Azerbaijan International Mineral Resources Operating Company Ltd (AIMROC) and its consortium partners spent nearly US$230 million to open a mine and build a refinery in the western Azerbaijani village of Chovdar. AIMROC possibly produced US$30 million in gold before suddenly disappearing without making payroll in May 2014.[325] Mine employees officially remain on vacation and under Azerbaijani law full-time employees cannot seek work elsewhere even though they have not been paid for two years.[326]
Leaked documents suggest that Mossack Fonseca helped tuna export company Borda Azul set up a shell company in the British Virgin Islands in order to avoid Costa Rican taxes. The firm, now out of business, was headed by Hermes Navarro, president of the Costa Rican Football Federation from 1999 to 2006.[403] In the late 1990s the Finance Ministry and Prosecutor's Office investigated Borda Azul and other export companies for allegedly misusing tax credit certificates; in 1997 dozens of companies had been accused of using the certificates for fraud and to launder drug profits.[403]
Panama is an important country for many reasons. Considered an isthmus (a narrow strip of land with sea on either side, forming a link between two larger areas of land), it became a land bridge approximately 2.8 million years ago connecting both the North America and South America continents. Over time this formation affected the biodiversity of the world enabling animals to migrate from north to south, changing the weather patterns across the world, even in Europe. The development of the isthmus created the Gulf Stream which gives definition to rainfall amounts, temperatures, tides, and climates for the region.
President of the Nigerian Senate Bukola Saraki was found, through the Panama Papers leak, to have ties to at least four offshore companies he failed to declare to the Code of Conduct Bureau as Nigerian law requires.[463] His wife Toyin also had shell companies listed in her name in the Mossack Fonseca documents:[463] Girol Properties Ltd, Sandon Development Limited and *Landfield International Developments Ltd. Saraki has said that the assets in these holding companies belong to his wife's family and therefore he was not required to report them. ANCIR dismisses this because:
^ Uri Blau; Daniel Dolev; Shuki Sadeh (April 3, 2016). "Panama Papers: Hundreds of Israeli Companies, Shareholders Listed in Leaked Documents Detailing Offshore Holdings: Leaked documents of Panamanian law firm reveal shell companies linked to prominent Israeli lawyers and business persons". Haaretz. Archived from the original on April 25, 2016. Retrieved April 25, 2016.
The prosperity enjoyed during the first two centuries (1540–1740) while contributing to colonial growth; the placing of extensive regional judicial authority (Real Audiencia) as part of its jurisdiction; and the pivotal role it played at the height of the Spanish Empire – the first modern global empire – helped define a distinctive sense of autonomy and of regional or national identity within Panama well before the rest of the colonies.
Frederik Obermaier, co-author of the Panama Papers story and an investigative reporter at the German newspaper Süddeutsche Zeitung, told Democracy Now: "Mossack Fonseca realised that Makhlouf was the cousin, and they realised that he was sanctioned, and they realised that he's allegedly one of the financiers of the Syrian regime. And they said, 'Oh, there is this bank who still does business with him, so we should still keep with him, as well'."[102]
Petroleum Minister José Maria Botelho de Vasconcelos had power of attorney for an offshore company in 2002, when he became petroleum minister after previously being employed for a number of years as an executive at Sonangol,[439] according to the leaked documents. He denies wrongdoing.[441] ICIJ partner Le Monde says it has seen documents that show he was the proxyholder for Medea Investments Limited, founded in Niue in 2001, and moved to Samoa five years later. The company, which issued only bearer bonds, had a capitalization of $1 million, and closed in 2009.[439] He has never previously been accused of corruption.[442]
In 2006, the Pakistani National Accountability Bureau (NAB) accused Bhutto, Malik and Ali Jaffery of owning Petrofine, established since 2000 in Sharjah, United Arab Emirates. Bhutto and the Pakistan Peoples Party denied it. In April 2006 an NAB court froze assets owned in Pakistan and elsewhere by Bhutto and her husband Asif Ali Zardari, saying that the assets, totaling $1.5 billion, were the result of corrupt practices, and that Swiss charges of criminal money laundering filed in 1997 were still in litigation.[374]
