Panama Leaks: The Wizard of Oz?

Panama Leaks: The Wizard of Oz?

Soon after the Panama report was leaked, the world media was lit up with reports surrounding the largest money scandal. Huge data excavation amounting to 2.6 terabytes of information have unveiled dirty deals, money trails and political games perpetrated by world leaders, politicians and celebrities. As a result of this scandal, the Prime Minister of Iceland, Sigmundur David Gunnlaugsson, stepped down when more than 22,000 protestors took to the streets. Though the report helps bring to light the sheer scale of criminality committed across the globe, it is nothing new.

Revelations in the report are really interesting. The report discusses how mega-rich people and government officials – their family and friends – have embraced the use of offshore companies to stash money and evade taxes. China, Azerbaijan, Russia, Pakistan, Canada, Thailand and other countries are particularly discussed in the report. To further complicate matters, the world’s top banks – including Credit Suisse, Deutsche Bank, and UBS – have aggressively provided services to secrecy-cloaked companies.

As a matter of fact, a part of the Panama report was leaked earlier on the ICIJ (International Consortium of Investigative Journalists) website, dated April 3, 2013, released to media on April 4, exactly 3 years later on the same date. But, no worthwhile action was taken against tax evaders worldwide. All revelations went into oblivion.

It seems that the main targets are not offshore companies which have direct links to premier banks such as Citibank, HSBC, UBS etc. Rather, the potential targets are oligarchs, government officials and world leaders which are disliked by world powers.

These offshore leaks seem to be a planned operation with a global agenda. It will tickle your fancy that leading media companies of different countries – almost simultaneously – issued sensational news claiming that a so-called organization (ICIJ) had a rich database of offshore companies which came into existence 30 years ago.

There are several curious questions which none of the worldwide mainstream media outlets have adequately explained yet.

Everyone is asking a simple question: What are the goals and motives of the offshore revelations?

Even though no official goal has been referred to by the ICIJ, there is a battle with outlandish companies that have assumed to be a black hole in the economy, an unforgivable dent in the socio-economic development of various countries.

It is hard to say that offshore businesses have gone too far. Most recent statistics reveal that valuations of the assets hidden under the cover of offshore companies are double the global GDP.

There are various theories behind the true motive of these offshore revelations.

One of these theories suggests that the operation’s true goal is not to blitz a particular company but to stabilize the world economy as a whole and create political chaos and mayhem in certain countries.

Of course, we can judge the aims of the offshore leaks hypothetically. The most important organization ICIJ is itself begging the question. None of us knows much about this organization. All that we know is that it was established in 1997 with headquarters in Washington and it seeks services of 160 journalists from 60 countries. ICIJ is the project of a large non-profit organization called Center for Public Integrity (CPI) which is sponsored by the Knight Foundation and Ford Foundation. Hence, it pushes one to think that the offshore leaks really have ulterior motives on a global scale.

 

The views expressed in this article are those of the author and do not necessarily represent the views of CourtingTheLaw.com or any organization with which he might be associated.

Darya Khan Pahore

The writer is an independent researcher and blogs at shuttlediplomat.wordpress.com. He tweets @DPahore



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