This has been a revealing and surprising week, as the ICIJ has published more records of the leaked Panama Papers. Many people and businesses are facing high pressure due to the scandalous revelation of the Panama Papers. This week's revelations show records of Maldivian businessmen using shell companies to hide their offshore accounts. The recently published papers have also shown that some addresses in Maldives has been exploited to register shell companies that has hidden offshore accounts of many high profile foreigners.
The first revelation of the Panama Papers had revealed that a high profile Maldivian businessmen had an offshore account registered under a company in the British Virgin Islands; which is famous as a tax evasion haven. These records showed that Mohamed Ali Janah had two offshore companies in the British Virgin Islands. However, Janah assured Avas Online that he was not hiding an offshore account, nor was he involved in money laundering. However, Avas Online has not been able to verify the credibility of the information Janah revealed.
Records published by the ICIJ shows that 17 entities/people (which had been previously concealed by the Panamanian Law Firm Mossack Fonseca) have used Maldives as a means to conceal money transactions of offshore accounts. While there are names of Maldivians who have offshore accounts and companies, records show that business individuals from China, Hong Kong, Russia, Japan and Saudi Arabia has exploited addresses registered to Maldives. Furthermore, they have used Maldives along their route of complexly hiding offshore accounts and companies.
The records published earlier this week shows that six Maldivians have indeed used shell companies established by Mossack Fonseca to hide their possibly illegal transactions. Records show links to shell companies and individuals and the countries used as a shield to cover such tracks. However not much details have been published yet.
Some of the Maldivians implicated in the leaked Panama Papers are wealthy businessmen who are linked to the Universal Resorts Company, which manages some of the most expensive resorts in Maldives. Nonetheless, none of the sparse details published show any evidence of illegal activity.
- Ahmed Umar Manik: Shareholder of Multi Trade Ltd, established in 1999 registered in the Bahamas. Business transactions carried through Guernsey.
- Hamza Ahmed: Shareholder of South Paradigm Ltd, registered in the British Virgin Islands, February 2015. Transaction activities carried out in Hong Kong.
- Sanjay Ibrahim Manik: Shareholder of LongWell International Ltd registered in the British Virgin Islands in 2007. Business transactions carried out in Singapore. Sanjay Ibrahim Manik is a director of the Universal Group and the Managing Director of Kan'dima Maldives Resort.
- Ahmed Mahir: Shareholder of LongWell International Ltd. Ahmed Mahir is a director of the Universal Group as well.
- Dr. Ibrahim Manik: Shareholder of Palm Trees Overseas Ltd (company has been dissolved). Dr. Ibrahim Manik is a Director of Universal Resorts.
- Ali Ismail Shiyam Abdullah: Shareholder of South Paradigm Ltd, registered to the British Virgin Islands in 2015. Transaction activities carried out in Hong Kong.
The Businessmen mentioned above did not use their registered addresses in Maldives to register their companies. Rather, they have used addresses in Russia, Ukraine, China and Japan. These companies are probably registered to flats or houses bought in their name.
Avas Online has tried to contact the businessmen implicated in these papers. No comment or response was issued to Avas.
Documents published by the ICIJ show that foreigners have conducted such activities with Maldives through shell companies set up by Mossack Fonseca. A well known businessmen in Saudi Arabia, Hussain Abdullah Baroom, Well known businessman Roger William Ketley, and other business individuals of different nationalities have conducted these activities through Maldives. Some of these business tycoons have used addresses registered to the Maldives register their shell companies.
The Panama Papers is the biggest scandal that has occurred in recent times. These papers have implicated many world leaders such as the Saudi King, Vladimir Putin and David Cameron. The Prime Minister of Iceland was forced to resign from his post, because of the pressure brought out by the panama papers scandal.
The ICIJ had published more than 200,000 documents earlier this week. It is expected that many other businessmen and world leaders might be implicated as the ICIJ continues to investigate and publish these documents.
