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ICIJ

22 Nov, 9 tweets, 6 min read

NEW: #PandoraPapers show how executives and investors of accused corporate polluters use shell companies and trusts in secrecy jurisdictions to multiply profits, avoid taxes or shield wealth from authorities, courts and concerned communities. bit.ly/3HFbYJD

@shirafu

Last month, ICIJ reporter @shirafu’s investigation revealed the hidden wealth of execs at Solvay, a chemicals and plastics giant.

Her new #PandoraPapers report shows offshore moves by leaders at other companies accused of major environmental violations. bit.ly/30RcrHV

🇮🇳 Plants owned by Indian pesticide maker UPL have seen a string of environmentally harmful incidents, including a deadly explosion earlier this year.

#PandoraPapers show the offshore holdings of UPL, which is facing an ongoing tax evasion investigation. bit.ly/3HFbYJD

@IndianExpress

UPL founding family members Jaidev and Vikram Shroff owned companies in tax havens. One was set up in the BVI “for tax purposes” and owned a yacht, #PandoraPapers files show.

Their lawyers told ICIJ partner @IndianExpress that they “pay all taxes due.” bit.ly/3HFbYJD

🇷🇺The owners of ammonia giant TogliattiAzot were convicted in Russia for embezzling company funds. One held millions in offshore entities, including a trust used indirectly to control a large stake in the company, and others to invest. #PandoraPapers. bit.ly/3HFbYJD

Russian authorities faulted TogliattiAzot for more than 300 environmental and labor violations at a facility in central Russia, where nearby residents have repeatedly demanded better conditions and accused the plant of ‘poisoning our children.’ bit.ly/3HFbYJD

🇮🇩 #PandoraPapers also shows offshore dealings of an Indonesian company that supplies international fashion retailers like ASOS with a silk substitute produced from wood pulp that’s been fined for violating environmental laws. bit.ly/3HFbYJD

@shirafu

Using offshore companies can allow business leaders to multiply their riches and avoid scrutiny while their polluting activities devastate communities.

@shirafu visited towns near Solvay facilities in the U.S. and Italy to investigate the damage herself.

Want to see more #PandoraPapers stories like this?

Today, we’ve launched our end-of-year matching campaign, which means every donation will go twice as far in supporting the hard work behind ICIJ investigations.

💌 Donate today! bit.ly/3DWjXjf

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More from @ICIJorg

ICIJ

@ICIJorg

16 Nov

NEW: Amid its rise as a major global financial hub, the United Arab Emirates has also become a thriving offshore destination. The #PandoraPapers provide an unprecedented look at how the Emirates operate as a secrecy haven and conduit for dirty money. 🧵bit.ly/3CmTp98

@mokhbersahafi

ICIJ reporter @mokhbersahafi traveled to the UAE to investigate offshore companies created within Dubai’s corporate enclave and the role that the country’s six royal families play in its economy and its offshore financial industry. bit.ly/3CmTp98

@mokhbersahafi

In #PandoraPapers, @mokhbersahafi & @michaelwhudson show how the UAE has become a nexus for financial crime. Its offshore industry’s clients include internet moguls who moved hundreds of millions for child porn traffickers, heroin dealers & other lowlifes. bit.ly/3CmTp98

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3 Nov

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

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

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13 Oct

Chilean President Sebastián Piñera is facing an impeachment bid launched today by opposition politicians after new details about a mining deal were revealed in the #PandoraPapers.

The billionaire is also under criminal investigation for the deal. bit.ly/3Bp8cjV

He's one of a number of world leaders now facing scrutiny for offshore activity revealed in the #PandoraPapers.

Ecuador's legislature voted to launch a probe of President Guillermo Lasso's use of tax havens, as exposed in the global investigation.
bit.ly/3ADOQ9v

In Ukraine, the National Agency for Prevention of Corruption is examining declarations by President Volodymyr Zelenskyy.

The agency said it would take into account information published as part of the #PandoraPapers investigation.
bit.ly/3ADOQ9v

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@ICIJorg

10 Oct

Catching up on the #PandoraPapers? In the week since our 600+ journalism partners began publishing revelations from history's biggest offshore data leak, we’ve seen fallout all around the world.

Here’s a quick walk-through of key findings. #SundayRead 🧵
bit.ly/3DhIsGP

First of all, what do we mean by “offshore”?

The #PandoraPapers kick the door open on a secretive financial system that allows the wealthy and well-connected to set up covert companies across borders in tax havens, where the ownership of money and assets can be easily hidden.

🌴 In popular imagination, the offshore system is often seen as a far-flung cluster of palm-shaded islands.

The #PandoraPapers show that the offshore money machine operates in every corner of the planet, including the world’s largest democracies. bit.ly/3DhIsGP

Read 11 tweets

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@ICIJorg

8 Oct

🇨🇱 Chilean President Sebastián Piñera will be criminally investigated due to a contract uncovered in the #PandoraPapers, authorities say.

It's been 5 days since our 600+ global partners began publishing findings. Here's a recap of the fallout so far.🧵bit.ly/3Bp8cjV

🇺🇸 Today, U.S. lawmakers introduced the Enablers Act, a bipartisan bill that would require a broad array of professional middlemen to do more to stop the flow of dirty money, crediting #PandoraPapers findings for highlighting the urgent need for reform. bit.ly/3mAoUGX

🇨🇿 All eyes are on the Czech Republic, where the national election has begun days after incumbent Prime Minister Andrej Babis was revealed to have used shell companies to purchase a $22 million French chateau in 2009.

Our #PandoraPapers investigation:
bit.ly/3uTbb1z

Read 7 tweets

ICIJ

@ICIJorg

5 Oct

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...