill Clinton on 20 January 2001, Clinton's last day in office. A separate ICIJ project found that tax auditors in Burkina Faso accused

4489-531: Was promoted by Bharat Steel Tubes, Ltd., Raunaq International Pvt. Ltd., Raunaq & Co. Pvt. Ltd., Raunaq Singh, Mathew T. Marattukalam and Jacob Thomas. In 1975, the company made its Initial public offer of equity shares and its first manufacturing facility was commissioned in Perambra Plant, Thrissur , Kerala , India in 1977, followed by its 2nd plant at Limda, Gujarat, India in 1991. The company acquired Premier Tyres Limited in 1995, which became its 3rd plant at Kochi , Kerala, India . In 2008, it started

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