In 1744, Bishop Francisco Javier de Luna Victoria DeCastro established the College of San Ignacio de Loyola and on June 3, 1749, founded La Real y Pontificia Universidad de San Javier. By this time, however, Panama's importance and influence had become insignificant as Spain's power dwindled in Europe and advances in navigation technique increasingly permitted ships to round Cape Horn in order to reach the Pacific. While the Panama route was short it was also labor-intensive and expensive because of the loading and unloading and laden-down trek required to get from the one coast to the other.
The journalists on the investigative team found business transactions by many important figures in world politics, sports and art. While many of the transactions were legal, since the data is incomplete, questions remain in many other cases; still others seem to clearly indicate ethical if not legal impropriety. Some disclosures – tax avoidance in very poor countries by very wealthy entities and individuals for example – lead to questions on moral grounds. According to The Namibian for instance, a shell company registered to Beny Steinmetz, Octea, owes more than $700,000 US in property taxes to the city of Koidu in Sierra Leone, and is $150 million in the red, even though its exports were more than twice that in an average month in the 2012–2015 period. Steinmetz himself has personal worth of $6 billion.
More than 500 banks registered nearly 15,600 shell companies with Mossack Fonseca, with HSBC and its affiliates accounting for more than 2,300 of the total. Dexia and J. Safra Sarasin of Luxembourg, Credit Suisse from the Channel Islands and the Swiss UBS each requested at least 500 offshore companies for their clients. An HSBC spokesman said, "The allegations are historical, in some cases dating back 20 years, predating our significant, well-publicized reforms implemented over the last few years."
Tropical forests around Panama are vital for the functioning of the Panama Canal, providing it with the water required for its operation. Due to the canal's importance to the Panamanian economy, tropical forests around the canal have been kept in an almost pristine state; the canal is thus a rare example of a vast engineering project in the middle of a forest that helped to preserve that forest. Along the western side of the canal is the Parque Nacional Soberanía (Sovereignty National Park), which includes the Summit botanical gardens and a zoo. The best known trail in this national park is Pipeline Road, popular among birdwatchers.
On April 8, a few hours after the publication of a new series of articles focusing on art hidden behind offshore companies, a prosecutor sequestered a Modigliani worth some $25 million at Geneva Freeport. Litigation in New York alleged the painting had been stolen by Nazis during World War II; the defendants said they did not own it, but the leaked documents show that they control International Art Center, a shell company registered in Panama which does own it.
The Bilateral Investment Treaty (BIT) between the governments of the United States and Panama was signed on October 27, 1982. The treaty protects US investment and assists Panama in its efforts to develop its economy by creating conditions more favorable for US private investment and thereby strengthening the development of its private sector. The BIT was the first such treaty signed by the US in the Western Hemisphere. A Panama–United States Trade Promotion Agreement (TPA) was signed in 2007, approved by Panama on July 11, 2007 and by US President Obama on October 21, 2011, and the agreement entered into force on October 31, 2012.
Some 600 Israeli companies and 850 Israeli shareholders are listed. Among the Israeli names found in the leaked documents are top attorney Dov Weissglass, who was the bureau chief of deceased prime minister Ariel Sharon; Jacob Engel, a businessman active in the African mining industry; and Idan Ofer, a member of one of Israel's wealthiest families, according to Haaretz.
^ "Hong Kong innovation minister, Polytechnic University embroiled in Panama Papers leaks: Documents show that Nicholas Yang was involved with two companies set up by the institution through Panamanian law firm Mossack-Fonseca in the British Virgin Islands". South China Morning Post. April 22, 2016. Archived from the original on April 23, 2016. Retrieved April 22, 2016.
What they had counted on, however, was the influence of the separatists in the capital. Ever since October 1821, when the former Governor General, Juan de la Cruz Murgeón, left the isthmus on a campaign in Quito and left a colonel in charge, the separatists had been slowly converting Fábrega to the separatist side. So, by November 10, Fábrega was now a supporter of the independence movement. Soon after the separatist declaration of Los Santos, Fábrega convened every organization in the capital with separatist interests and formally declared the city's support for independence. No military repercussions occurred because of skillful bribing of royalist troops.
