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Panama Papers
#11
Magda Hassan Wrote:
David Guyatt Wrote:
Magda Hassan Wrote:I've been having a bit of a look at the company Mossack Fonesca. It is a partnership between 2 lawyers. Jurgen Mossack's father was in the SS and Wikipeadia is very vague but says he ended up working for the US as a spy against Cuba and ended up in Panama. Has Paperclip type ratline written all over it.

More here from the ICIJ:
Quote:Mossack was born in Germany in 1948. He moved to Panama with his family in the early 1960s, according to his law partner.
Mossack's father had been a member of the Waffen-SS, the notorious armed wing of the Nazi Party during World War II, according to U.S. Army intelligence files obtained by ICIJ.
After the war the father offered his services to the U.S. government as an informant, the files show, claiming "he was about to join a clandestine organization, either of former Nazis now turned Communist . . . or of unconverted Nazis cloaking themselves as Communists." An Army intelligence officer wrote that the offer to spy for the U.S. might simply be "a shrewd attempt to get out of an awkward situation."
Nevertheless, the old intelligence files indicate that Mossack's father later ended up in Panama, where he offered to spy, this time for the CIA, on Communist activity in nearby Cuba.
After earning a law degree in Panama in 1973, the son worked for a time as a lawyer in London before returning to Panama to start the firm that he would later merge to form Mossack Fonseca & Co.

Oh boy, this could also have a connection to the Bormann Brotherhood and their investing of Nazi loot throughout the world. Maybe. Perhaps.

Fonesca is not a Spanish family name either. Both these boys may have been born in Panama but their family are European. I am thinking Fonesca might be Romanian but not sure.

It occurred to me that Fonseca might be Portuguese if only because there is a rather nice Port called Fonseca
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#12
In the Organized Crime and Corruption Reporting Project (OCCRP) website that has featured the Panama Papers story overview, the below paragraph provides a link to 33 people and companies blacklisted by the US.

This obviously is the Putin story being highlighted.

No such luck with naming and shaming numerous others yet.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#13
David Guyatt Wrote:
Magda Hassan Wrote:
David Guyatt Wrote:
Magda Hassan Wrote:I've been having a bit of a look at the company Mossack Fonesca. It is a partnership between 2 lawyers. Jurgen Mossack's father was in the SS and Wikipeadia is very vague but says he ended up working for the US as a spy against Cuba and ended up in Panama. Has Paperclip type ratline written all over it.

More here from the ICIJ:

Oh boy, this could also have a connection to the Bormann Brotherhood and their investing of Nazi loot throughout the world. Maybe. Perhaps.

Fonesca is not a Spanish family name either. Both these boys may have been born in Panama but their family are European. I am thinking Fonesca might be Romanian but not sure.

It occurred to me that Fonseca might be Portuguese if only because there is a rather nice Port called Fonseca
Could well be the case David. I will ask around. Many Portuguese family names seem to be based on geographical points.
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
Reply
#14
There is a Portugese wine named "Fonseca," and also a Cuban cigar.
"All that is necessary for tyranny to succeed is for good men to do nothing." (unknown)

James Tracy: "There is sometimes an undue amount of paranoia among some conspiracy researchers that can contribute to flawed observations and analysis."

Gary Cornwell (Dept. Chief Counsel HSCA): "A fact merely marks the point at which we have agreed to let investigation cease."

Alan Ford: "Just because you believe it, that doesn't make it so."
Reply
#15
Those on twitter please go to the Wikileaks page and tick the box voting for Wikileaks to publish the whole data dump of these papers - thus putting everything in the public domain and out of the hands of our beloved and untrustworthy media.

Vote HERE.

Meanwhile the ICIJ have a graphic of the main power players in this story HERE.

