Sometimes Hacks Are Good? The Panama Papers Leak

No, the “Panama Papers” are not some new rolling papers for illegal (legal in some states) substances. But some of the individuals, below, are sure to get rolled.

The “Panama Papers” refers to 11.5 million leaked documents tied to the Panamanian law firm Mossack Fonseca. 

The Rich And Famous

Among the those listed in the documents are Iceland’s Prime Minister Sigmundur David Gunnlaugsson — who has now resigned — and Ukraine’s President Petro Poroshenko. British Prime Minister David Cameron, Pakistan’s President Nawaz Sharif and Russian President Vladimir Putin are also connected to the leak through associates or family members. Putin’s friends, the documents show, have amassed over $2 billion in offshore holdings. 

German newspaper Suddeutsche Zeitung first obtained the documents from an anonymous source over a year ago, and then joined with the International Consortium of Investigative Journalists to analyze the immense amount of data. 


What’s The Biggest Implication Of The Panama Leak?

It’s still too soon to tell what the most important consequence will be from the leak, but the biggest immediate waves are being felt in Iceland, where Prime Minister Gunnlaugsson has resigned over the leak.

More people and companies will surely follow.

 U.K. Prime Minister David Cameron also has a connection to the leak, as his late father, Ian, is implicated in running an offshore investment fund based in the Bahamas that avoided paying tax in the United Kingdom. The fund, Blairmore Holdings Inc, started in the 1980s and is listed in the documents as a client of Mossack Fonseca. British media — including the BBC and The Guardian, which are part of the team of media outlets involved in the investigative reporting — have delved into the allegations.

Pakistan’s Prime Minister Nawaz Sharif has also been tied to the leak through his family, as it was revealed that three of his children have links to a number of offshore companies. On Monday, Sharif’s son defended against allegations from opposition politicians that the family was hiding its money, saying that the businesses were legal.

Another leader not directly named in the documents but connected through close associates is Russia’s President Putin, whose wealth has long been the subject of speculation. A series of financial transactions involving offshore accounts connected to Putin’s friends Yuri Kovalchuk and Sergei Roldugin amount to around $2 billion. 

This story has been updated to include information on the Icelandic prime minister’s resignation.


Read more:



error: Content is protected !!