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.