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Irish Mirror
Irish Mirror
National
Marita Moloney & Mikey Smith & Ryan Merrifield

Pandora Papers: Ireland cited as 'de facto offshore location' as secrets of rich and powerful leaked

The 'biggest leak of offshore data in history' has exposed the financial secrets of some of the world's most powerful people.

The Pandora Papers reveal alleged tax avoidance, hidden wealth and money laundering by some of the world's richest and most influential individuals.

Among the almost 12 million documents are details of fortunes stashed away by 35 former and current world leaders.

The leak also contains information on more than 300 public officials and 100 billionaires.

Russian President Vladimir Putin, Czech Prime Minister Andrej Babis and the King of Jordan are among the prominent leaders mentioned.

The exposé was put together by a 600-strong team of reporters organised by the International Consortium of Investigated Journalists (ICIJ) who sifted through the huge data dump over a period of months.

Ireland is also given attention in the Pandora Papers.

Aerial view east of the River Liffey towards the Docklands, Dublin (Discover Ireland)

People and businesses in Russia, Ukraine, Uzbekistan and other countries in eastern Europe and central Asia "are using Ireland as a de facto offshore location", according to The Irish Times.

The publication was one of 150 media outlets around the world with whom the documents were shared by the ICIJ.

It is reported that an empty office in an office building in Dublin "is the registered address of more than 800 limited partnerships", which is "a type of legal structure designed to allow investors invest in businesses with limited exposure".

Among the other notable findings is that the leak links Russian President Vladimir Putin "to secret assets in Monaco, including an exclusive block underneath the Monte Carlo Casino, bought in 2003 for €3.6m, for his alleged lover", as the Mirror reports.

The official purchaser was listed as Brockville Development Ltd, an offshore company in the British Virgin Islands, but the papers reveal the benefactor was Svetlana Krivonogikh.

The then-28-year-old came from humble beginnings but appears to have acquired Putin as a financial benefactor in the 1990s.

She is said to have met him while he was St Petersburg's deputy mayor and become his lover, allegedly giving birth to his daughter the same year the Monaco apartment was bought.

But according to the Pandora papers, some of Putin’s inner circle also used Monaco as a discreet hub for their financial affairs, with Russian influence in the state growing.

The documents also show that an 11-year-old boy owned a €38.5m property in London.

The office block in Mayfair was given to the son of Azerbaijan's President Ilham Aliyev.

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