Paradise papers: Cyprus has limited involvement in helping conceal wealth
The Paradise Papers, the new data that has been leaked from the Appleby law firm based in Bermuda, shows that Cyprus has played a small role in efforts by world politicians, major companies, celebrities and entrepreneurs to avoid paying taxes or to conceal their wealth.
The most recent portion of 13.4 million documents leaked on Sunday highlight Cyprus’s involvement to be minimal in reference to two friends of Russia’s President Vladimir Putin, the former Mayor of Warsaw; the grandson of Kazakhstan’s ruler Nursultan Nazarbayev and the President of Ukraine, Petro Poroshenko.
New reports also highlight that Poroshenko appears to have some involvement in questionable transactions which possibly violate Ukraine’s capital controls through utilising offshore firms, including one based in Cyprus.
Arkady and Boris Rotenberg, billionaire brothers who are friends with Putin and included in the US sanctions list, are now linked to Cyprus via Markom Management according to the International Consortium of Investigative Journalists (ICIJ) website. The ICIJ has stated that Markom Management was involved in the redomicilation of the majority of the businesses belonging to the Rotenbergs in Cyprus by the summer of 2015.