Panama Papers The Power Players

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Country leadersPoliticians/public officials[Image: M_Macri.png]

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Iceland's prime minister


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There are legitimate uses for offshore companies. Read more


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About

This interactive produced by the International Consortium of Investigative Journalists (ICIJ) explores the stories behind the use of offshore companies of politicians and their relatives and associates more than 100 in all. Among them are 12 current or former country leaders and 33 other politicians and public officials with direct connections to structures in tax havens. Their names appeared inside a cache of 11.5 million leaked files from Panama's Mossack Fonseca, one of the biggest offshore service providers. ICIJ and Süddeutsche Zeitung led a global investigation to unveil their secrets, publishing the first stories from "The Panama Papers" on April 3, 2016.
ICIJ sifted through thousands of emails, documents and images to find names that were in the public interest. The year-long investigation unveiled connections to companies in many different tax havens, their uses and their real owners, whose identities were sometimes hidden behind layers of secrecy. The investigation found more than 140 politicians and public officials connected to 55 countries. The names displayed in this interactive are a selection of the most relevant cases. All of them include political figures or people close enough to political figures that they should have triggered extra scrutiny. There are legitimate uses for offshore companies, and we do not intend to suggest or imply that any individuals or entities included in the interactive were in violation of the law.

The production of the profiles was complex and took several months. We combined a deep exploration of the Mossack Fonseca documents with research in worldwide public records such as company records, property records and assets declarations, among others. Purchasing real estate and yachts, holding bank accounts and keeping personal finances private were among the most common uses given for offshore companies. ICIJ reached out to all those in the interactive to give them a chance to comment. The answers we received are included in the profiles.

Mossack Fonseca told ICIJ that it conducts periodic follow-ups in the case of politically-exposed figures to assure that no negative results are found. The company said that for 40 years it has operated beyond reproach in its home country and in other jurisdictions where it has operations. "Our firm has never been accused or charged in connection with criminal wrongdoing", said a Mossack Fonseca public relations officer.

The Power Players is published in English, Spanish, French, Portuguese and German. ICIJ media partners been allowed to select profiles they believe are of interest to their audiences which may result in similar interactives with fewer profiles. The information in the interactive is current as of April 3, 2016 and the offshore data up to December 2015. ICIJ will release the full list of companies and people in the Panama Paper files in early May.

For questions and tips connected to this interactive contact data@icij.org

Glossary

Ultimate beneficial owner, beneficial owner, beneficiaryThe person who is the true owner of a company and/or a bank account. In the offshore world, the identity of beneficial owners is often kept secret.Nominee directorsStand-ins who control a company on paper but exercise no real authority over its activities.Nominee shareholderA person who is listed as a shareholder on a company's documents but has no real power over the company or claim to its assets. This is common practice in offshore financial structures to hide the identity of the real owner.IntermediaryA go-between for someone seeking an offshore corporation and an offshore service provider -- usually a law-firm or a middleman that asks an offshore service provider to create an offshore firm for a client.Power of attorneyAuthorization given to a person to represent the offshore company. It can confer rights that include managing the company without any limitation, carrying out contracts, purchasing products and borrowing or lending money. Each authorization notes which powers are granted to the person who will act on behalf of the company and whether they are general or specific.Bearer sharesWhoever physically holds a certificate of shares is considered the owner of the shares. Bearer shares provide one of the deepest levels of secrecy. Many countries have banned bearer shares because they are considered a facilitator of tax evasion and money laundering.

Embed

[COLOR=rgba(255, 255, 255, 0.6)]Copy/paste the code below to embed the interactive into your website:[/COLOR]
<iframe src="https://projects.icij.org/panama-papers/power-players/?lang=en" scrolling="no" style="min-width: 100%; width: 100px; height: 90vh; border: 0;" allowfullscreen webkitallowfullscreen mozallowfullscreen></iframe>

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Legal

There are legitimate uses for offshore companies, foundations and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Power Players interactive application have broken the law or otherwise acted improperly. If you find an error in the database please get in touch with us: contact@icij.org