In 2006, the Pakistani National Accountability Bureau (NAB) accused Bhutto, Malik and Ali Jaffery of owning Petrofine, established since 2000 in Sharjah, United Arab Emirates. Bhutto and the Pakistan Peoples Party denied it. In April 2006 an NAB court froze assets owned in Pakistan and elsewhere by Bhutto and her husband Asif Ali Zardari, saying that the assets, totaling $1.5 billion, were the result of corrupt practices, and that Swiss charges of criminal money laundering filed in 1997 were still in litigation.[374]
While no standard official definition exists, The Economist and the International Monetary Fund describe an offshore financial center, or tax haven, as a jurisdiction whose banking infrastructure primarily provides services to people or businesses who do not live there, requires little or no disclosure of information when doing business, and offers low taxes.[32][33]
Panama City is a city and the county seat of Bay County, Florida, United States.[5] Located along U.S. Route 98, it is the largest city between Tallahassee and Pensacola. It is the more populated of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. As of the 2010 census, the population was 36,484.[6] The city was catastrophically damaged when Hurricane Michael made landfall as a Category 5 hurricane on October 10, 2018.
From 1903 to 1968, Panama was a constitutional democracy dominated by a commercially oriented oligarchy. During the 1950s, the Panamanian military began to challenge the oligarchy's political hegemony. The early 1960s saw also the beginning of sustained pressure in Panama for the renegotiation of the Hay–Bunau-Varilla Treaty, including riots that broke out in early 1964, resulting in widespread looting and dozens of deaths, and the evacuation of the American embassy.[26]

ICIJ, The Guardian and The Independent have reported that UAE President Khalifa bin Zayed Al Nahyan owns London real estate worth more than £1.2 billion through a structure of some thirty shell companies Mossack Fonseca set up for him in the British Virgin Islands and administer for him, using them to manage and control the luxury properties in London.[300][390][391] By December 2015, Mossack Fonseca held nearly all of the shares in those companies in trust structures on his behalf, with the President and his wife, son and daughter the trust beneficiaries.[391]

The home of several Native American peoples, such as the Guaymí, Kuna, and Chocó, Panama became the first Spanish colony on the Pacific. Celebrated as “the door to the seas and key to the universe,” it served in the 1530s as the staging point for the Spanish conquest of the Inca empire, and until the 19th century it was a transshipment point for gold and silver destined for Spain. With the independence of Colombia, which once controlled Panama, from Spain, Panama came to serve as another staging point, this time for oceangoing migrants to the gold fields of California.
The Caribbean coastline is marked by several natural harbors. However, Cristóbal, at the Caribbean terminus of the canal, had the only important port facilities in the late 1980s. The numerous islands of the Archipiélago de Bocas del Toro, near the Beaches of Costa Rica, provide an extensive natural roadstead and shield the banana port of Almirante. The more than 350 San Blas Islands near Colombia, are strung out over more than 160 kilometres (99 miles) along the sheltered Caribbean coastline.
Manhattan US Attorney Preet Bharara has opened a criminal investigation on matters related to the Panama Papers and sent a letter April 3 to the International Consortium of Investigative Journalists (ICIJ) saying his office "would greatly appreciate the opportunity to speak as soon as possible."[424] The ICIJ received many such requests from many countries and ICIJ Director Gerard Ryle has said its policy is not to turn over any materials.[425][426]
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.[7]
The Isthmus of Panama was formed about three million years ago when the land bridge between North and South America finally became complete, and plants and animals gradually crossed it in both directions. The existence of the isthmus affected the dispersal of people, agriculture and technology throughout the American continent from the appearance of the first hunters and collectors to the era of villages and cities.[16][17]
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