April of this year it was revealed that Politicians and business tycoons in Malawi were among those listed in the massive leak of documents that exposed how public figures and leaders use tax heavens to hide their wealth. This document dump is now famously or infamously known as the ‘Panama Papers’
The leaked documents, now known as the Panama papers, are revealing details of over 11 million records from the law firm, Mossack Fonseca.
At that time no one in Malawi had been named yet, but several world leaders, from Angola to Britain, China, Nigeria and Russia had been.
The government of Malawi, like others in Africa and elsewhere in the world, was expected to carry out investigation on whether companies or individuals in this country might be on the list.
The papers show the numerous ways in which the rich and the crooked exploited secretive offshore tax regimes.
Twelve national leaders were among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.
The leak of millions of documents from a Panamanian law firm had revealed the rich and powerful globally hiding their wealth offshore on a massive scale.
It’s emerged that more than half of the 200,000 secret companies.
The United States is reviewing the Panama papers; the Department of Justice has said.
Spokesman Peter Carr said: “While we cannot comment on the specifics of these alleged documents, the US Department of Justice takes very seriously all credible allegations of high level, foreign corruption that might have a link to the United States or the US financial system.”
The White House has not made any specific comments about the leaked documents, but said the US has been a leading advocate of for increased transparency in the international financial system.
China’s online censors and state media outlets are restricting access to reports on hidden wealth drawn from the leaked Panama documents that name relatives of current and retired Chinese politicians, including President Xi Jinping (pictured).
A number of Malawi Asian companies mainly and people are now being revealed and include Gaffer Shakur Haji Abdulla trading as R.K. Ali limited registered on Po. Box 245 Lilongwe is named together with his other business partner Imran Faruk Abdulla of Southwing Investments Limited as amongst those hiding their cash.
Others mentioned in the now infamous ‘Panama Papers’ include Abdul Wahid Omar Kassam of Lilongwe.
Another is Nedughant Jay Krishna of Samtel Global Technologies registered in Lilongwe. “These companies and their Malawian partners were awarded and paid for multi-million dollar contracts sometimes with limited evidence of legal contracts in place.
One supplier to government referred to in the Panama Papers has an address that matches this business with the offices of Mossack Fonseca in the British Virgin Island,” reads the forensic audit report of Malawi ‘grand corruption’.
Harris Mahomed Sidik of HTD Limited is also among the business persons whose tax arrangements have to been scrutinized in the wake of their leak.
Sidiki’s company called Haj Limited is named as he moved funds from Malawi and other sources paying out politicians.
Others in the Panama Papers are Daud Harun Rashid of PO Box 232 Lilongwe under his company Marydale Limited.
The global news outlets examined published this statement on its website along with the documents:
While offshore business entities are often not illegal, reporters found that some of the Mossackk Fonseca shell corporations were used for illegal purposes, including fraud, kleptocracy, tax evasion, and evading international sanctions.
Inquiries as to what will happen next to the Malawi Ant-corruption bureau have yet to be responded to as this is a week end.