Credits

[Image: icij-logo.png][COLOR=rgba(255, 255, 255, 0.6)]Research Editor: Emilia Díaz-Struck[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Data Editor: Mar Cabra[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Editors: Martha M. Hamilton and Marina Walker Guevara[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Reporters: Delphine Reuter, Marcos García-Rey, Will Fitzgibbon, Richard Sia, Alexa Olesen, Ryan Chittum, Jake Bernstein[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Researcher: Mago Torres[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Fact-checkers: Richard Sia and Peter Smith[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Interactive designed and built at kiln.digital[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Illustator: Jesús Pérez[/COLOR]
[COLOR=rgba(255, 255, 255, 0.6)]Translations provided by Le Monde (French), El Confidencial / laSexta (Spanish), O Estado (Portuguese) and Tamedia (German).[/COLOR]


Attached Files
.jpg   S_D_Gunnlaugsson.jpg (Size: 13.98 KB / Downloads: 1)
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#16
David Guyatt Wrote:



PS, am I the only paranoid schizophrenic conspiracy theorist nutjob to note the similarity between Mossack Fonseca's logo below:

[Image: attachment.php?attachmentid=8308&stc=1]

And a certain treaty organization that sometimes like to spell its name backwards as OTAN?

[Image: attachment.php?attachmentid=8309&stc=1]

Got to go, time for my medication...

Magda Hassan Wrote:Oh and I forgot to mention the more than passing resemblance of the Mossack Fonesca logo to that of NATO.

Oh you noticed it too... :Nazis: ::darthvader:: ::dalek::
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
Reply
#17
Google sez: "Fonseca is a common Portuguese and Galician [B]surname, while the variation Fonseka is common in Sri Lanka after Portuguese presence."[/B]
Reply
#18
The Guardian is running the UK angle to the story and the innocent are lining up with glib quotes:

Quote:

Tory donors' links to offshore firms revealed in leaked Panama Papers




Three former Conservative MPs and six peers have connections to offshore companies, despite PM's calls for reform





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[/URL] David Cameron has said using offshore structures to minimise tax is not morally right. Photograph: Toby Melville/ReutersHolly Watt
Monday 4 April 2016 17.25 BSTLast modified on Monday 4 April 2016 23.06 BST
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Several of the donors, MPs and financiers who have supported David Cameron's rise to power have had links to the UK's network of tax havens, the Panama Papers reveal.
Three former Conservative MPs and six members of the House of Lords are among those with connections to companies on the books of the offshore law firm Mossack Fonseca.
Though it is legal to manage money offshore, the practice has drawn increasing criticism during years of enduring austerity.
The British prime minister has been calling for reforms, recognising along with other world leaders that the system is too secret and in need of an overhaul.
In 2012, Cameron criticised complex offshore structures saying it is "not fair and not right". At a G8 summit in Enniskillen three years ago, he demanded more transparency, saying this would be better for business in the UK.
Last year, he added: "I'll continue to make the case for transparency with international partners, including the British overseas territories and crown dependencies. And I am willing to go further, and take concrete steps to force the pace."
However, critics say world leaders are dragging their feet fears fuelled in the UK before last year's general election when it emerged that many Tory candidates were receiving donations from offshore tax havens.



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[/URL]Cameron will have a chance to challenge doubters who say he has benefited from an opaque system by pushing for reforms at an "offshore" conference he is hosting in London next month. Under the spotlight will be tax havens such as the British Virgin Islands, which are among the biggest providers of offshore secrecy.
There is no evidence the politicians and donors have done anything wrong. But the disclosures raise legitimate questions for an ongoing public debate about the ethics of tax havens, whether there should be more transparency from those go offshore, and whether they will continue to do so following the revelations in the Panama Papers.
The businessmen include:

Tony Buckingham

According to the documents, the energy company Heritage Oil, founded by the Conservative donor Buckingham, "urgently" moved its corporate registration from one tax haven to another, which could have permitted it to avoid hundreds of millions of pounds in tax.

