The difference between Panama Papers and Pandora Papers

Jakarta, CNN Indonesia —

The world was shocked by the report of the International Consortium of Investigative Journalists (IJIC) which contains data on wealth in tax havens ranging from world leaders to famous artists, called Pandora Papers.

Previously, a similar report had also occurred in 2016 under the name Panama Papers. At that time, as much as 11.5 million data from the offshore law firm, Mossack Fonseca, leaked.

The two documents have something in common, namely reporting on elitists, company information to the name of the owner who owns a shell company in the tax haven area.

So what is the difference between the Pandora Papers and the Panama Papers?

In general, the Pandora Papers summarize 2.95 terabytes of the business of the world’s elites from 200 countries on the official ICIJ website.

In tax havens, elites form corporations or other business networks to give away property or hide assets in other countries. This practice is implemented to avoid taxes.

Several officials or politicians in Indonesia are also listed in the Pandora Papers, one of which is the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan.

Luhut is said to have served in one of the shell companies registered in Panama, Petrocapital SA

Spokesman for Luhut, Jodi Mahardi, confirmed that his superior had served as the main director of petrocapital SA from 2007 to 2010.

Besides Luhut, there are a number of other world leaders. Kenya’s president, Uhuru Kenyatta, is suspected of secretly owning a network of offshore companies. Pakitsan Prime Minister Imran Khan’s closest circle is also rumored to own companies and trusts holding millions of dollars.

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Others, such as Czech Prime Minister Andrej Babus, Jordanian Leader King Abdullah II, and Russian President Vladimir Putin

The investigation is based on leaks of confidential data from 14 financial services firms in the tax haven. The company provides services for individuals or corporations who want to build shell companies or business networks in tax havens.

The data ICIJ collects contains information from companies in tax havens, such as the British Virgin Islands, Seychelles, Hong Kong, Belize, Panama, South Dakota and other classified areas.

The company offers anonymity services from the public or state regulators. Often, the company helps open accounts at banks in various countries with less stringent financial regulations.

In tax havens there are no tax rules, even if there are only a few.

According to IJIC, the offshore company provides services to 336 politicians, based in Panama, Alcogal, Trident Trust serves the most number of officials and politicians, namely 161 and 97 people, respectively.

The difference with the Panama Papers, read on the next page…

Panama Paper



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