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Pandora Papers: How Panama Law Firm Helped Public Figures Hide Money in Tax Havens

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A prestigious Panamanian law firm was named in the so-called ‘Pandora Papers’ as implicated in the creation of offshore shell companies meant to hide money in tax havens for more than 160 politicians and public figures.

They included “some accused of looting their countries,” according to the International Consortium of Investigative Journalists (ICIJ), which obtained the leaked documents as part of the Pandora Papers, published Sunday, which sent shockwaves of embarrassment through powerful circles.

Aleman, Cordero, Galindo & Lee, or Alcogal, was involved in creating shell companies to move money for Jordanian King Abdullah II, Czech Prime Minister Andrej Babis, Montenegro President Milo Djukanovic and three former presidents from Panama, among others, according to the bombshell release.

Others involved with Alcogal — co-founded in the 1980s by the son of a former Panamanian ambassador to the United States who then became ambassador himself — include a Honduran presidential candidate and a former president of Ecuador.

The firm also worked with figures in some of the most notorious financial scandals of the last decade, including the massive Latin American bribery plot involving Brazilian construction company Odebrecht and the soccer corruption case known as “Fifagate,” according to the ICIJ.

In a report, the ICIJ enumerated the 14,000 offshore entities in Belize, the British Virgin Islands and Panama created with the help of Alcogal in an effort to stash money away from public scrutiny for some 15,000 clients since 1996.

So prolific was the law firm’s offshore involvement that nearly two million of the 11.9 million leaked documents associated with the Pandora Papers — which were reported on by some 600 journalists — came from Alcogal.

Magnet for rich and powerful

According to the ICIJ, Alcogol played “a leading role in the tax avoidance and asset protection industry.”

“Over the past three decades, Alcogal has become a magnet for the rich and powerful from Latin America and beyond seeking to hide wealth offshore,” the reporting group said, citing leaked corporate records.

“Firms like Alcogal propel that (shadowy) economy, helping well-heeled clients find havens to conceal their money, sometimes from tax collectors and criminal investigators. Ordinary people often pay the price,” the ICIJ report on the firm said.

For example, the ICIJ says Alcogal set up more than 200 shell companies for the Banca Privada d’Andorra, some of which were then used to conceal public corruption in Venezuela. The United States later blacklisted the bank over money laundering concerns and Alcogal disentangled itself from the bank.

The firm rejected accusations of shady dealings in a statement, saying it was considering legal action to defend its reputation “in a vigorous manner where necessary.”

“Alcogal rejects the conjecture, inaccuracies and falsehoods in the papers,” the firm said, offering to work with authorities to investigate any irregularities.

And several politicians named in the papers also pushed back, including former Panamanian president Ricardo Martinelli, who denied involvement in anything untoward.

The revelations from the Pandora Papers could further damage Panama’s reputation, after the Central American country’s image already took a hit in a previous round of financial scandal reporting known as the “Panama Papers” five years ago.

The government worried about fallout from the new release, according to a letter from officials released by local media.

“The damage could be insurmountable,” the Panamanian government said in the letter, sent through a law firm to the ICIJ.

The letter warned that “any publication” reinforcing “a false perception” of the country as a possible tax haven “will have devastating consequences for Panama and its people.”

The letter from the Panamanian government also references some of the reforms that the Central American country has made in recent years, although it remains on the EU list of tax havens.

The Panama of 2016 “is nothing like the Panama of today,” the government said in its letter.

(AFP)

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ADC Tells Tinubu to Resign As World Bank Reveals 139million Nigerians Live in Poverty

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The African Democratic Congress (ADC) on Saturday asked President Bola Ahmed Tinubu to resign rather than seek re-election, asserting that the World Bank’s recent report showing that 139 million Nigerians live below the poverty line is his scorecard.

The ADC, in a statement by its spokesperson, Bolaji Abdullahi, said the World Bank’s report, which also estimated that 17 million Nigerians are at risk of starvation, was “disturbing.”

“The evidence of 139 million people living in poverty and 17 million at risk of starvation is President Tinubu’s scorecard,” the party said. “On account of this catastrophic failure alone, President Tinubu should be contemplating resigning from office rather than seeking re-election.”

It decried that the “catastrophic” situation was occasioned by the Tinubu administration’s policies, which it said, “have favoured money over people and statistics over survival.”

The opposition party maintained that the economic growth Mr Tinubu’s government has repeatedly boasted of as a result of its economic reforms is “meaningless” if the livelihoods of people at the grassroots have yet to improve since 2023, when he assumed office.

“Instead of changing course, the government has stubbornly stuck with its ruinous economic policies and even continues to market recklessness as courage and wickedness as ‘necessary pains.’