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Mossack Fonseca was ordered to transfer the company registration from the Bahamas to Mauritius after Heritage was faced with a large tax bill in Uganda over the sale of an oil field. Records show that at one point, the company's chief financial officer demanded a junior member of the Mossack Fonseca team be sent to sit in the Bahamas registry office in order to speed up the process, saying the delay was "ridiculous".
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The emails appear to show Heritage Oil's attempt to use a tax loophole to avoid a huge capital gains tax bill. One employee described changing the company's domicile as of "primordial importance" to Heritage Oil. Heritage Oil insists this issue has yet to be resolved.
Under a "double taxation" treaty between Uganda and Mauritius, Heritage Oil planned to avoid paying tax in Uganda by paying a much smaller sum to the Indian Ocean island country.
In an email in February 2010, Heritage's administration office in Guernsey sets out the basis of the transfer. "We are emailing you both because we urgently need to re-domicile HGOL [Heritage Oil] to Mauritius primarily due to the double tax agreement between Uganda and Mauritius," wrote the employee. He warns that the energy asset in Uganda is due to be sold within "the next 11 days."
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A spokesman for Heritage Oil said it was not able to respond in detail because it touches on issues still before the courts.
"Although only a subsidiary issue in Heritage Oil's ongoing litigation with the Ugandan government, it is a fact that the process of re-domiciling one of Heritage Oil's subsidiaries from the from Bahamas to Mauritius had begun long before the completion of the transaction that ultimately gave rise to the tax dispute with the Ugandan government. The process of re-domiciling was commmenced for a variety of reasons."
Buckingham has given the Conservatives more than £100,000.
The company also pointed out that all the oil and gas licences owned by Heritage were held outside the UK and all its operations were carried out overseas. The company also pays national insurance and other taxes.

Michael Mates

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Michael Mates. Photograph: Michael Stephens/PAMates, who stood down in 2010 as member of parliament for East Hampshire, was a shareholder in a company called Haylandale, which leased a large area of land in the Caribbean island of Barbuda. The former Conservative MP said he was invited to become the chairman of the company to help "deal with" the government of Antigua and Barbuda.
Haylandale was established in 2003 to lease and develop a beach resort in Barbuda.
"After it was formed, I was invited to become chairman by a friend who was on the board, as my advice was sought on a number of matters concerning the company's business," said Mates. He said his shareholding was "small and uninfluential" and that the company's attempt to develop a hotel had failed.
"I was to receive no remuneration unless and until the development took place, nor were the shares of any value. The company has never had any real value," he said.
Mates registered his interest with the appropriate authorities in parliament.

Anthony Bamford

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David Cameron and Lord Bamford at the opening of a JCB factory in Brazil. Photograph: Stefan Rousseau/PAThe JCB heir Lord Bamford closed down a company registered in the British Virgin Islands just months before he joined the House of Lords, according to documents seen by the Guardian.
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The decision to hand a peerage to the one of the Conservative party's biggest donors is likely to raise further questions about the prime minister's commitment to crack down on the use of offshore tax havens.
Bamford, who has given the Conservatives more than £4m personally and through JCB companies, was recommended for a peerage by Cameron shortly after the Conservatives formed a government in 2010. However, the businessman then withdrew his name from consideration.
Documents from the law firm Mossack Fonseca seen by the Guardian reveal that Bamford had been the sole shareholder in a British Virgin Islands company called Casper Ltd since 1994. The company was dissolved in 2012. The then Sir Anthony Bamford was granted a peerage in 2013.
A spokesman for Bamford said: "Casper Limited was dissolved in 2012 having been an inactive company for its entire existence. It never owned any assets, held a bank account, formed part of any corporate structure or ever engaged in any activity whatsoever."

David Rowland

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David Rowland. Photograph: Tony McGrathThe businessman, who has given the Tories almost £3m, is a shareholder in dozens of offshore companies. Along with members of his family, Rowland held shares and property in British Virgin Islands screen entities.
Company names go through the letters of the alphabet Asherton Ltd, Binbrook Ltd, Coalburn Ltd, Docking Ltd. One of their companies Blackfish Capital bought a division of the collapsed Icelandic bank Kaupthing in June 2009, with the banking operations being restructured into the Luxembourg-based Banque Havilland, named after Rowland's Jersey mansion.
Rowland declined to comment.

