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ProfRem
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The Paradise Papers are a huge leak of financial documents that throw light on the top end of the world of offshore finance.
As with last year's Panama Papers leak, a number of stories are appearing in a week-long expose of how politicians, multinationals, celebrities and high-net-worth individuals use complex structures to protect their cash from higher taxes.
Related: #ParadisePapers: Saraki Listed Among World Politicians Exposed In New Offshore Leak
Here are nine things Nigerian Nigerian Bulletin can say about the new offshore leak:
1. The Paradise Papers is a special investigation that review data obtained by German newspaper, Suddeutsche Zeitung, and ICIJ (International Consortium of Investigative Journalists) from two offshore secrecy providers (Appleby and Asiaciti Trust)
2. The report is being handled by over 90 media organizaion worldwide into a leak of 13.4m files from two offshore service providers and 19 tax havens' company registries.
3. After a year, more than 380 journalists from 96 media organisations in 67 countries pored over the gigantic data, which cover a period of nearly 70 years, from 1950 to 2016. PREMIUM TIMES is the only Nigerian media organization involved in the investigation.
4. The files reveal the offshore financial affairs of some of the world’s biggest multinational companies and richest individuals, and set out the myriad ways in which tax can be avoided using artificial structures
Related: National Embarrasement: NTA's Microphone Everyone Is Talking About [SEE PHOTOS]
5. The leaked 1.4 terabyte data, now infamously dubbed Paradise Papers, contains 13.4 million records and is no doubt one of the biggest leaks in history.
6. More than 120 politicians and country leaders, in nearly 50 countries as well as hundreds of business people across the world were identified in the record as users of offshore entities.
The President of the Nigerian Senate, Bukola Saraki, is reportedly among 40 world politicians whose offshore hideaways were exposed by a new ICIJ investigations dubbed #Paradise Papers.
7. Public Interest: the media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing. The leaks have led to hundreds of investigations worldwide, resulting in politicians, ministers and even prime ministers being forced from office.
Related: President Buhari To Present 2018 Budget To NASS 2pm Tomorrow
8. The PAPER: There are more than 1,400GB of data, containing about 13.4 million documents. Some 6.8 million come from the offshore legal service provider Appleby (A law firm that helps corporations, financial institutions and high-net-worth individuals set up and register companies in offshore jurisdictions) and corporate services provider Estera.
The two operated together under the Appleby name until Estera became independent in 2016. Another six million documents come from corporate registries in some 19 jurisdictions, mostly in the Caribbean
9. The papers cover the period from 1950 to 2016.
As with last year's Panama Papers leak, a number of stories are appearing in a week-long expose of how politicians, multinationals, celebrities and high-net-worth individuals use complex structures to protect their cash from higher taxes.
Related: #ParadisePapers: Saraki Listed Among World Politicians Exposed In New Offshore Leak
Here are nine things Nigerian Nigerian Bulletin can say about the new offshore leak:
1. The Paradise Papers is a special investigation that review data obtained by German newspaper, Suddeutsche Zeitung, and ICIJ (International Consortium of Investigative Journalists) from two offshore secrecy providers (Appleby and Asiaciti Trust)
2. The report is being handled by over 90 media organizaion worldwide into a leak of 13.4m files from two offshore service providers and 19 tax havens' company registries.
3. After a year, more than 380 journalists from 96 media organisations in 67 countries pored over the gigantic data, which cover a period of nearly 70 years, from 1950 to 2016. PREMIUM TIMES is the only Nigerian media organization involved in the investigation.
4. The files reveal the offshore financial affairs of some of the world’s biggest multinational companies and richest individuals, and set out the myriad ways in which tax can be avoided using artificial structures
Related: National Embarrasement: NTA's Microphone Everyone Is Talking About [SEE PHOTOS]
5. The leaked 1.4 terabyte data, now infamously dubbed Paradise Papers, contains 13.4 million records and is no doubt one of the biggest leaks in history.
6. More than 120 politicians and country leaders, in nearly 50 countries as well as hundreds of business people across the world were identified in the record as users of offshore entities.
The President of the Nigerian Senate, Bukola Saraki, is reportedly among 40 world politicians whose offshore hideaways were exposed by a new ICIJ investigations dubbed #Paradise Papers.
7. Public Interest: the media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing. The leaks have led to hundreds of investigations worldwide, resulting in politicians, ministers and even prime ministers being forced from office.
Related: President Buhari To Present 2018 Budget To NASS 2pm Tomorrow
8. The PAPER: There are more than 1,400GB of data, containing about 13.4 million documents. Some 6.8 million come from the offshore legal service provider Appleby (A law firm that helps corporations, financial institutions and high-net-worth individuals set up and register companies in offshore jurisdictions) and corporate services provider Estera.
The two operated together under the Appleby name until Estera became independent in 2016. Another six million documents come from corporate registries in some 19 jurisdictions, mostly in the Caribbean
9. The papers cover the period from 1950 to 2016.
