Beautiful Virgin Islands

Monday, Jan 19, 2026

Global Leaders Scramble To Limit 'Pandora Papers' Damage

Global Leaders Scramble To Limit 'Pandora Papers' Damage

Some 35 current and former leaders are featured in roughly 11.9 million documents leaked from financial services companies across the world

World leaders were on the defensive Monday after the release of millions of documents detailing how heads of state use offshore tax havens to stash assets worth hundreds of millions of dollars.

Thirty five current and former leaders are featured in roughly 11.9 million documents leaked from financial services companies that include reports of luxury mansions on the French Riviera, Monte Carlo and California.

The so-called "Pandora Papers" were obtained by the International Consortium of Investigative Journalists (ICIJ) and released in stories by media partners including The Washington Post, the BBC and The Guardian.

Allegations range from corruption to money laundering and tax evasion.

Holding assets offshore or using shell companies is not illegal in most countries, but the revelations are embarrassing for leaders who have pushed austerity measures or campaigned against corruption.

While Russian leader Vladimir Putin is not named, he is linked via associates to secret assets in Monaco, including a waterfront home acquired by a Russian woman reported to have had a child with him.

"This is just a set of largely unsubstantiated claims," said Kremlin spokesman Dmitry Peskov.

"We didn't see anything on hidden wealth within Putin's inner circle."

Jordan rejected as "distorted" reports that King Abdullah II created a network of offshore companies and tax havens to amass a $100 million property empire stretching from California to London.

- 'Nothing to hide' -

Abdullah did not directly address the issue but denounced what he called a "campaign against Jordan".

"Attempts to embarrass Jordan have been going on for some time, and there are still those who want to sabotage it and sow suspicions," a royal court statement quoted him as saying to a group of tribal elders.

"We have nothing to hide".

The country's royal court said the properties were funded with the king's personal wealth and were used for official and private visits.

Ivory Coast Prime Minister Patrick Achi also denied wrongdoing after allegations that he became the owner of Bahamas-based company Allstar Consultancy Services Ltd through a trust that obscured his ownership.

Achi's office denounced the "malicious use seemingly being made of this information" that dates back to the late 1990s when he was an adviser to Ivory Coast's energy minister.

Achi "will not allow his name to be linked with illicit activities and thereby sullied", the statement added.

Kenyan President Uhuru Kenyatta said the papers would "enhance financial transparency", but sidestepped allegations that his family owned 11 offshore companies worth millions of dollars.

"The movement of illicit funds, proceeds of crime and corruption thrive in an environment of secrecy and darkness," said Kenyatta, the son of independent Kenya's first president.

Czech PM hits back


The ICIJ found links between almost 1,000 companies in offshore havens and 336 high-level politicians and public officials.

Among them were more than a dozen serving heads of state and government, country leaders, cabinet ministers, ambassadors and others.

More than two-thirds of the companies were set up in the British Virgin Islands.

Family and associates of Azerbaijani President Ilham Aliyev -- long accused of corruption in the central Asian nation -- are alleged to have been secretly involved in property deals in Britain worth hundreds of millions.

The documents also show how Czech Prime Minister Andrej Babis -- who faces an election later this week -- failed to declare an offshore investment company used to purchase a chateau worth $22 million in the south of France.

"I have never done anything illegal or wrong," Babis tweeted, calling the revelations a smear attempt aimed at influencing the election.

Nearly two million of the 11.9 million leaked documents came from a Panamanian law firm called Alcogal.

Alcogal has rejected accusations of shady dealings.

ICIJ's director Gerard Ryle said in a video accompanying the investigation that those best placed to halt such practices were the ones benefiting the most.

'Promotes corruption'


Transparency International's Maira Martini called for an end to the offshore industry, saying the investigation once more offered "clear evidence" of how it "promotes corruption and financial crime".

European Union chief Ursula von der Leyen said the bloc needed to do "more work" to combat tax evasion.

Among the other revelations from the ICIJ investigation:

-- Britain's former prime minister Tony Blair is shown to have legally avoided paying stamp duty on a London property by buying the offshore company that owned it.

-- Members of Pakistan Prime Minister Imran Khan's inner circle are said to secretly own companies and trusts holding millions of dollars. Khan vowed to "take appropriate action" if any wrongdoing is proved.

-- Congo President Denis Sassou Nguesso and Gabon's Ali Bongo were linked with companies in the British Virgin Islands in a report by Le Monde, one of the media partners in the investigation.

-- Colombian singer Shakira, the German supermodel Claudia Schiffer and the Indian cricket legend Sachin Tendulkar are also named, with representatives for all three telling the ICIJ the investments were legitimate.

The "Pandora Papers" are the latest in a series of mass leaks handled by the ICIJ, from LuxLeaks in 2014, to the 2016 Panama Papers.