The Fleming family

The Fleming family, who helped bankroll Cameron's bid for the leadership of the Conservatives and have given the party millions, used the Panamanian law firm's network to manage their own fortune.
After selling the merchant bank Flemings in 2000 for $7.7bn, members of the family opened a private office, Fleming Family & Partners, to manage their money. Over the next few years, FF&P gradually expanded, taking on wealth management for other rich families from offices run out of the tax haven of Liechtenstein. Now known as Stonehage Fleming, the family office has registered at least 18 Mossack Fonseca companies from its Liechtenstein office. A spokesman for Stonehage Fleming declined to comment.

Howard Flight

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Howard Flight. Photograph: Rex FeaturesThe Tory peer, a former deputy chair of the party and shadow chief secretary to the Treasury from 2002 to 2004, was also active offshore. His Guinness Flight asset management business included a trust company in Guernsey that used Mossack Fonseca companies to manage investments on behalf of his clients.
Lord Flight said: "I ceased to be a director of the Guernsey Trust Company in 1998 upon its acquisition by the Investec Group. Also, I have had no involvement with the Guernsey Trust Company for 18 years and know nothing of its business during this period.
"Guinness Flight Trustees was not involved in advising either individuals or companies on reducing their UK tax liabilities and, to the best of my belief, had no involvement in harbouring the proceeds of crime, facilitating tax evasion, sanctions evasion, money laundering or bribery and corruption," said Lord Flight. "Disciplines were in place to check against such involvements."
Flight said he had continued as a director of Investec Asset Management, but was not involved in the trust company.

Sir Tony Baldry

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Sir Tony Baldry. Photograph: Fiona Hanson/PA Archive/Press Association ImaBaldry, who stood down as the Tory MP for Banbury at the last election, chaired a British Virgin Islands company called Westminster Oil Ltd, which appears in the Mossack Fonseca data. Westminster Oil, in turn, owns shares in a second BVI company called Westminster Caspian, which operated in Kazakhstan.
Baldry said Westminster Oil had been registered as an interest with the House of Commons, but as a wholly owned subsidiary, Westminster Caspian did not need to be registered.
"The BVI jurisdiction was chosen because the shareholders and directors came from a number of different countries, including the United Kingdom, the United States and Kazakhstan," said Baldry.
"Given that the project was based in Kazakhstan, and given that the directors and shareholders came from the United States, the United Kingdom and Kazakhstan, whatever jurisdiction was chosen to register the company would inevitably have been offshore' to a number of the shareholders and directors."
He added that all directors' fees had been reported to HMRC.

Sir Edward du Cann

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Edward du Cann, far right, with Margaret Thatcher at the 1981 Tory party conference. Photograph: Bill Cross / Daily Mail / Rex FDu Cann, who was instrumental in Margaret Thatcher's rise to power, retired from parliament in 1987 but he appears in 2007 as a director of a BVI company called Sunshine Technology Group. Du Cann said: "I have had no connection with the companies in question, whose business was entirely legitimate and in the interests of the country where we were working, since 2008."

Lord Astor of Hever

The former defence minister, whose grandfather owned the Times until 1966, also appears in the files, in relation to a Panamanian company called Vicata. Astor, who left government at the last election, shut down Vicata more than 20 years ago.
Astor said the company was set up while he was working in France. "I think it was set up for a deal we were working on that didn't come to fruition and the company was never used," he said. "This was set up when I was a French resident and taxpayer so there were no British tax issues," he added.

Juniper Equities Trading

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The Mossack Fonseca files also shed light on a mysterious company called Juniper Equities Trading, which was set up in the British Virgin Islands in July 2004. In December 2004, months after being created, Juniper lent the Conservative party £250,000.
In 2005, the cash-for-honours scandal broke, when it emerged that businessmen had lent political parties large sums of money before the election. Several of the businessmen were then put up for peerages. At the time, loans to political parties did not have to be declared. Electoral law was changed soon after to ensure full disclosure of loans.
In 2013, the Juniper company was transferred from the British Virgin Islands to Switzerland. In an email between Mossack Fonseca employers in January 2014, they note that the company was set up solely "pour faire des prêts à des entités proposées et choisies par actionnaire de la société" (to make loans to entities proposed and chosen by the shareholder).
After nine years of borrowing the money, the Conservatives repaid the loan in May 2014, without ever disclosing who was behind the company.
The Conservative party refused to comment on Juniper's ownership and added: "This was an historic loan which has been repaid in full."
Donors and politicos from other parties also appear in the data.

