The International Consortium of Investigative Journalists (ICIJ) published a huge database on Monday detailing how some of the world’s wealthiest and most powerful people legally hide their cash — dubbed the “Panama Papers.”
The database consists of more than 200,000 companies, trusts, foundations, and funds incorporated in 21 countries and countless names of the wealthy people who shelter their cash there.
The findings of the so-called Panama Papers investigation were first unveiled at the beginning of April.
Over 11 million documents held by the Panama-based law firm Mossack Fonseca had been leaked to the German newspaper Süddeutsche Zeitung. The paper shared the information with the ICIJ, which is made up of 107 media organisations in 78 countries.
The global news outlets examined 28,000 pages of documents, also revealing the full scale of the tax breaks won by 340 companies. The ICIJ published this statement on their website along with the documents: “There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.”
Business Insider scanned the database for newsworthy or prominent individuals or organisations in the worlds of finance, politics, technology, and others. We have taken a spider map for the individual’s holdings as an example. Each green dot represents an offshore entity with associations to the individual:
Janie and Victor Tsao, the Taiwanese founders of data networking company Linksys, had multiple entries in the Panama Papers, both for a joint trust and individually.
Raj Rajaratnam, the billionaire founder of hedge fund Galleon Group, was found in the database. Rajaratman was sentenced to an 11-year prison sentence in 2011 on nine accounts of securities fraud and five counts of conspiracy.
The Trustees of Columbia University appear in the database, linked to a corporation in the Cayman Islands. The university has an endowment of over $9.5 billion.
New York University School of Medicine appears in the database as the 'master client' of several offshore entities.
Charles Xue, a Chinese-American investor and social media commentator, was named in the database. Xue was arrested in 2013 in China on suspicion of soliciting prostitutes in a case many saw as retaliation for his outspoken persona online.
Christian Gunnar Sachs, son of Gunter Sachs, photographer and art collector was revealed in the initial Panama Papers leaks to have set up offshore trusts.
Neil Gaitely, a man listed as the owner of a Tamalaris Consolidated, which was reported to be a front for an Iranian state-controlled shipping line.
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