These companies were registered in Panama, according to the documents obtained from Panama Registry of Companies. A one of them, Fargate Mining Corporation was founded by Tagiva Management Ltd., Tagiva Services Ltd. and Verda Management Ltd. They issued the General Power of Attorney granted in favour of Azerbaijan-born individual Mr. Nasib Hasanov. Later, Londex Resources S.A., Globex International LLP, Fargate Mining Corporation and Willy&Meyris S.A. had been registered again at St. Kitts and Nevis with same addresses. It already used for registering other offshore energy holding – The Nobel Oil Ltd., partner of the state oil company SOCAR in Azerbaijan over Umid gas field. Founder of Nobel Oil Group also is Mr. N. Hasanov.
In 2015, Süddeutsche Zeitung (SZ) was contacted by an anonymous source calling him or herself "John Doe," who offered to leak the documents. Doe did not demand any financial compensation in return, according to the SZ. The total volume of data comes to about 2.76 terabytes, making it the biggest data leak in history. The data pertains to the period spanning from the 1970s to the spring of 2016.
In 1501 Rodrigo de Bastidas of Spain landed on the Caribbean side, discovering the Americas. Just a short 18 years later, 1500 Spanish settlers had established the oldest European settlement on the Pacific Coast of the Americas in what was called Panama Viejo, near the current Panama City. Finding that the two oceans were not far apart, conquistadors began transporting goods from the Caribbean side to the Pacific side in what became known as the El Camino Real or Royal Trail. This enabled two-way traffic of carts carrying treasures to go from sea to sea. In 1671 the famous pirate Henry Morgan burned down the original Panama City.
Panama is a four-hour flight from Houston, eleven-and-a-half-hour flight from Paris, and a five-hour flight from Toronto making Panama easily accessible. Copa, Panama’s own airline flies to many of Caribbean destinations as well as flights to the United States. As Panama becomes more and more popular with travelers, Tocumen is adding new terminals and gates to allow airlines to establish new routes into the country.
Also listed are real estate developer and DLF CEO Kushal Pal Singh, Sameer Gehlaut of the Indiabulls group, and Gautam Adani's elder brother Vinod Adani. Shares of both companies fell following the release of the papers, as well as those of Apollo Tyres, which had also been mentioned. DLF said it had invested in existing overseas companies in compliance with the LRS Scheme set up in 2004 and reported this to the Indian tax agency. An Apollo spokesman said that the family members of Chairman Onkar Kanwar who had been reported as owning offshore companies did not live in India and had complied with the law where they resided. Gehlaut said he had paid full taxes and made full disclosures.
As of the census of 2010, there were 36,484 people, 14,792 households, and 8,613 families residing in the city. The population density was 1,245.2 people per square mile (481.3/km2). There were 17,438 housing units at an average density of 595.2 per square mile (230.1/km2). As of the census of 2010, the racial makeup of the city is 71.6% White, 22.0% African American, 1.6% Asian, 0.5% Native American, 0.1% Pacific Islander, 2.9% from two or more races, and 5.1% Hispanic or Latino of any race.
According to reporting by the African Network of Centers for Investigative Reporting (ANCIR), the company produces 60–90% of Sierra Leone's diamond exports, and in some months between 2012 and 2015 exported more than US$330 million in rough diamonds. Octea owes US$150 million in unpaid loans. Although government records show taxes paid by other diamond companies, none are listed for Octea.
According to the CIA World Factbook, as of 2012 Panama had an unemployment rate of 2.7 percent. A food surplus was registered in August 2008. On the Human Development Index, Panama ranked 60th in 2015. In recent years, Panama's economy has experienced a boom, with growth in real gross domestic product (GDP) averaging over 10.4 percent in 2006–2008. Panama's economy has been among the fastest growing and best managed in Latin America. The Latin Business Chronicle predicted that Panama would be the fastest growing economy in Latin America during the five-year period from 2010–14, matching Brazil's 10 percent rate.
Many of the expats here also cite Panama’s geographical diversity and location, with proximity to North America being a major factor. In a country roughly the size of South Carolina, you’ll find mountains and beaches within an easy striking distance—no matter where in the country you are. Wake up on the Caribbean and have lunch overlooking the Pacific…they’re a couple of hours apart at the isthmus’ “skinniest” sections. Choose your preferred climate, topography, population density and more in Panama’s varied landscape.
Ouestaf, an ICIJ partner in the investigation, reported that it had discovered new evidence that Karim Wade received payments from DP World (DP). He and a long-time friend were convicted of this in a trial that the United Nations and Amnesty International said was unfair and violated the defendants' rights. The Ouestaf article does not address the conduct of the trial, but does say that Ouestaf journalists found Mossack Fonseca documents showing payments to Wade via a DP subsidiary and a shell company registered to the friend.
Indications in the Maltese press of Mizzi's links to an offshore trust did not prevent Mizzi from being elected deputy leader for party affairs of the ruling Labour Party on February 25, 2016, following a change in the party statutes to enable a sitting MP to be appointed. Mizzi stepped down as deputy leader of the Labour Party on April 28, 2016.
The documents were dubbed the Panama Papers because of the country they were leaked from; however, the Panamanian government expressed strong objections to the name over concerns that it would tarnish the government's and country's image worldwide, as did other entities in Panama and elsewhere. This led to an advertising campaign some weeks after the leak, titled "Panama, more than papers". Some media outlets covering the story have used the name "Mossack Fonseca papers".
Prime Minister John Key responded May 7 to John Doe's remark that he had been "curiously quiet" about tax evasion in the Cook Islands by saying that the whistleblower was confused and probably European. While the Cook Islands use New Zealand currency, "I have as much responsibility for tax in the Cook Islands as I do for taxing Russia." New Zealand does represent the Cook Islands on defence and foreign policy, but not taxation, he said.
The documents contain personal financial information about wealthy individuals and public officials that had previously been kept private. While offshore business entities are legal (see Offshore Magic Circle), reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.
Spanish authorities had little control over much of the territory of Panama. Large sections managed to resist conquest and missionization until very late in the colonial era. Because of this, indigenous people of the area were often referred to as "indios de guerra" (war Indians) who resisted Spanish attempts to conquer them or missionize them. However, Panama was enormously important to Spain strategically because it was the easiest way to transship silver mined in Peru to Europe. Silver cargoes were landed at Panama and then taken overland to Portobello or Nombre de Dios on the Caribbean side of the isthmus for further shipment.
The Panama Free Trade Agreement, supported by Obama and Clinton, has been accused of enabling the practices detailed within the Panama Papers through regulatory oversight. However, an Obama administration official said the argument has "zero merit". John Cassidy of The New Yorker, said the Panama Free Trade Agreement actually forced Panama to release information to the American regulatory authorities on "the ownership of companies, partnerships, trusts, foundations, and other persons".
Businesswoman Ingibjörg Pálmadóttir and her husband Jón Ásgeir Jóhannesson have for several years financed their business dealings through a Panamanian company, Guru Invest, which owns shares in retailer Sports Direct through Rhapsody Investments (Europe), based in Luxembourg. Guru Invest paid around US$16 million to Glitnir bank after it crashed to cover the debt of Gaumur, one of Jón Ásgeir's companies, and loaned ISK 100 million to Jón Ásgeir's company Þú Blásól through an offshore company he owns named Jovita. Asked by journalists at Kjarninn where that money came from, Ingibjörg did not reply. Ingibjörg is the primary owner of the 365 media group, which owns the Icelandic news outlets Vísir.is, television channel Stöð 2 and radio stations Bylgjan, X-ið [is] and FM 957, none of which seem to be reporting this disclosure.