Thread by @ICIJorg

We’ve shared what the #PandoraPapers reveal about world leaders and the elite western institutions that benefit from and fuel the offshore economy.

But how does this system affect everyone else?🧵
(Spoiler: It’s not just tax revenue we’re missing out on.)
bit.ly/3DhIsGP

The #PandoraPapers leads we investigated uncover the societal costs of letting the rich and powerful shield their wealth from view — and how the rule of law has been bent and broken around the world by a system of financial secrecy enabled by the U.S. and other wealthy nations.

The ICIJ team spent months reporting all over the world to understand how the offshore financial maneuvers we were seeing in the #PandoraPapers impact everyday people and communities. Here are some of those stories...

NEW: #PandoraPapers show how trusts devoted to the Legion of Christ, a Roman Catholic order caught in an international pedophilia scandal, were able to stash ~$300 million offshore and become a secret investor in a major corporate landlord in the U.S. bit.ly/3laj4MT

It provides an unprecedented view of global financial maneuvers that turn rent payments into big profits, and international investment in real estate ventures that use hardball tactics to maximize returns from the homes of low- and mid-income renters. bit.ly/3laj4MT

ICIJ visited Florida properties invested in by New Zealand trusts designed to hold money for the Legion and spoke to tenants, who told us about landlords slow to address poor conditions in their units but quick to hit them with fees and eviction notices. bit.ly/3laj4MT

NEW: ICIJ visited factory towns in Italy and N.J. to connect the dots between the offshore deals of Belgium chemical giant Solvay SA's founding family members and the human impact of the company's activities. #PandoraPapers bit.ly/3iTyGD5

As the Italian town of Spinetta Marengo sought justice from Solvay for contamination linked to a plant there, a top company executive moved assets worth millions into offshore tax havens, the #PandoraPapers reveal. bit.ly/3iTyGD5

ICIJ and @washingtonpost launched a global hunt for antiquities after #PandoraPapers revealed how a notorious art dealer and his family set up a trust in a tax haven shortly after U.S. investigators began linking him to looted Cambodian artifacts. bit.ly/3FlRLr2

Although some museums have returned Cambodian antiquities in years past, prominent museums — including the Metropolitan Museum of Modern Art — are holding dozens of antiquities linked to an art collector that the U.S. says looted countless ancient relics. bit.ly/3FlRLr2