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Paradise Papers


Ardmore Point, Carna, Conamara

The Paradise Papers released by Appleby, the firm of lawyers, and examined for one year by 400 journalists affiliated to the International Consortium of Investigative Journalists has revealed that those close to the US President avoid their due taxes.

The US Secretary of State, and the US commerce secretary are now involved in a conflict of interest particularly with regards to their possible collusion with Russia. The Director of the Republican US Presidential election campaign was indicted October 30, 2017 for a 'plot against the US' and 'money laundering'. Donors to the US Republican Presidential campaign figure prominently in the Paradise Papers. The 30 people closest to the US President and their offshore activities are revealed.

The President of Exxon Yemen Inc., became director of Marib Upstream Services a Bermuda based company which directed petroleum operations through Marib for gas field development in Yemen through Exxon, Hunt Oil and Total. In 2005 Yemen halted foreign firm activities in Yemen, Exxon oil objected yet Yemen prevailed.

A powerful person in the US administration, has availed of many fiscal paradises with Navigator Holdings involved in dividends of millions of dollars. A Russian enterprise linked to Navigator Holdings was associated with sanctions against Russia.

Two brothers are influential donors to the Republican party through a Bermuda based Georgia-Pacific company which dealt with the enormous financial transactions linking this group, Nekoosa Paper and Koch Industries to Luxembourg for tax purposes.

An important ally to the US President, offset his debts offshore to Kensington International, registered in the Caymans, financial instruments through several jurisdictions ensured complete secrecy for its financial transactions.

The principal donor to the US Republican party, Interface Operations, Bermuda served the Vegas Sands company to ensure tax avoidance through offshore jurisdictions.

Blackstone, used Luxembourg and Jersey Island to acquire commercial centres in Scotland, Deloitte stated Blackstone operated within the law.

Casino Wynn Resorts developed a casino in China through its offshore holding in Macao and the Isle of Man. The securities and Exchange Commission confirmed Wynn Resorts operated within the law.

Colony NorthStar the person closest to the US President, after his immediate family, supports building firms in financial trouble. US pension funds were channeled through Delaware located in the Caymans.

Icahn Enterprises used Ferrous Resources in the Isle of Man for this Brazilian mining company through offshore companies in Luxembourg and Malta to reduce taxes. Appleby stated there was no requirement to reveal this operation to the fiscal authorities.

The former Treasure secretary under President George W. Bush, continued as a lawyer with capital investment company Carlyle which was identified as an administrator with two companies in the Caymans one of whom received funds from N.T. Butterfield, the largest bank in Bermuda.

The names of the principals involved in these companies are available from the source article. There is no implication of wrongdoing. This article merely illustrates the manner by which large corporations reduce their tax liabilities. U2 invested in a Lithuanian shopping centre which was news to lead singer Bono.

Source: Les Activités Offshore de Treize proches du président américain, Paradise Papers, Le Monde 7 Novembre 2017.

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