Lord Bilimoria

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Lord Bilimoria. Photograph: Anna GordonThe crossbench peer, who founded Cobra Beer, appears as one of more than 100 shareholders in a Virgin Islands company called Mulberry Holdings Asset Limited. Cobra collapsed into administration in 2009 after which Lord Bilimoria was criticised for using a "pre-pack" deal to buy back a stake in the firm. He spoke out against claims he abandoned creditors with debts of £71m, and promised to repay them some of the cash.
Lord Bilimoria said that Mulberry was a dormant company formed "for my ex-shareholders in Cobra, many of whom are not resident in the UK".
Bilimoria said: "I am taxed in the UK on all my global income and all of my interests are declared to the relevant authorities."

Arron Banks

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Arron Banks in the leave EU call centre in Bristol. Photograph: Gareth Phillips for the GuardianBanks, who has given Ukip more than £1m and is spearheading the anti-EU referendum campaign, appears as the shareholder of a BVI company called PRI Holdings Limited. Shares from PRI were also transferred to Elizabeth Bilney, the chief executive of Leave.eu. PRI Holdings is in turn the sole shareholder of African Strategic Resources Limited, which is a British Virgin Islands company managed in Gibraltar.
Banks declined to comment.



The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply
#19
Dave's dad is innocent too...

Obviously.

Quote:Tax avoidance
Panama Papers

Fund run by David Cameron's father avoided paying tax in Britain




Panama Papers reveal Ian Cameron hired Bahamas residents, including a part-time bishop, to keep offshore company exempt
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Explained: what are the Panama Papers?





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[/URL] David Cameron and his father, Ian Cameron. Composite: ReutersJuliette Garside
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Monday 4 April 2016 15.04 BSTLast modified on Monday 4 April 2016 23.04 BST
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David Cameron's father ran an offshore fund that avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents including a part-time bishop to sign its paperwork.
Ian Cameron was a director of Blairmore Holdings Inc, an investment fund run from the Bahamas but named after the family's ancestral home in Aberdeenshire, which managed tens of millions of pounds on behalf of wealthy families.
Clients included Isidore Kerman, an adviser to Robert Maxwell who once owned the West End restaurants Scott's and J Sheekey, and Leopold Joseph, a private bank used by the Rolling Stones.
The fund was founded in the early 1980s with help from the prime minister's late father and still exists today. The Guardian has confirmed that in 30 years Blairmore has never paid a penny of tax in the UK on its profits.
The prime minister's spokeswoman said that Downing Street had responded to allegations about Ian Cameron in the past.
Asked if there was still any family money invested in the fund, she said: "That is a private matter." She said the prime minister had "taken a range of action to tackle evasion and aggressive tax avoidance".
The Panama Papers, 11.5m documents leaked from the offshore agent Mossack Fonseca, reveal the details of how Cameron Sr sheltered Blairmore's profits with a series of expensive and complicated arrangements.



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The Panama Papers: how to hide a billion dollars video explainerBlairmore was a longstanding customer of Mossack Fonseca, whose internal data was obtained by German newspaper Süddeutsche Zeitung and distributed by the International Consortium of Investigative Journalists to the Guardian, the BBC and other media outlets around the world. Details of Ian Cameron's offshore dealings will be revealed on BBC1's Panorama on Monday night.