“However, three years down the line, it is now clear that the chicken has come home to roost,” the ADC said.

According to the party, Nigeria desperately needs a leader who truly cares about citizens’ well-being and understands that economic reforms should improve citizens’ lives, not worsen their misery.

“A president whose government is not openly feasting while asking the people to continue fasting. A government that does not wallow in profligacy while handing the people palliatives,” it added.

The party condemned the ruling APC’s social intervention programmes aimed at cushioning the effects of its economic policies, adding, “Poverty cannot be defeated through palliatives.”

The ADC pledged that if elected in 2027, it would tackle the root causes of hunger by reducing energy costs, enhancing food production, and ensuring that farmers returned to their farmlands.

It also vowed to rehabilitate the 264 abandoned dams, improve access to fertilisers and quality seeds, and invest in storage facilities.

According to the party, transportation, waste, and food prices would be reduced while creating productive jobs.

“Hunger cannot be separated from poverty, education, or healthcare. That is why an ADC government will prioritise nutrition, primary healthcare, quality basic education, and skills development because no nation can build a prosperous economy while millions of its children are hungry, out of school, or cannot read simple texts,” the party said.

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Dominican University Hails Peter Obi on 65th Birthday

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The Dominican University, Ibadan, has paid glowing tribute to its Pro-Chancellor and former Governor of Anambra State, Mr. Peter Obi, on his 65th birthday, describing him as a visionary leader whose commitment to education, youth development and national progress continues to inspire generations of Nigerians.

In a goodwill message issued on Sunday, the Vice-Chancellor of the university, Prof. Jacinta Opara, lauded Obi’s enduring passion for quality education, noting that his consistent investments in human capital and advocacy for educational excellence have strengthened institutions and offered hope to young people across the country.

According to Opara, Obi has, through his public service and private engagements, remained a steadfast champion of education, making it a cornerstone of his vision for national development.

She said his words, actions and unwavering support for learning had reinforced the conviction that education remains the most effective instrument for building a prosperous, inclusive and sustainable society.

The university also expressed appreciation for Obi’s contributions to the institution as Pro-Chancellor, describing his leadership, generosity and guidance as instrumental to its growth and development.

The statement noted that under his stewardship, Dominican University has continued to pursue academic excellence while remaining committed to its mission of producing morally upright and globally competitive graduates.

It read in part: “As a university founded a decade ago on the rich 800-year educational heritage of the Order of Preachers (Dominicans), we remain profoundly grateful for your visionary leadership, generous support and invaluable contributions as our Pro-Chancellor.”

The institution joined family members, associates and well-wishers in celebrating Obi’s milestone, praying for continued good health, wisdom, strength and divine guidance as he continues to advocate good governance, human dignity, hope and national development.

The message, signed by the Vice-Chancellor, reaffirmed the university’s pride in its association with Obi, whose dedication to education, integrity and selfless service, it said, continues to leave a lasting impact on the nation and inspire future generations.

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Spain Beat Argentina, Crowned 2026 FIFA World Cup Champions

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Spain have been crowned 2026 FIFA World Cup champions, defeating defending champions Argentina 1-0 after extra time in a tense and dramatic final at the New York New Jersey Stadium in East Rutherford, United States.

Ferran Torres emerged as Spain’s hero, scoring the decisive goal in the 106th minute after connecting with a fine move involving Nico Williams to finally break Argentina’s stubborn resistance.

The goal proved enough to hand Spain their second FIFA World Cup title, 16 years after lifting their first trophy in South Africa in 2010.

The final lived up to its billing as a clash between two football giants, pitting Lionel Messi’s Argentina against a youthful Spanish side inspired by teenage sensation Lamine Yamal

Spain dominated possession and created the better chances throughout the contest but were repeatedly denied by Argentina goalkeeper Emiliano Martínez, whose outstanding saves kept the match level during regulation time.

Argentina’s hopes suffered a major setback in stoppage time of the second half when midfielder Enzo Fernández was sent off after receiving a second yellow card, forcing the South Americans to play extra time with 10 men.

Spain eventually made their numerical advantage count as Torres found the breakthrough that settled the contest.

The victory capped a remarkable tournament for Spain, who defeated Austria, Portugal, Belgium and France on their way to the final before overcoming Argentina to reclaim football’s biggest prize.

Argentina, seeking a fourth World Cup title and back-to-back triumphs after their 2022 success, fell just short despite a determined defensive display.

Spain’s triumph cements the country’s return to the summit of world football and crowns an impressive generation of players led by coach Luis de la Fuente, whose side combined youthful flair with tactical discipline throughout the tournament.

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