Beautiful Virgin Islands

Monday, Jul 14, 2025

‘Pandora papers’: New leaks reveal how world leaders use offshore companies to dodge millions of dollars in taxes

‘Pandora papers’: New leaks reveal how world leaders use offshore companies to dodge millions of dollars in taxes

Leaked papers appear to show how some of the world’s elites accumulate property empires while avoiding millions in taxes, with reports focusing on European, Middle Eastern and South American leaders, and world-famous celebrities.
Obtained from 14 offshore banking institutions and analyzed by the International Consortium of Investigative Journalists (ICIJ), the ‘Pandora Papers’ reveal the financial chicanery of more than 100 billionaires, 35 current and former world leaders, and 300 public officials. The first round of information, handed to a select list of international outlets and studied by “600 journalists,” was published on Sunday.

According to the ICIJ, King Abdullah II of Jordan is a prolific user of shell corporations to manage his global property empire. The monarch reportedly used 36 of these companies from 1995 to 2017 to purchase 14 luxury properties in the US and UK worth more than $106 million. The king’s lawyers say he used these stand-in companies to maintain his privacy rather than to dodge any taxes.

Azerbaijan’s ruling Aliyev family has traded almost $500 million worth of British property in recent years, according to the leaks. One of these properties was sold by an Aliyev-owned front company to the Queen’s crown estate for a sizable $90 million.

Two EU leaders are named in the leaks: Czech Prime Minister Andrej Babiš, who used an offshore investment company to acquire a $22 million château in the South of France, and President Nicos Anastasiades of Cyprus, who founded a law firm accused of hiding a Russian billionaire’s wealth.

Former British prime minister Tony Blair and his wife Cherie are mentioned, with the pair allegedly having dodged $422,603 in property taxes when they purchased an $8.8 million London office partially owned by the family of a prominent Bahraini lawmaker. The Blairs were apparently able to circumvent these taxes by purchasing the foreign holding company that owned the office.

The list of leaders is extensive, and also includes Ukrainian President Volodymyr Zelensky, Kenyan President Uhuru Kenyatta, Lebanese Prime Minister Najib Mikati, and Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of Dubai and vice president of the United Arab Emirates.

Despite featuring an image of Vladimir Putin front and center on their introductory piece, and mentioning Putin nearly 50 times in a spin-off article about the “hidden riches of Putin’s inner circle,” The Guardian had to admit in its reporting that the Russian president “does not appear in the files by name.” Instead, the paper focused on Putin’s “friends,” including billionaire businessman Gennady Timchenko, and Putin’s rumored past “girlfriend.”

A number of celebrities are mentioned in the leaks, including pop star Shakira and former cricket superstar Sachin Tendulkar of India. Lawyers for both stress that their offshore holdings were legitimate and declared to the tax authorities.

Offshore banking is not illegal, and is often used by the wealthy to avoid taxes, while shell companies are frequently used to distance the rich from their holdings for political reasons or reasons of public image. However, such mechanisms make it easier to hide ill-gotten gains from the eyes of law enforcement or regulators.

“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,” Fergus Shiel of the ICIJ told the BBC. “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.”

However, the leaks reveal a status quo that few would find surprising, especially since the 2016 Panama Papers and 2017 Paradise Papers offered readers a look into the world of offshore banking.

Despite the major names listed in the latest document trove, the journalists behind the leaks don’t expect anything to change. “When you have world leaders, when you have politicians, when you have public officials, all using the secrecy and all using this world, then I don’t think we’re going to see an end to it,” ICIJ Director Gerard Ryle told The Guardian.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
×