Panama Papers reveal Saint Lucia link

Panama Papers reveal Saint Lucia link

The so called Panama Papers have revealed a Saint Lucia link in the late Lord Glenconner, who owned land here, reports in the international media have indicated.

According to the reports, original documents show that Glenconner controlled the offshore company -Beau Estates, in which he held his assets.

It is reported that Beau Estates was set up in Panama in 1988 before being transferred to the BVI.

Glenconner, a close friend of Princess Margaret, died in 2010.

He left his shares in Beau Estates to his manservant, Saint Lucian, Winston Kent Adonai.

Adonai is reported to have inherited a fortune estimated at some thirty million pounds sterling.

The Panama Papers are a leaked set confidential documents providing detailed information about more than two hundred thousand offshore companies.

The companies were listed by the Panamanian corporate service provider Mossack Fonesca, which provided the identities of shareholders and directors of the companies.

The documents purported to show how wealthy individuals, including public officials, hide their money from public scrutiny.

There have been suggestions that the companies may have been used for money laundering.

Several countries are investigating possible financial crimes by the rich and powerful following the Mossack Fonseca leak.

Iceland’s prime minister stepped down earlier this week after it was revealed he owned an offshore company with his wife which he did not declare when he entered parliament.

He denies any wrongdoing.

The mass leak revealed the extent to which Mossack Fonseca appeared to help some clients evade tax and avoid sanctions, although the firm has denied it has done anything wrong and says the information is being presented out of context.

However it is reported that there is nothing to suggest that Lord Glenconner sheltered, or sought to shelter, money or assets offshore to avoid tax or for any unlawful purpose.

 

 

3 Comments

  1. Anonymous
    April 8, 2016 at 9:38 am Reply

    Who the hell cares.

  2. Panama scandal follower
    April 8, 2016 at 10:34 am Reply

    Lucians please be aware that there is nothing illegal about offshore companies. The fact of the matter is that the Panama papers has brought to light the possibility that wealthy and most prominent persons in the world who’ve indulged in that firm may have done so to evade taxes. Evading taxes is the crime here. Famous actor Jackie chan has also been implicated in this scandal. Let’s see who from the US it finds and how it affects St.Lucia. Definitely something to keep an eye on.

    1. We can be misled!!!
      April 8, 2016 at 11:06 am Reply

      Thank you so much for Clarifying this! However it is not only evading taxes but also intended use funds, no one knows who, out of the rich is funding ISIS. From what I have understood many accounts are actually legit. We need to understand the term “offshore banking” although affiliated to many ponzi schemes and tax evasion incidents in the past, is not illegal. There is nothing wrong with setting up a trust fund for one’s kids, or hiding monies from greedy relatives. Futhermore “Panama Papers” were not leaked, they were hacked, and the only accounts ppl should be hearing about are questionable accounts of Politically Exposed Persons, and that of those affilited to major Charity organisations.

      As far as I am concerned unlike what the US makes everyone believe (all in the name of FATCA), Panama is alot more transparent than plenty other territories.

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