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Panama Leaks

Panama Leaks

All of you have already heard about this but only a few people knew the detail. Panama leaks is the greatest leak in history containing 11.5 million records and a data of 2.6 terabytes. Mossack Fonseca is the Panamanian firm whose clients were able to launder money and avoid tax. These leaks uncover the truth of many politicians, billionaires and even celebrities.

Panama papers were obtained by German newspaper and shared with International Consortium of Investigative Journalists (ICIJ). Then ICIJ then worked with journalist from 76 countries then open the leaks after 1 year analysis. Panama was a tax heaven for the people. Now a glimpse on how tax heaven usually works… There are many ways of using tax heaven but the basic use of tax heaven is to hide the true owner and origin of money and avoid paying tax on money. Many of the companies are just empty shells to manage money to avoid the tax.

The prominent names that were released in panama papers are the former prime minister of Iraq (Ayad Allawi), the president of Ukraine (Petro Poroshenko), son of Egypt’s former president (Alaa Mubarak), the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson and the Prime minister of Pakistan, Nawaz Shariff. But the most prominent story was of Valdimir Putin, the Russian President. Although his name was not directly in the leak but many of his associates were named in the leak. His best friend and his eldest daughter Godfather, Sergei Roldugin, is at the centre of a scheme in which money from Russian state banks is hidden offshore. And a trail of 2 billion dollars leads all the way to putin.

Now come to the Pakistan. These leaks triggered panic in top members of the PML-N including Nawaz Sharif, the prime minister of Pakistan. The leaks reveal that three of his children own offshore companies and assets not shown on his family's wealth statement. But top figures claimed that they should not be accountable for offshore companies that were held by their sons or daughters. Later on Mr. Sharif claimed that these leaks are the work of someone that specifically targeting me and my family for the political aims. He also announced the plan to start the inquiry under the supervision of a retired judge which was rejected by opposition widely.

The leader of PTI, Imran Khans attack the PML-N right in the guts by staging a siege in Islamabad. Khan Sahib had weakened the the government badly and demanded resignation form the Prime Minister and called for the inquiry by Chief Justice of Pakistan. While in one of his address Khan Sahib confirmed that he had owned an offshore company set up in 1983 to avoid British taxes on the sale of a London residence he bought through the company On the other hand the leader of PPP, Bilawal Bhutto seeks to disqualify the Nawaz Sharif through election commission. He said that Nawaz running a country by monarchy. And Bilawal has also said that his party will come into power in 2018 and current Prime Minister, Nawaz Sharif would be in jail for the scandal of Panama Papers.

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