A massive leak of financial information – dubbed the Pandora Papers – has exposed how the world’s elite avoid paying billions of dollars in tax payments through elusive offshore accounts and companies set up in tax havens.
Dozens of world leaders and billionaires have been named in a flood of documents, including presidents and prime ministers who have invested significant sums of money in American real estate—including those spent by Jordan’s King Abdullah II on luxury homes in California. $100 million included.
Several governments have already announced an investigation into the findings, which emerged on Sunday after analysis by more than 600 journalists from dozens of media organizations.
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Jordan’s King Abdullah calls revelations ‘misleading’ and threatens security
The country’s royal court says the king’s overseas homes – which include $100 million in US real estate – are registered in outside jurisdiction for “privacy” and “significant security considerations”.
It dubbed the claims in the Pandora Papers report “perverse” and “misleading”, and suggested that disclosing the location of many of his properties significantly increased his security risk.
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The backlash is coming from dozens of countries where political leaders, public officials and well-known businessmen have been exposed to evade billions in taxes and hide their wealth in offshore tax havens.
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