The Paradise Papers document leak revealed more than 13.4 million internal documents on Sunday showing how major world players take advantage of offshore tax havens, including Britain’s Queen Elizabeth II’s private estate, media reports said on Monday. The leak, known as the Paradise Papers, comes more than a year after the Panama Papers, for which the International Consortium of Investigative Journalists won a Pulitzer Prize for exposing offshore banking practices of the world’s elite.
After punishing six bankers, Singapore is now investigating Goldman Sachs Group Inc’s relationship with 1MDB – the Malaysian investment fund at the centre of global money laundering probes.
Bloomberg reports today that the island republic’s Commercial Affairs Department, the police’s economic crime unit and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Berhad. 1MDB is a multi-billion national investment board for Malaysia that is aimed on encourage economic development and business creation.
Offshore Shell Games 2017, a report by the US PIRG and the Institute on Taxation and Economic Policy, outlined the extent to which Fortune 500 companies are using offshore financial centres and as a result legitimately avoiding taxes in the US on trillions of dollars of profit.
Overall, multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year. Every dollar in taxes that corporations avoid must be balanced by higher taxes on individuals, less public investments and services and more federal debt.
Deutsche Börse chief executive Carsten Kengeter will step down days after a German court refused to approve a settlement with prosecutors over allegations of insider trading. The company said in a statement on Thursday that it had accepted Mr Kengeter’s resignation with “regret.” He will leave at the end of the year.
The decision by the Frankfurt court earlier this week was a major blow to Deutsche Börse’s efforts to draw a line under the investigation into Mr Kengeter’s conduct on the eve of failed merger talks with the London Stock Exchange.
An Air Berlin flight was grounded in Reykjavik over the airline’s unpaid airport charges. The Icelandic aviation authority would not allow the plane to take off without paying its bills.
Cash-strapped Air Berlin, one of Germany’s largest airlines, filed for insolvency in August after shareholder Etihad announced it would no longer be providing financial support. A €210 million ($247 million) bid by Lufthansa to buy the airline was accepted last week.
A former currency trader at HSBC faces up to 20 years in federal prison after being found guilty of executing trades in a way that drove up costs for a client.
Mark Johnson, who was HSBC’s head of global cash foreign exchange trading, has been found guilty of defrauding Cairn Energy over a $3.5bn (£2.7bn) client order, following a month-long trial in NY. Prosecutor Carol Sipperly asked the court to order Johnson to surrender his passport and remain in New York. The judge ordered that he not seek a new passport from British authorities.
A court on Tuesday ordered the state and the operator of the crippled Fukushima No. 1 atomic plant to pay a total of about $4.4 million in damages for the 2011 nuclear disaster, the second ruling of its kind in a series of group lawsuits filed nationwide.
The Fukushima District Court ordered the government and Tokyo Electric Power Company Holdings Inc. to pay 500 million yen ($4.4 million) to about 2,900 of the 3,800 plaintiffs, many of whom did not evacuate and stayed at their homes in Fukushima and elsewhere in the midst of one of the world’s worst nuclear crises.
Citigroup Inc, Deutsche Bank AG and HSBC Holdings Plc have agreed to pay a combined $132 million to settle a U.S. class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate, according to a U.S. court filing, Reuters reported on Thursday.
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