Nearly 500 rivers lace Panama's rugged landscape. Mostly unnavigable, many originate as swift highland streams, meander in valleys, and form coastal deltas. However, the Río Chagres (Chagres River), located in central Panama, is one of the few wide rivers and a source of hydroelectric power. The central part of the river is dammed by the Gatun Dam and forms Gatun Lake, an artificial lake that constitutes part of the Panama Canal. The lake was created by the construction of the Gatun Dam across the Río Chagres between 1907 and 1913. Once created, Gatun Lake was the largest man-made lake in the world, and the dam was the largest earth dam. The river drains northwest into the Caribbean. The Kampia and Madden Lakes (also filled from the Río Chagres) provide hydroelectricity for the area of the former Canal Zone.
Demetrio Carceller Coll and his sons, Spanish businessman. He was the son of Demetrio Carceller Segura, Minister of Industry and Commerce at the beginning of Franco's dictatorship. Demetro Carceller y Arce (1962), his son, is a director and shareholder of Sacyr (6.04%), director of Gas Natural and chairman and shareholder, with 23% of the beer Estrella Damm. He is the president of the Disa oil plus shareholder of Natural Gas, Ebro and CLH.
Mossack Fonseca's Hong Kong office was its busiest, says the ICIJ, as Chinese officials and other wealthy figures would carry funds across the border and deposit them there to be channeled to offshore entities. Hong Kong invested HK$4.6 trillion (£360 billion) into the BVI – more than Hong Kong invested in mainland China – and received HK$4.1 trillion (over £300 billion) from the BVI. A further £20 billion or so was placed into the Cayman Islands and Bermuda individually.
Soon the filings almost covered the island's year budget. The US government however made official noises in 2001 about laundering criminal proceeds and Chase Bank blacklisted the island and Bank of New York followed suit. This caused inconvenience to the population so they let their contract with Mossack Fonseca expire and many of the privacy-seekers on the banking world moved on. Some did stay however, apparently; the Panama Papers database lists nearly 10,000 companies and trusts set up on Niue, population 1200.
The number of tourists from Europe grew by 23.1 percent during the first nine months of 2008. According to the Tourism Authority of Panama (ATP), from January to September, 71,154 tourists from Europe entered Panama, 13,373 more than in same period the previous year. Most of the European tourists were Spaniards (14,820), followed by Italians (13,216), French (10,174) and British (8,833). There were 6997 from Germany, the most populous country in the European Union. Europe has become one of the key markets to promote Panama as a tourist destination.
Mossack Fonseca documents provide new insight and confirmation for a previously-litigated tax case where an offshore company transferred its registration to avoid paying capital gains tax in Uganda. The documents show that Heritage Oil and Gas Limited (HOGL) knew in advance of a capital gains tax that Uganda planned to enact. HOGL was then operating in Uganda and planned to sell half its Ugandan assets. It "urgently" moved its registration from the Bahamas to Mauritius to avoid the tax. Mauritius has a double taxation agreement with Uganda, meaning that HOGL would pay tax in only one of the two countries. But Mauritius does not have a capital gains tax, so by moving there Heritage reduced its capital gains tax to zero. Emails clearly show that this was the reason for the transfer, although company attorneys deny it.
The Ministry of Finance and Monetary Authority of Singapore said in a statement that "Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm action."
The 2012 investigation's reporters, established that Globex was owned through shell companies in Panama, and that these shell companies belonged to the president's daughters and a Swiss businessman whose name appears in other shell companies such as those that manage Azerphone, the family telecommunications monopoly. Villagers told reporters they hoped to work at the mine, which paid $12 a day, and asked them to intervene with the president about the problems the mine was causing with the water supply. They became angry and did not believe the reporters when they said the president's family had a stake in the mine.