Panama Papers Afoko named as shareholder of two companies in tax haven

The International Consortium of Investigative Journalists (ICIJ) today published a searchable data base that strips away the secrecy of nearly 214,000 offshore entities created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands.

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Suspended National Chairman of the New Patriotic Party, Paul Afoko, has been named in the Panama papers with businesses in tax havens.

The International Consortium of Investigative Journalists (ICIJ) today published a searchable data base that strips away the secrecy of nearly 214,000 offshore entities created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands.

The document revealed Afoko as shareholder of West African Petroleum Company. The company is registered in the jurisdiction of the British Virgins Island, one of the very popular tax havens, and it is still active.

It was incorporated on January 13, 2005 with an address in Amman, Jordan.

Another company, Gold Coast Resort International, was also linked to Afoko. The company is registered in the jurisdiction and incorporated on April 16, 2006. The company is linked to the United Kingdom, and according to the published papers, it is still active.

The leaked papers does not suggest any act of corruption.

However, corrupt public officials and powerful politicians are known for stashing money in tax havens.

More than 370 reporters in nearly 80 countries probed the files for a year. Their investigations uncovered the secret offshore holdings of 12 world leaders, more than 128 other politicians and scores of fraudsters, drug traffickers and other criminals whose companies had been blacklisted in the US and elsewhere, according to ICIJ.

Iceland Prime Minister (PM), Sigmundur Davíð Gunnlaugsson, resigned when his  family’s offshore investments were leaked.

British PM David Cameron has also come under pressure after the paper showed that his family held undisclosed wealth in tax havens offshore.

In Pakistan, PM Nawaz Sharif rebuffed calls from opposition for him to resign. He demanded his opponents to back their calls with evidence.

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