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ICIJ Profile picture
@ICIJorg
Nov 3, 2021 • 6 tweets • 5 min read • Read on X
NEW: The #PandoraPapers show how billions of dollars are being poured into real estate by the rich and famous, whose ownership is obscured by shell companies, trusts, and other offshore entities — fueling inequality and driving up prices around the world. bit.ly/3bFy2oB
Some of the most high profile cases to emerge from the #PandoraPapers involve offshore real estate transactions, including Jordanian King Abdullah’s luxury properties valued at $100 million, and outgoing Czech PM Andrej Babis’ secret French chateau.
bit.ly/3bFy2oB Image
Why are officials, celebrities, oligarchs and other elites scooping up real estate via offshore vehicles? By purchasing properties through a shell company, buyers can secure tax breaks and hide their identities from law enforcement, creditors & the public. bit.ly/3bFy2oB Image
In the U.K. alone, the #PandoraPapers reveal the beneficial owners of an estimated $5 billion of property, much of it in London, where more than 36,000 properties are owned through offshore companies. bit.ly/2ZUZk8a Image
But the #PandoraPapers show money being poured into real estate beyond the expected luxury real estate hotspots of London or Miami. We found dairy farms in Tasmania, a German nursing home and rental homes in US suburbs bought through offshore entities.
bit.ly/3EKjfVU
👉 You can explore nine case studies from the #PandoraPapers from all over the world, showing the diverse range of property transactions happening offshore — and unveiling the secret owners and investors behind them. bit.ly/3EKjfVU ImageImageImage

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More from @ICIJorg

ICIJ Profile picture
Mar 26
A member of the Qatari royal family invested about $50 million in Newsmax, bolstering the conservative outlet at a time when Qatar was facing diplomatic pressure and seeking U.S. allies.

buff.ly/3ITH5mh
A photo of Donald Trump besides a photo of Christopher Ruddy. The headline reads, “Qatari royal invested about $50 million in pro-Trump network Newsmax.”
Sheikh Sultan bin Jassim Al Thani, a former Qatari government official and the owner of a London-based investment fund, Heritage Advisors, invested in Newsmax in 2019 and 2020.

The investment has not been previously reported. buff.ly/3ITH5mh
The documents were obtained by ICIJ from a trove of roughly 100,000 leaked files from Genesis Trust, a Cayman Islands-based financial services provider now called Highvern.

Newsmax and Heritage Advisors confirmed the investment. buff.ly/3ITH5mh
Read 8 tweets
ICIJ Profile picture
Dec 28, 2023
ICIJ's 2023 investigations stretched around the world, exposing greenwashing in the global sustainability industry, labor trafficking in the Middle East, and the sprawling financial networks that have powered the Putin regime.

Let's take a look back: bit.ly/479C9DM
Image
ICIJ-led investigation #CyprusConfidential revealed how the EU member state has served as a hideaway for Russian wealth, with Cypriot firms moving vast sums for oligarchs, including after Russia’s 2022 Ukraine invasion.

bit.ly/488EzUo
An illustration depicting a dome characteristic of Russian Orthodox churches balancing precariously on a Greek-style column. The headline reads, “Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies.”
Two wealthy Haitians sanctioned by Canada owned or had other links to almost 20 companies and trusts created in some of the world’s most secretive tax havens, according to documents from the #PandoraPapers.

bit.ly/3TAPf9Z
Composite image of scanned passports and two men carrying a coffin. The headline reads, “How US lawyers and bankers aided powerful Haitian tycoons now sanctioned over corruption by Canada.”
Read 7 tweets
ICIJ Profile picture
Nov 17, 2023
1/8 #CyprusConfidential reveals the pivotal role the Mediterranean island plays in helping oligarchs move and hide their wealth. Here are six billionaires identified in the 3.6 million document leak: bit.ly/40GMmpy
2/8 #CyprusConfidential details how, just days before Russia’s 2022 invasion of Ukraine, more than $1.7 billion worth of shares from Russian steel giant Evraz were transferred from former Chelsea Football Club owner Roman Abramovich’s BVI-based company to himself. Image
3/8 ICIJ’s partners for #CyprusConfidential also report that Abramovich wielded significantly more influence in European professional football than was previously known: bit.ly/3sDwmIa
Read 8 tweets
ICIJ Profile picture
Nov 14, 2023
1/12 🧵 #CyprusConfidential, a new investigation from ICIJ, @paper_trail_m and nearly 70 media partners, exposes the sprawling financial networks that have powered the Putin regime as it dominates its neighbors — and undermines the West.
bit.ly/473nACl
@paper_trail_m 2/12 A trove of 3.6 million leaked documents shows how Russian money flowed through Cyprus’ banking system over decades, under the watch of the European Union.
bit.ly/49DkJSc
@paper_trail_m 3/12 As the West sought to block funding for President Vladimir Putin’s war machine after Russia’s 2022 Ukraine invasion, Cyprus firms scrambled to keep key backers of his regime a step ahead of looming sanctions.
bit.ly/3MGbRl3
Read 12 tweets
ICIJ Profile picture
Oct 10, 2023
1/26 🧵Amazon. McDonald’s. Chuck E. Cheese. InterContinental Hotels.

Workers at Middle East locations of four famous Western brands say they’ve been subjected to oppressive labor practices that are often hallmarks of labor trafficking. #TraffickingInc

bit.ly/45ks9GM
2/26 In the latest from #TraffickingInc, ICIJ spoke with nearly 100 current and former migrant workers in the Persian Gulf who reported exorbitant recruiting fees, passport confiscations, and opaque hiring practices.

@acharyapramod @katiemcque
bit.ly/45ks9GM
3/26 Experts consider practices like these to be indicators of labor trafficking— which the U.S. and U.N. defines as using force, coercion or fraud to exploit workers.

bit.ly/3ZSj2Mw
Read 25 tweets
ICIJ Profile picture
Oct 3, 2023
🧵Two years ago today, ICIJ published the #PandoraPapers — the largest investigation in journalism history.

The 11.9 million-document leak exposed the financial secrets of politicians, business people, celebrities and criminals in over 100 countries.
bit.ly/3PyAVeo
In France, billionaire & former Czech prime minister Andrej Babis remains under investigation after #PandoraPapers revealed he failed to disclose ownership of a $22 million villa near Cannes, bought through a web of shell companies. He denies wrongdoing.
bit.ly/469IUFM
Peruvian authorities are investigating three members of religious group Sodalicio de Vida Cristiana.

Based on the #PandoraPapers, ICIJ partner Concova reported the trio secretly created shell companies in BVI and Panama to invest in a mining business.
bit.ly/3PFhO2f
Read 10 tweets

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