Mossack Fonseca was once a codefendant with the government of Dominica
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Mossack Fonseca was once a codefendant with the government of Dominica

By TDN Wire Staff
April 05, 2016 3:37 A.M


fonseca
Fonseca was the registered agent for Shangri La a firm with gobernment interests.
Roseau, Dominica (TDN) The law firm at the center of the ‘Panama Papers’ the financial scandal involving the secret financial dealings of the world’s rich, powerful and, in some cases, allegedly corrupt individuals was a codefendant along with the government of Dominica in a case involving Sino Union Caribbean Holding Ltd in the BVI Courts in July 2009.

The case involved Shangri La International Holdings in which Sino Union held 40 percent of the shares and Rich Victory 55 percent. Sino Union was seeking to establish that the shares of Rich Victory had at some time previously being transferred to the government of Dominica. Mossack Fonseca was acting as the registered agent for Shangri La International Holdings.

During the proceedings testimonials were given by prime minister Roosevelt Skerrit, Kelvin Chen Chairman of Shangri La, David Hsiu Dominica’s ambassador to China and Keiron Pinard Burns, auditor for Shangri La Holdings.

In the most recent scandal it has been revealed that Mossack Fonseca had one client from Dominica who registered 66 companies with 22 beneficiaries and 138 shareholders. The International Consortium of Investigative Journalists (ICIJ) who released the findings now say that information on the people behind the companies will be made available in May 2016.

The papers were leaked to a newspaper in Germany the Süddeutsche Zeitung and subsequently passed on to the ICIJ and other publications. The documents allegedly reveal the role played by the Mossack Fonseca law firm in helping wealthy clients establish shell companies in Panama and the British Virgin Islands.

Among those implicated are longtime friends and associates of Russian President Vladimir Putin whom allegedly transferred $2 billion through Panama over the years, A family member of Chinese President Xi Jinping was also implicated as well as the Saudi king and the son of Malaysian Prime Minister Najib Razak.

There are also Western leaders mentioned including Iceland’s Prime Minister Sigmundur David Gunnlaugsson, and several former British members of Parliament and the President of Ukraine. Meanwhile street protests broke out in the capitals of Ukraine and Iceland as residents demanded their leaders’ resignations.

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