A year after the Panama Papers, a massive leak of confidential information from the Bermuda law firm Appleby Group Services Ltd., dubbed the Paradise Papers, has shone another light on the use of offshore accounts.
- U.S. Commerce Secretary Wilbur Ross faces questions about his financial disclosures to Congress and the government after a report that he didn’t disclose business ties to the son-in-law of Russian President Vladimir Putin and an oligarch under U.S. sanctions. The Appleby documents included details of Ross’s stake in a shipping company, Navigator Holdings, according to the New York Times.
- House Republicans should slow down their consideration of a tax-overhaul bill after the investigative reports alleged offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., congressional Democrats and tax-advocacy groups said.
- Canadian tax authorities are reviewing reports linking a key fundraiser for Prime Minister Justin Trudeau to offshore trusts in the Caribbean. Montreal-based businessman Stephen Bronfman, son of billionaire Charles Bronfman, was among the individuals cited by news organizations including the Canadian Broadcasting Corp., Radio-Canada and the Toronto Star in Sunday’s leak of bank documents.
- Commodities trader Glencore Plc was one of the top clients of Appleby, which even had a "Glencore Room" at its Bermuda office that kept information on the trader’s 107 offshore companies, according to the ICIJ investigation.
- Indonesian authorities are investigating if former presidential candidate Prabowo Subianto and the children of ex-dictator Suharto, named in the leaked documents, are in breach of the country’s tax laws.