Three Ghanaian politicians are among some over 300 hundred others in the world that have been accused of using secret offshore companies to hide their wealth.
These three, whose identities are yet to be released, were captured in the Pandora Papers leak – an investigation that was spearhead by the International Consortium of Investigative Journalists (ICIJ) into the offshore havens and hidden riches of world leaders and billionaires.
A total of 49 African politicians, including 10 from Nigeria and 9 from Angola, have also been implicated in the leak.
According to the leak, the family of Kenya’s President Uhuru Kenyatta, for decades, secretly owned a network of offshore companies.
Mr Kenyatta and six members of his family have been linked to 13 offshore companies.
The Kenyattas’ offshore investments, including a company with stocks and bonds is worth $30m (£22m).
Pandora papers have been touted as the biggest ever leak of offshore data which exposes financial secrets of rich and powerful around the world.
The secret deals and hidden assets of some of the world’s richest and most powerful people have been revealed in the biggest trove of leaked offshore data in history.
What do we mean by ‘offshore’?
The Pandora Papers reveal complex networks of companies that are set up across borders, often resulting in hidden ownership of money and assets.
For example, someone may have a property in the UK, but own it via a chain of companies based in other countries, or “offshore”.
These offshore countries or territories are where:
- it’s easy to set up companies
- there are laws that make it difficult to identify owners of companies
- there is low or no corporation tax
The destinations are often called tax havens or secrecy jurisdictions. There is no definitive list of tax havens, but the most well known destinations include British Overseas Territories such as the Cayman Islands and the British Virgin Islands, as well as countries such as Switzerland and Singapore.
Source: universnewsroom.com with additional files from BBC