Queen’s Private Estate Invested Offshore. About £10m of the Queen’s private money was invested offshore. That’s according to leaked documents. The Duchy of Lancaster, which provides the Queen with an income, held funds in the Cayman Islands and Bermuda.
A huge new leak of financial documents revealed how the powerful and ultra-wealthy secretly invest vast amounts of cash in offshore tax havens. Including the Queen’s private estate.
Donald Trump’s commerce secretary is shown to have a stake in a firm. It deals with Russians sanctioned by the US.
The leak, dubbed the Paradise Papers, contains 13.4m documents. Mostly from one leading firm in offshore finance.
BBC Panorama was among nearly 100 media groups investigating the papers.
Investigation results similar to last year’s Panama Papers leak. The documents obtained by the German newspaper Süddeutsche Zeitung. The paper called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation.
The Guardian among the nearly 100 media partners involved in investigating the documents.
Sunday’s revelations form only a small part of a week of disclosures. They expose the tax and financial affairs of some of the hundreds of people and companies named in the data. Some with strong UK connections.
Many of the stories focus on politicians, multinationals, celebrities and high-net-worth individuals. How they use complex structures of trusts, foundations and shell companies to protect their cash. Mainly from tax officials or hide their dealings behind a veil of secrecy.
The Duchy of Lancaster is the Queen’s private estate. In 2004 and 2005 it invested about £10m offshore. £5m went to a fund in Bermuda. And $7.5m put into a fund in the Cayman Islands.
No suggestion that investments in any way illegal. Or, that the Queen is avoiding tax. But questions may be asked about whether the monarch should be investing offshore.
The Duchy said it was not involved in decisions made by funds. Also no suggestion the Queen had knowledge of the specific investments made on her behalf.
Campaigners want the Government to end the practice. Critics say it is mainly about secrecy. This opens the door to wrongdoing. And inequality
Labour Party – If offshore wasn’t secret then this stuff couldn’t happen
— YourNewsUKtv (@YourNewsUKtv) November 5, 2017
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