• 19:12
  • 21.11.2019
Bono, Madonna also named in leaked papers
showbiz
21.11.2019

Bono, Madonna also named in leaked papers

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Queen Elizabeth, Colombian President Juan Manuel Santos, the estate of Michael Hutchence and singers Bono and Madonna are among the 127 internationally known names linked to offshore tax havens in the leaked Paradise Papers.
An investigation by the International Consortium of Investigative Journalists has resulted in 13.4 million documents relating to the tax affairs of some of the world's biggest multinational companies being made public.
The documents, which span 1950 to 2016, were leaked by offshore law firm Appleby and the Asiatici Trust to German newspaper Duetsche Zeitung, which then called in ICIJ to examine them.
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The documents come from 19 jurisdictions on the worldwide list of tax havens: Antigua & Barbuda, Aruba, Bahamas, Barbados, Bermuda, Cayman Islands, Cook Islands, Dominica, Grenada, Labuan, Lebanon, Malta, the Marshall Islands, St. Kitts & Nevis, St. Lucia, St. Vincent, Samoa, Trinidad & Tobago and Vanuatu.
Among the leaders and other public figures linked to the offshore tax havens, according to the ICIJ's analysis, are Queen Elizabeth, US Secretary of Commerce Wilbur Ross, former German Chancellor Gerhard Schroeder, and Stephen Bronfman, the fundraiser for Canadian Prime Minister Justin Trudeau's election campaign, among others.
The documents also mention the estate of the late INXS singer.
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They detail how lawyer Colin Diamond, who owns the rights to the singer's work, and entertainment entrepreneur Ronald Creevey set up a company named Helipad Plain Ltd to be "involved in the publication, distribution, licensing and other commercial exploitation of the sound recordings, images, films and related materials embodying the performance of Michael Hutchence".
The pair set up Helipad in the tax haven of Mauritius in 2015 before the 20th anniversary of Hutchence's death later this month.
The papers also show Ross, a billionaire investor helping to shape President Donald Trump's trade policy, has partnerships which have a 31 per cent stake in Navigator Holdings, which the New York Times says earns millions of dollars a year transporting gas for Russian petrochemical firm Sibur.
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They also show the Queen's private estate invested some 10 million pounds ($A20 million) offshore, including a small amount in the company behind BrightHouse, a chain accused of irresponsible selling of household goods to disadvantages Britons.
In the case of Colombian President Santos, he appears as the "director" of two offshore corporations based in Barbados, although he said his association with those firms ended prior to 2000, when he became finance minister and he never invested in them or was a partner in them.
Also on the list is pop icon Madonna, a stockholder, according to the report, in a "medical supply company in Bermuda" registered in 1997 and dissolved in 2013, and the frontman for the Irish band U2, Bono, listed as a stockholder in a corporation registered in Malta from 2006-2014, the owner of a shopping centre in Lithuania.
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According to the media outlets collaborating in the investigation, this is the largest leak of tax haven documents in history and is "even more important" that the so-called Panama Papers, which were leaked in April 2016.
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