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Incorporated in Panama but based in the Bahamas, the fund retained up to 50 Caribbean officers each year. Their job was to sign paperwork and fill roles such as treasurer and secretary. They included the late Solomon Humes, a lay bishop with the non-denominational Church of God of Prophecy. He acted in various roles including vice-president over a number of years from the mid-1990s.
Blairmore is shown to have been controlled using an obscure financial instrument known as bearer shares. These do not carry the name of the owner. They are similar to banknotes in that they simply belong to the person holding the certificate in their hand.
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Though legal, bearer shares have been abolished in many countries because they have been used by mobsters and tax evaders for money laundering. There is no suggestion that Blairmore was using them for any illegal purpose, and they were common among offshore funds at the time.
Using bearer shares was not always practical. There were "hundreds" of investors, according to minutes of company meetings, and the printed certificates were kept under lock and key in the Bahamas. Documents relate Cameron Sr having to count stacks of certificates to make sure none had been lost or stolen.
The company was concerned about protecting its good name. Minutes from 2001 show Blairmore's directors discussing the importance of monitoring news about Panama to "ensure that the jurisdiction is in keeping with the company's pristine reputation".
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David Cameron embraces his father Ian in April 2010. Photograph: Toby Melville/ReutersCameron Sr was one of five UK-based directors until shortly before his death in 2010. In order to avoid UK tax, his venture had to be managed and controlled from abroad. A team of six other directors from Switzerland and the Bahamas was recruited, to ensure that a majority of the board was based outside Britain. However, the paper trail suggests this was a conjuring trick, albeit one tolerated by the law. Board meetings were held every year in Nassau and Switzerland, often in the five-star Hotel Beau-Rivage in Geneva. While the Europeans regularly jetted out to the Caribbean, there is little evidence of travel in the opposite direction, raising questions about how much the Bahamas directors contributed to strategy and decision making.
For Blairmore, 2006 was an important year. It sent out a prospectus calling for new investors clients were asked to put in a minimum of $100,000 (£70,000) each. However, the prospectus stated two of the three Bahamian board members waived their $5,000 fee that year. They were the only directors recorded as doing so.
Through the Bahamas branches of Coutts and later SG Hambros, Blairmore retained dozens of local residents. There is no suggestion this arrangement was illegal and it was used by other offshore funds at the time.
The signatories were authorised to perform complex financial tasks. They could, company minutes state, "sell or buy any stocks, shares, annuities" and even "precious metals".

It is hard to see how the company was not managed and controlled, and therefore tax resident, in the UK
Former tax inspector Richard Brooks
In reality, according to the documents, big investment decisions appear to have been taken in the UK. Strategy was seemingly discussed in London where the investment management firm Smith & Williamson and five of the directors including Cameron were based.
Minutes from a 2001 directors' meeting in the Bahamas say: "Mr Cameron concluded by stating that the company's investment team … met regularly to discuss stock picks and strategy and that he was pleased with the teamwork over the past 18 months."
A key decision was taken in 2005 to replace the bearer shares with traditional shares where the owners are named in a register. A series of emails that year between Mossack Fonseca and the fund's London lawyers suggest the decision was taken not at one of the regular offshore board meetings, but apparently at a board meeting in London.

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After reviewing the files, Richard Brooks, a Private Eye journalist and former HMRC tax inspector, said: "If HMRC had seen the papers they would have had some very serious questions. The clear intention for Blairmore was to avoid becoming UK tax resident and the test for this, even in 2006, is the location of the central management and control.
"This means where the key business decisions are taken. The evidence here suggests in this period they weren't taken outside the UK, in which case it is hard to see how the company was not managed and controlled, and therefore tax resident, in the UK at the time."
The fund has been registered with HM Revenue and Customs since its inception and has filed detailed tax returns every year. Its individual investors are responsible for their personal tax affairs and liable to tax in their own country.
Blairmore was created at a time when currency controls had just been relaxed and a number of British money managers decided to go offshore to make the most of low-tax jurisdictions. In 2012, in response to wider industry trends away from offshore, Blairmore moved residence from Panama to Ireland, which means it is now regulated in Europe. It still exists today, with more than $31m (£22m) under management.



The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
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David Guyatt Wrote:Dave's dad is innocent too...

Obviously.

Quote:

Fund run by David Cameron's father avoided paying tax in Britain
anama Papers reveal Ian Cameron hired Bahamas residents, including a part-time bishop, to keep offshore company exempt

Asked if there was still any family money invested in the fund, she said: "That is a private matter."

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