Biggest Leak of Offshore Data in History: How Hypocritical Putin and other World Leaders Are Secretly Stealing Their Poor Peoples´ Money

President Vladimir Putin has recommended that all journalists account for their earnings as part of the National Anti-Corruption Plan (The Moscow Times 1 April 2016).
HYPOCRISY

A giant leak of documents has exposed members of Russian President Vladimir Putin’s inner circle in an alleged $2 billion clandestine money laundering scheme  (The Moscow Times 3 April 2016)

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Some days ago I read in some Russian newspaper that Western media would soon smear Putin. That seems to have happened now – and much indicates it is justified. So, some circles in Russia did have prescience of the following embarrassing exposure of Putin´s & Co´looting of the poor Russian people.

For all that money can only be derived from that people. The bad conscience of these thieves is betrayed by the fact that the money is hidden in foreign tax havens  – in all secrecy – at the same time as Putin calls for Russians to take their money abroad back to Russia – and account in public for it,  so they can pay the taxes to their Jewish Tsar Putin –   even appointed King of Jews – and his Jewish Oligarch friends/government members.
Thus,  Russia Today 4 Dec. 2014  wrote: Vladimir Putin has proposed a total amnesty for all funds returning to Russia a month after signing an anti-offshore bill curbing capital flight. ‘Let us put this page in our history behind us. Do it once, but right’ he told the Federal assembly.

For all that money can only be derived from that people. The bad conscience of these thieves is betrayed by the fact that the money is hidden in foreign tax havens  – in all secrecy – at the same time as Putin calls for Russians to take their money abroad back to Russia – and account in public for it,  so they can pay the taxes to their Jewish Tsar Putin –   even appointed King of Jews – and his Jewish Oligarch friends/government members.
Thus,  Russia Today 4 Dec. 2014  wrote: Vladimir Putin has proposed a total amnesty for all funds returning to Russia a month after signing an anti-offshore bill curbing capital flight. ‘Let us put this page in our history behind us. Do it once, but right’ he told the Federal assembly.

Here is Russsia Today´s attempt to be  apologetic for Putin – without bein able to cleanse him. It goes like this: But others were no better, but they (Cameron´s father, e.g.)

 

The Daily Mail 3 April 2016: The biggest leak of financial data in history has revealed how world leaders, the global rich and celebrities are allegedly using offshore tax havens to hide their wealth.

The so-called Panama Papers, part of a leak of 11 million files, implicate those in Russian president Vladimir Putin’s inner circle, along with families and associates of Egypt’s former president Hosni Mubarak, Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad and shows links to 72 current or former heads of state, an investigation by Richard Bilton for BBC Panorama reveals.

Among those said to be implicated in having hidden offshore wealth are:
Six members of the House of Lords,
three former Conservative MPs and dozens of donors to British political parties;
Twelve national leaders including Pakistan’s prime minister Nawaz Sharif, president of Ukraine Petro Poroshenko and the prime minister of Iceland Sigmundur Davíð Gunnlaugsson;
Families and close associates of Russian president Vladimir Putin, Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad.

how-tohide-a-bn-dollarsPutin’s name is not included in the records but his friends and associates appear to have earned millions of pounds from deals that would have been difficult to secure without his patronage, according to The Guardian.

Last week a senior Russian official revealed how the Kremlin was braced for an expose on Mr Putin’s alleged secret fortune.

Dmitry Peskov (pictured), one of Putin’s closest aides, dismissed the allegations as false and politically motivated before they were published

He said a number of foreign secret services were behind the claims, which suggest that Mr Putin has amassed a secret personal fortune of more than £28billion ($40billion).

The documents were obtained by the German newspaper Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists. The identity of the source who provided them is unknown.
Gerard Ryle, director of the International Consortium of Investigative Journalists, said the documents covered the day-to-day business at Mossack Fonseca for the past 40 years.

The Guardian 3 April 2016  goes into details

 Bank Rossiya is closely associated with Putin and his friends. Its managers were behind billions of dollars in suspicious offshore transactions.
 Mossack Fonseca is a Panamanian law firm that registers and runs offshore firms. It set up Sandalwood and other offshores linked to Roldugin.
Russian Commercial Bank of Cyprus
A subsidiary of Russia’s state-owned VTB bank. RCB made massive unsecured loans to Sandalwood, extending $650m in credit.
Ozon owns the private Igora ski resort outside St Petersburg. In 2010/11 Sandalwood lent Ozon $11.3m. Putin’s daughter Katya got married at the resort in 2013

memory-trail-putin

A network of secret offshore deals and vast loans worth $2bn has laid a trail to Russia’s president, Vladimir Putin  and made members of Putin’s close circle fabulously wealthy.

The documents suggest Putin’s family has benefited from this money his friends’ fortunes appear his to spend.

The offshore trail starts in Panama, darts through Russia, Switzerland and Cyprus – and includes a private ski resort where Putin’s younger daughter, Katerina, got married in 2013.

