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Paradise Papers: Senior Trump Cabinet Members, English Royalty Involved in Tax Havens

Jalil Javed and Henry Kincaid-

Developing Story-

The ICIJ has released the follow up to the Panama Papers that they leaked in 2015. Among the people who have offshore accounts or investments in ‘tax havens’ are thirteen cabinet members of the Trump administration, as well as part of the Queen Elizabeth’s estate.

Among the top Trump cabinet officials were Secretary of State Rex Tillerson, Secretary Of Treasury Steve Mnuchin, Commerce Secretary Wilbur Ross, and Chief Economic Adviser Garry Cohn.

In particular, the leaks reveal that Secretary Ross has close connections to a company owned by the Russian President, Vladimir Putin. Ross has earned over $68 million since 2014 from a Russian energy company partially owned by Putin.

This comes in the week of the first anniversary of Trump’s election victory, and alsoin a time when he is pushing for tax reform which he wants to use to make Americans bring money back to America from Offshore Accounts.

The leak also reveals that £10 million from Queen Elizabeth’s estate has been, and continues to be, invested in the chain store Threshers and retailer BrightHouse, as part of undisclosed offshore portfolios. The investments were made through the Duchy of Lanchester, one of the many estates owned by the reigning British Monarch.

Featured Image Credits: Bloomberg

 

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