They were followed by the Paradise Papers in 2017 and FinCen files in 2020.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
High-Speed Train Collision in Southern Spain Kills at Least Twenty-One and Injures Scores
Meghan Markle May Return to the U.K. This Summer as Security Review Advances
Trump’s Greenland Tariff Threat Sparks EU Response and Risks Deep Transatlantic Rift
Prince Harry’s High Court Battle With Daily Mail Publisher Begins in London
Trump’s Tariff Escalation Presents Complex Challenges for the UK Economy
UK Prime Minister Starmer Rebukes Trump’s Greenland Tariff Strategy as Transatlantic Tensions Rise
Prince Harry’s Last Press Case in UK Court Signals Potential Turning Point in Media and Royal Relations
OpenAI to Begin Advertising in ChatGPT in Strategic Shift to New Revenue Model
GDP Growth Remains the Most Telling Barometer of Britain’s Economic Health
Prince William and Kate Middleton Stay Away as Prince Harry Visits London Amid Lingering Rift
Britain Braces for Colder Weather and Snow Risk as Temperatures Set to Plunge
Mass Protests Erupt as UK Nears Decision on China’s ‘Mega Embassy’ in London
Prince Harry to Return to UK to Testify in High-Profile Media Trial Against Associated Newspapers
Keir Starmer Rejects Trump’s Greenland Tariff Threat as ‘Completely Wrong’
Trump to hit Europe with 10% tariffs until Greenland deal is agreed
Prince Harry Returns to UK High Court as Final Privacy Trial Against Daily Mail Publisher Begins
Britain Confronts a Billion-Pound Wind Energy Paradox Amid Grid Constraints
The graduate 'jobpocalypse': Entry-level jobs are not shrinking. They are disappearing.
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
The Return of the Hands: Why the AI Age Is Rewriting the Meaning of “Real Work”
UK PM Kier Scammer Ridicules Tories With "Kamasutra"
Strategic Restraint, Credible Force, and the Discipline of Power
United Kingdom and Norway Endorse NATO’s ‘Arctic Sentry’ Mission Including Greenland
Woman Claiming to Be Freddie Mercury’s Secret Daughter Dies at Forty-Eight After Rare Cancer Battle
UK Launches First-Ever ‘Town of Culture’ Competition to Celebrate Local Stories and Boost Communities
Planned Sale of Shell and Exxon’s UK Gas Assets to Viaro Energy Collapses Amid Regulatory and Market Hurdles
UK Intensifies Arctic Security Engagement as Trump’s Greenland Rhetoric Fuels Allied Concern
Meghan Markle Could Return to the UK for the First Time in Nearly Four Years If Security Is Secured
Meghan Markle Likely to Return to UK Only if Harry Secures Official Security Cover
UAE Restricts Funding for Emiratis to Study in UK Amid Fears Over Muslim Brotherhood Influence
EU Seeks ‘Farage Clause’ in Brexit Reset Talks to Safeguard Long-Term Agreement Stability
Starmer’s Push to Rally Support for Action Against Elon Musk’s X Faces Setback as Canada Shuns Ban
UK Free School Meals Expansion Faces Political and Budgetary Delays
EU Seeks ‘Farage Clause’ in Brexit Reset Talks With Britain
Germany Hit by Major Airport Strikes Disrupting European Travel
Prince Harry Seeks King Charles’ Support to Open Invictus Games on UK Return
Washington Holds Back as Britain and France Signal Willingness to Deploy Troops in Postwar Ukraine
Elon Musk Accuses UK Government of Suppressing Free Speech as X Faces Potential Ban Over AI-Generated Content
Russia Deploys Hypersonic Missile in Strike on Ukraine
OpenAI and SoftBank Commit One Billion Dollars to Energy and Data Centre Supplier
UK Prime Minister Starmer Reaffirms Support for Danish Sovereignty Over Greenland Amid U.S. Pressure
UK Support Bolsters U.S. Seizure of Russian-Flagged Tanker Marinera in Atlantic Strike on Sanctions Evasion
The Claim That Maduro’s Capture and Trial Violate International Law Is Either Legally Illiterate—or Deliberately Deceptive
UK Data Watchdog Probes Elon Musk’s X Over AI-Generated Grok Images Amid Surge in Non-Consensual Outputs
Prince Harry to Return to UK for Court Hearing Without Plans to Meet King Charles III
UK Confirms Support for US Seizure of Russian-Flagged Oil Tanker in North Atlantic
Béla Tarr, Visionary Hungarian Filmmaker, Dies at Seventy After Long Illness
UK and France Pledge Military Hubs Across Ukraine in Post-Ceasefire Security Plan
Prince Harry Poised to Regain UK Security Cover, Clearing Way for Family Visits
UK Junk Food Advertising Ban Faces Major Loophole Allowing Brand-Only Promotions
×