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The documents, dubbed the Paradise Papers, appear to show ties between members of Trump’s cabinet and Russian firms.
The documents, dubbed the Paradise Papers, appear to show ties between members of Trump’s cabinet and Russian firms.

Paradise Papers Expose Hidden Wealth of Rich and Powerful

Over 120 politicians from 47 countries are involved in the tax-avoidance schemes. The global elite have parked an estimated 7.9 trillion euros ($9.1 trillion) in offshore tax havens

Paradise Papers Expose Hidden Wealth of Rich and Powerful

Some 400 reporters from 67 countries have scoured 13.4 million secret documents and uncovered tax-avoidance techniques used by the super rich and high-ranking politicians, German media reported on Sunday.
The leaked data was obtained by German newspaper Süddeutsche Zeitung, which said that the majority of the documents stem from offshore law firm Appleby, which was founded in Bermuda but has offices in several other locations. The company reported last month that it had been hacked, DW reported.
The documents, dubbed the Paradise Papers, appear to show ties between members of US President Donald Trump's cabinet and Russian firms.
Rock star Bono, as well as British Queen Elizabeth II's private estate, has also been involved in offshore funds, Süddeutsche Zeitung reported.
Over 120 politicians from 47 countries are involved in the tax-avoidance schemes, the paper reported.
Economist Gabriel Zucman told the Süddeutsche Zeitung that the global elite have parked an estimated 7.9 trillion euros ($9.1 trillion) in offshore tax havens.
The data was published by a number of news organizations in cooperation with the US-based International Consortium of Investigative Journalists (ICIJ).
The leaks expose US Commerce Secretary Wilbur Ross, alleging links with Russian President Vladimir Putin's closest allies.
"Billionaire Wilbur Ross makes money from business with Russia. That he sits in US President Donald Trump's cabinet does not appear to change that," the Süddeutsche Zeitung said in its report.
Ross is reportedly a major shareholder in an ocean freight company called Navigator, which has contracted more than $68 million through transactions with Russian energy group Sibur since 2014.
In turn, Sibur's biggest shareholders include Putin-ally Leonid Mikhelson, who controls another energy company sanctioned by the US Treasury for its close ties to the Russian president.
Sibur's two other owners include Gennady Timchenko, who is also sanctioned by the US government for his ties to Putin, and Kirill Shamalov, who is married to Putin's youngest daughter.
In addition to Ross, Süddeutsche Zeitung reported that over a dozen Trump advisers, cabinet members and campaign donors appear in the leaked data.
Turkish media also reported that Erkam and Bulent Yildirim, sons of Turkish Prime Minister Binali Yildirim, are also involved in the offshore scandal.
The royal household of Britain has also been mentioned in the papers. Duchy of Lancaster, which is owned by the Queen and provides her with funds for personal expenses, held part of its assets in funds registered in the Cayman and Bermuda islands. The total value of the Duchy of Lancaster is estimated at £500 million, Sputnik reported.
A source close to the UK government told RIA Novosti that even though investing in offshore companies is not illegal, if the data is confirmed, it will almost certainly cause a scandal in Britain.
The source recalled that a prior leak of this kind nearly prompted then-UK prime minister David Cameron to step down. According to the source, although the Queen does not personally deal with financial issues, the looming scandal my result in unpleasant consequences.

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