Pandora papers: 4 more countries begin probes into alleged offshore secret wealth of elites

By Sanath Nanayakkare

The Pandora Papers had triggered a flurry of dramatic fallout around the world as current and former leaders in Chile, the Czech Republic, Ecuador, and Ukraine are facing official scrutiny over illegal financial dealings revealed by the Pandora Papers, International Consortium of Investigative Journalists (ICIJ) said yesterday.

“In addition, the list of officials from different countries pledging tax probes of those named in the files is growing”, ICIJ said.

“Further to these developments, we are also beginning to see plans for proposed reforms in the U.S. and the EU for shaking off their reputation for playing a central role in how rich people around the world seek to hide and accentuate wealth in their countries,” they noted.

“Our reporting has also had some early impact in the rarified world of precious artifacts: The Denver Art Museum is preparing to return four antiquities to Cambodia following our investigation with the Washington Post and other media partners on an indicted art dealer’s offshore links,” they added.

The government of India said on Oct. 04 that it would investigate cases related to Pandora papers. The official spokesperson of Central Board of Direct Taxes (CBDT) of India said that the probe would be monitored by a team headed by the chairman of CBDT. Other representatives of the multi-agency group include the Enforcement Directorate, Reserve Bank of India, Financial Intelligence Unit and CBDT.

According to Pakistani media reports, more than 700 people in the country were named in the papers, among them two members of the cabinet.

Pakistan Prime Minister Imran Khan addressing a high-level dialogue on ‘Financing for Development’ held on the sidelines of the 74th session of the UN General Assembly said that movement of ‘ill-gotten’ money was devastating the developing countries across the world.

“We have been trying our best to retrieve that money”, he said, conceding that even when his government located properties made from illegal money by Pakistanis abroad, it faced a number of legal lacuna and difficulties in trying to bring that money back.

He called upon developed countries to do better as far as the return of illicit wealth was concerned, saying “there is a lack of political will in the rich countries because they gain from it”.

Sri Lanka’s Thirukumar Nadesan and his wife Nirupama Rajapaksa were named in the Pandora papers

According to Pandora papers, the British-educated Nadesan – businessman and trustee of several Sri Lankan Hindu charities and temples had established shell companies and trusts in offshore jurisdictions.

Soon after the exposé, Thirukumar Nadesan had written to President Gotabaya Rajapaksa declaring his innocence and requesting an impartial investigation.

Cabinet spokesman Dullas Alahapperuma said on 06 Oct. that the President had asked Commission to Investigate Allegations of Bribery or Corruption to conduct an investigation and issue a report on the assets of Nirupama Rajapaksa and her husband Thirukumar Nadesan within one month.