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PANDORA PAPERS: SECRET WEALTH AND DEALINGS OF WORLD LEADERS EXPOSED

By Pandora Papers reporting team
BBC Panorama

Published1 day ago
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The secret wealth and dealings of world leaders, politicians and billionaires
has been exposed in one of the biggest leaks of financial documents.

Some 35 current and former leaders and more than 300 public officials are
featured in the files from offshore companies, dubbed the Pandora Papers.

They reveal the King of Jordan secretly amassed £70m of UK and US property.

They also show how ex-UK PM Tony Blair and his wife saved £312,000 in stamp duty
when they bought a London office.

The couple bought an offshore firm that owned the building.

The leak also links Russian President Vladimir Putin to secret assets in Monaco,
and shows the Czech Prime Minister Andrej Babis - facing an election later this
week - failed to declare an offshore investment company used to purchase two
villas for £12m in the south of France.



It is the latest in a string of leaks over the past seven years, following the
FinCen Files, the Paradise Papers, the Panama Papers and LuxLeaks.

 * A simple guide to the Pandora Papers leak
 * King of Jordan amassed £70m secret property empire
 * Blairs saved £312,000 stamp duty in property deal
 * Secret assets of Kenyan president’s family exposed

The examination of the files is the largest organised by the International
Consortium of Investigative Journalists (ICIJ), with more than 650 reporters
taking part.

BBC Panorama in a joint investigation with the Guardian and the other media
partners have had access to nearly 12 million documents and files from 14
financial services companies in countries including the British Virgin Islands,
Panama, Belize, Cyprus, the United Arab Emirates, Singapore and Switzerland.




Some figures are facing allegations of corruption, money laundering and global
tax avoidance.

But one of the biggest revelations is how prominent and wealthy people have been
legally setting up companies to secretly buy property in the UK.

The documents reveal the owners of some of the 95,000 offshore firms behind the
purchases.



It highlights the UK government's failure to introduce a register of offshore
property owners despite repeated promises to do so, amid concerns some property
buyers could be hiding money-laundering activities.

The Azerbaijani President Ilham Aliyev and his family, who have been accused of
looting their own country, are one example.

The investigation found the Aliyevs and their close associates have secretly
been involved in property deals in the UK worth more than £400m.


UK PROPERTIES OWNED OFFSHORE BY FOREIGN LEADERS


TAP TO SEE THE UK OFFSHORE PROPERTY EMPIRES OF FOREIGN HEADS OF STATE

Animation enabled
The King of Jordan has secretly acquired luxury homes in Malibu and Washington
DC, plus eight properties in London and south-east England

In Malibu, California, he spent £50m ($68m) on three clifftop mansions

The king’s property portfolio also includes apartments in Washington DC, where
his son attended university

And in the UK, King Abdullah’s properties include these two near Buckingham
Palace. He owns the building on the left and three flats in the building on the
right

Azerbaijan’s ruling Aliyev family, long accused of corruption, have built a vast
offshore network to hide their money

The files expose how the Aliyev family and close associates were involved in
property deals in the UK worth over £400m

This includes a £33m property in central London bought for the president’s
11-year-old son

They also sold a property to the Crown Estate for £66m in 2018, having paid £35m
for it 10 years earlier





The revelations could prove embarrassing for the UK government, as the Aliyevs
appear to have made a £31m profit after selling one of their London properties
to the Crown Estate - the Queen's property empire that is managed by The
Treasury and raises cash for the nation.

Many of the transactions in the documents involve no legal wrongdoing.

But Fergus Shiel, from the ICIJ, said: "There's never been anything on this
scale and it shows the reality of what offshore companies can offer to help
people hide dodgy cash or avoid tax."



He added: "They are using those offshore accounts, those offshore trusts, to buy
hundreds of millions of dollars of property in other countries, and to enrich
their own families, at the expense of their citizens."

The ICIJ believes the investigation is "opening a box on a lot of things" -
hence the name Pandora Papers.


KING OF JORDAN'S MALIBU MANSIONS



The leaked financial documents show how the King of Jordan secretly amassed a
property empire in the UK and US worth more than £70m (over $100m).

