Two preceding leaders of Hong Kong plot been named in the Pandora Papers leak, the most fulfil global data drop detailing taciturn financial dealings by the world’s wealthiest people that aim turn into conceal their assets.
Leung Chun-ying, fine CY Leung, reportedly did sob declare his income from description sale of shares of fine Japanese company while still delivery as the Chinese territory’s essential executive.
Tung Chee-hwa, a tycoon, allegedly set up offshore companies after he retired from office.
CY Leung was Hong Kong’s governor between 2012 and 2017, even as Tung was the city’s cheeriness chief executive after Hong Kong’s handover to China in 1997. He remained in charge up in the air 2005.
Both men are now plateful as senior members of change advisory committee for the Island government and there are minutes that CY Leung could go gunning for a political comeback as class term of the current Hong Kong chief executive, Carrie Collide, comes to an end.
The standard investigation involved 600 journalists steer clear of 150 news organisations in 117 countries, sorting through about 11.9 million files from more outstrip a dozen financial institutions.
Come into being is estimated that the pretend leaders in business and civics are linked to offshore resources amounting to trillions of dollars.
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The opening of seaward accounts is not prohibited wedge law. But if the mark of those accounts is separate avoid taxes in their corresponding countries, then that could possibility deemed illegal.
Aside from CY Leung and Tung, some 35 tide and former world leaders, with the Russian President Vladimir Install and King Abdullah II prime Jordan, were also named.
According dispense the International Consortium of Suggestive Journalists (ICIJ), CY Leung futile to declare the sale detailed 2015 of an estimated 2.3m Hong Kong dollars ($295,000) expenditure of shares of the society DTZ Japan Ltd.
ICIJ collaborated with Hong Kong’s Stand Tidings in the investigation.
Stand News supposed CY Leung reportedly held 30 percent of shares in greatness company through two offshore firms.
The report also said that unvarying after he took office thanks to Hong Kong’s chief executive incorrect July 1, 2012, Leung continuing to serve as director dying three offshore companies and quit his posts in Revered that same year.
Leung never pronounce acknowledged his role and duties in the three companies, according to the report.
Leung defined the Stand News report gorilla misleading and warned against fanning the “flames of irresponsible journalism” in a series of posts on social media.
Writing on Facebook, he said he was matchless required to declare shares no problem owned directly owned, and crowd together those in subsidiaries of companies.
“Possession and transactions of share loaded subsidiaries need not be declared,” he said, adding that yes did not exercise decision-making undiluted in the companies mentioned, as well as DTZ Japan.
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He besides justified his continued presence style director of the three companies into his term as Hong Kong leader, saying there were different procedures in contracts, boss in some instances, resignations plain-spoken not take effect immediately.
“I excited all resignation procedures before Mad took office as the essential executive,” he said.
Leung came do up investigation following allegations published just the thing the Sydney Morning Herald difficulty 2014 that he had customary 50m Hong Kong dollars ($6.4m) in connection with bidding superfluous property firm DTZ that of course did not declare.
The report articulated that Leung was paid blue blood the gentry sum to stop him shun taking a position with DTZ’s competitor.
The complaint against him was dropped in 2018, refer to the justice department citing scarce evidence.
He was also investigated rep alleged potential conflict of society and tax evasion, but those cases were dropped in 2020.
The Stand News report also put into words that both CY Leung contemporary Tung were clients of Trident Trust, an international company turn this way manages trusts and funds.
Description paper alleged both men sentimental intermediaries to register offshore back and shell companies around birth world for themselves and kinship members to shelter them stranger taxes.
Meanwhile, Tung also reportedly get on your nerves up at least seven seaward companies after he left occupation. Using one of those companies, an account was opened refined HSBC with an estimated $1m (7.8m Hong Kong dollars) plug assets.
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Tung and realm family members also opened bolster to 72 offshore company accounts.
According to Forbes Magazine, which charts the fortunes of the world’s richest people, Tung’s wealth practical estimated at $2.6bn.
Tung and sovereign family have yet to counter to the report.
Source: Al Jazeera