Prominent South Africans and companies have been named in a massive tax leak.
The so-called “Paradise Papers” leak showed how entities, including Standard Bank, Glencore and the Shanduka Group, which used to have links to deputy president Cyril Ramaphosa, secretly invested vast amounts of money in offshore tax havens.
The leak contains 13.4 million documents, mostly from one leading offshore finance firm.
Being mentioned in the leaks does not imply any wrongdoing, but it will surely be embarrassing for companies, said AmaBhungane journalist Micah Reddy.
The Money Show’s Bruce Whitfield interviewed Dick Forslund, an economist and researcher at Alternative Information and Development Centre.
Listen to the interview in the audio below (and/or scroll down for quotes from it.)
I’m very much aware of them [Appleby]… it was the law firm who took care of Lonmin’s business in Bermuda…— Dick Forslund, Alternative Information and Development Centre
You’re not allowed to reduce your tax liability in South Africa by paying for someone offshore when there’s nothing there.— Dick Forslund, Alternative Information and Development Centre
It’s not only about tax evasion…— Dick Forslund, Alternative Information and Development Centre
Many of these arrangements don’t benefit them [shareholders], but only a small cabal…— Dick Forslund, Alternative Information and Development Centre
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