They identify a network of offshore companies in the British Virgin Islands and
other tax havens used by Abdullah II bin Al-Hussein to buy 15 homes since he
assumed power in 1999.

They include £50m on three adjacent ocean view properties in Malibu, California,
and properties in London and Ascot in the UK.

His property interests have been built up as King Abdullah has been accused of
presiding over an authoritarian regime, with protests taking place in recent
years amid austerity measures and tax rises.

Lawyers for King Abdullah said all the properties were bought with personal
wealth, which he also uses to fund projects for Jordan's citizens.

They said it was common practice for high profile individuals to purchase
properties via offshore companies for privacy and security reasons.

Among the other revelations in the Pandora Papers:

 * Kenya President Uhuru Kenyatta and six members of his family secretly owned a
   network of offshore companies. They have been linked to 11 firms - one of
   which was valued as holding assets of $30m
 * Members of Pakistan Prime Minister Imran Khan's inner circle, including
   cabinet ministers and their families, secretly own companies and trusts
   holding millions of dollars
 * The law firm founded by President Nicos Anastasiades of Cyprus appears to
   have provided fake owners to disguise the real owner of a series of offshore
   companies - a former Russian politician who had been accused of embezzlement.
   However, the law firm denies this
 * Ukraine's President Volodymyr Zelensky transferred his stake in a secret
   offshore company just before he won the 2019 election
 * Ecuador President Guillermo Lasso, a former banker, replaced a Panamanian
   foundation that made monthly payments to his close family members with a
   trust based in South Dakota in the US


NO STAMP DUTY ON BLAIR OFFICE BUY

Image source, Getty Images

There is no suggestion in the Pandora Papers that Tony and Cherie Blair were
hiding their wealth.

But documents show why stamp duty was not payable when the couple bought a
£6.45m property.

The former Labour prime minister and his barrister wife Cherie acquired the
building in Marylebone, central London, in July 2017 by buying the offshore
company that owned it.

It is legal to acquire properties in the UK in this way and stamp duty does not
have to be paid - but Mr Blair has previously been critical of tax loopholes.

The townhouse in Marylebone, central London, is now home to Mrs Blair's legal
consultancy, which advises governments around the world, as well as her
foundation for women.

Mrs Blair said the sellers had insisted they buy the house through the offshore
company.

She said they had brought the property back under UK rules and will be liable to
pay capital gains tax if they sell it in future.

The ultimate owners of the property were a family with political connections in
Bahrain - but both parties say they did not initially know who they were dealing
with.


THE BOY WHO OWNED A £33M LONDON PROPERTY


Image caption, This Mayfair building was sold to a front company in 2009

Other documents show how Azerbaijan's ruling Aliyev family have secretly
acquired UK property using offshore companies.

The files show how the family - long accused of corruption in the European
nation - bought 17 properties, including a £33m office block in London for the
president's 11-year-old son Heydar Aliyev.

The building in Mayfair was bought by a front company owned by a family friend
of President Ilham Aliyev in 2009.

It was transferred one month later to Heydar.

The research also reveals how another office block owned by the family nearby
was sold to the Crown Estate for £66m in 2018.

The Crown Estate said it carried out the checks required in law at the time of
purchase but is now looking into the matter.

The UK government says it is cracking down on money laundering with tougher laws
and enforcement, and that it will introduce a register of offshore companies
owning UK property when parliamentary time allows.



The Pandora Papers is a leak of almost 12 million documents and files exposing
the secret wealth and dealings of world leaders, politicians and billionaires.
The data was obtained by the International Consortium of Investigative
Journalists in Washington DC and has led to one of the biggest ever global
investigations. More than 600 journalists from 117 countries have looked at the
hidden fortunes of some of the most powerful people on the planet. BBC Panorama
and the Guardian have led the investigation in the UK.

Pandora Papers coverage: follow reaction on Twitter using #PandoraPapers, in the
BBC News app, or watch Panorama on the BBC iPlayer (UK viewers only)


RELATED TOPICS

 * Financial services
 * Media
 * Volodymyr Zelensky
 * Abdullah II
 * Tony Blair
 * Housing market
 * Pandora Papers
 * Vladimir Putin
 * Uhuru Kenyatta


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