The Pandora Papers revealed the assets of 330 powerful personalities from 90 countries around the world
ISLAMABAD: The Pandora Papers released by ICIJ have revealed the overseas assets and offshore companies of 330 powerful personalities from 90 countries of the world.
The assets of powerful figures and offshore companies that have come to light include current and former rulers from 35 countries, including Jordan, Qatar, the UAE, Ukraine, Kenya, Ecuador and the Czech Republic.
The new data reveals 29,000 offshore companies from 200 countries, most of them from Russia, the United Kingdom, Argentina, China and Brazil.
America is an attractive country for hidden wealth
Most of the offshore companies of world leaders and other public officials are registered in the British Virgin Islands. It has become an attractive country for wealth.
The United States is the second largest tax evasion country in the world, with 300 billion in assets hidden in just one state (North Dakota).
The other 16 states in the United States have 206 trust companies registered, while South Dakota has the highest number of 81 trust companies registered and has received the most data.
Jordan's King Abdullah owns billions of dollars in property
Jordan's King Abdullah II owns billions of dollars worth of properties from California to Washington and London, while UAE Prime Minister Mohammed bin Rashid and Qatar's Emir Sheikh Tamim also own offshore companies.
Russian President Vladimir Putin is not directly involved in the creation of the offshore company, but he is accused of being linked to secret assets through associates.
The family of former British Prime Minister Tony Blair and Azerbaijani President Ilham Aliyev have also been identified.
Research on the files has revealed the offshore assets of 130 billionaires from 45 countries.
Names of leaders who own offshore companies
The following are the names of current and former foreign leaders with offshore assets and their loved ones.
Jordan's King Abdullah II, Czech Prime Minister Andrzej Babiz, Kenyan President Uhuru Kenyatta, Congolese President Denis, Lebanese Prime Minister Najib Makati, UAE Prime Minister Mohammed bin Rashid Al Maktoum, Dominican Republic President Louis Abendar, Ecuador's President Guillermo Lasso, Montenegro's President Melo Jokanovic and Ukraine's President Volodymyr Zelensky are among those named.
Leading Indian industrialist Anil Ambani and former Indian cricketer Sachin Tendulkar's offshore companies also appeared in Pandora Papers.
Billionaires have 600 billion in assets
According to Forbes Magazine, these 100 billionaires have a combined net worth of 600 billion.
If the offshore companies are registered with the tax authorities or regulators (such as the Securities and Exchange Commission of Pakistan in Pakistan), then these companies have legal status.
Businesses say they set up companies to facilitate business transactions globally, but such measures have often been criticized for being too tax-saving or paper-based in low-tax countries. This is done to transfer one's wealth or profits from one country to another through established shell companies.