[An interesting exposure of the secret exemptions which large-scale capitalists and government officials have used to hide their monstrous accumulations of wealth in the midst of global hunger and poverty. The embarassing (for capitalists and their state machineries) article and the responses to it, try to make it appear that these grotesque accumulations are exceptions, and not the rule, for the capitalist system. And there are efforts to make it appear that capitalist governments can clean up these “blemishes” on their system. The people will take note of these as the barely exposed “tips of the iceberg” of the crimes against humanity, requiring the justice of people’s socialist revolution–not the fantasy of justice from the perpetrators, co-conspirators, and mouthpieces, of the criminal capitalist system. — Frontlines ed.]
Leaks reveal secrets of the rich who hide cash offshore
Exclusive: Offshore financial industry leak exposes identities of 1,000s of holders of anonymous wealth from around the world
Millions of internal records have leaked from Britain’s offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife.
The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands (BVI), has the potential to cause a seismic shock worldwide to the booming offshore trade, with a former chief economist at McKinsey estimating that wealthy individuals may have as much as $32tn (£21tn) stashed in overseas havens.
In France, Jean-Jacques Augier, President François Hollande’s campaign co-treasurer and close friend, has been forced to publicly identify his Chinese business partner. It emerges as Hollande is mired in financial scandal because his former budget minister concealed a Swiss bank account for 20 years and repeatedly lied about it.
In Mongolia, the country’s former finance minister and deputy speaker of its parliament says he may have to resign from politics as a result of this investigation.
But the two can now be named for the first time because of their use of companies in offshore havens, particularly in the British Virgin Islands, where owners’ identities normally remain secret. Continue reading