RolduginThe Panama Papers shine a particular spotlight on Sergei Roldugin (right), who is Putin’s best friend. Roldugin introduced Putin to the woman he subsequently married, Lyudmila, and is godfather to Putin’s older daughter, Maria. A professional musician, he has apparently accumulated a fortune – having been placed in ostensible control of a series of assets worth at least $100m, possibly more.

Roldugin appears to have been picked for this role because of his lesser profile. He has denied in documents to bank officials in Switzerland and Luxembourg that he is close to any Russian public figures. He has also said he is not a businessman. Yet the files reveal Putin’s longstanding intimate has a 12.5% stake in Russia’s biggest TV advertising agency, Video International,

1. Bank Rossiya.
The bank is headed by Yuri Kovalchuk. The US alleges he is the “personal banker” for many senior Russian government officials including Putin. The Panama Papers disclose that Kovalchuk and Bank Rossiya achieved the transfer of at least $1bn to a specially created offshore entity called Sandalwood Continental.

2. These funds came from a series of enormous unsecured loans from the state-controlled Russian Commercial Bank (RCB) located in Cyprus and other state banks. There is no explanation in the files of why the banks agreed to extend such unorthodox credit lines.

3. Some of the cash obtained from RCB was also lent back onshore in Russia at extremely high interest rates, with the resulting profits siphoned off to secret Swiss accounts.

The Daily Mail 4 April 2016 presents these world leaders as the “Dirty Dozen”

dirty-dozen

4. A $6m yacht was purchased by Sandalwood and shipped to a port near St Petersburg.

5. Cash was also handed over directly to the Putin circle, this time in the form of very cheap loans, made with no security and with interest rates as low as 1%. It is not clear whether any loans have been repaid.

6. In 2010 and 2011, Sandalwood made three loans worth $11.3m to an offshore company called Ozon, which owns the upmarket Igora ski resort in the Leningrad region. Ozon belongs to Kovalchuk and a Cypriot company. Putin is the resort’s star patron and a reputed resident.

There is nothing inherently illegal in using offshore companies.

7. The transactions, however, include apparently fake share deals, with shares “traded” retrospectively; multimillion-dollar charges for vague “consultancy” services; and repeated payments of large sums in “compensation” for allegedly cancelled share deals.
In 2011 a Roldugin company buys the rights to a $200m loan for $1. “This is not business, this is creating the appearance of business in order to continually move and hide assets,” Andrew Mitchell QC, a leading authority on money-laundering, told BBC Panorama.
dirty-little-secrets8. Such layers of secrecy surrounded the offshore deals that Bank Rossiya staff in St Petersburg sent all their instructions to a confidential intermediary – a firm of Swiss lawyers in Zurich.
The Swiss lawyers in turn arranged for Mossack Fonseca to set up shell companies, typically registering them in the secretive British Virgin Islands, with sham nominee directors from Panama to sign approvals for the deals.

9. In 2010, US diplomatic cables suggested Putin held his wealth via proxies. The president formally owned nothing, they added, but was able to draw on the wealth of his friends, who now control practically all of Russia’s oil and gas production and industrial resources.

10. Asked about the offshore companies linked to him last week, Rodulgin said: “Guys, to be honest I am not ready to give comments now … These are delicate issues. I was connected to this business a long time ago. Before ‘perestroika’. It happened … And then it started growing and such things happened. The House of Music [in St Petersburg] is subsidised from this money.”

11. The Putin circle’s use of offshore companies contrasts with the president’s call for “deoffshoreisation”, urging Russians to bring cash hidden abroad home. Others who make use of offshore companies include oil trader Gennady Timchenko, Putin’s friend of 30 years. The US imposed sanctions on him in 2014. Others in the data are Arkady and Boris Rotenberg, Putin’s childhood friends and former judo partners. They are now billionaire construction tycoons. The Arsenal FC shareholder Alisher Usmanov also appears. He has at least six companies registered in the Isle of Man. There is no suggestion this is illegal.

Dmitry Peskov, Putin’s official spokesman said Russia had “legal means” to defend Putin’s dignity and honour
US political scientist Karen Dawisha said it was inconceivable that Putin’s friends had become rich without his patronage. “He takes what he wants. When you are president of Russia, you don’t need a written contract. You are the law.”

More manipulations are revealed.

Comments
If Mossack Fonseca is the world’s fourth-largest offshore company, then what have these thieving hypocrites hidden in the 3 largest companies – and in the  smaller ones?

Zero Hedge 4.March sees the exposure in Panama as a Rothschild blow to to rid  his offshore business in Reno, Nevada, USA, of the offshore competitors in Panama etc. Moreover, the company  Mossack Fonsaca is said to be based on Nazi roots, CIA and Mexican drug barons.

Perhaps this is also  part of the ongoing war between the London City against King Putin of Orthodox Judaism – having insider knowledge  to pillory Putin?

 

 

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