The Panama revelations , one of the largest leak of confidential documents in history has shaken the foundations of power around the world.
Pakistan Prime Minister Nawaz Sharif yesterday,formed a high-level judicial commission to probe any financial wrongdoing, Addressing the nation, Sharif announced formation of the commission to probe allegations against him and his family.
Three of Nawaz Sharif’s children were named in the ‘Panama Papers’ for owning offshore companies prompting demands for an enquiry by the opposition.
He said the business was established many years before Pakistan was founded. He added despite repeated efforts to ruin his business in the past, he and his family had paid outstanding amount of nearly 6 billion rupees. The father of Prime Minister of United Kingdom, David Cameron was a Mossack Fonseca client. He used the law firm to shield his investment fund .
Ian Cameron, a millionaire stockbroker who died in 2010, used untraceable shareholder certificates known as bearer shares and employed “nominee” company directors in the creation of a Panamanian investment fund. Cameroon’s office has stated that neither the PM, nor his wife or children currently have any offshore holdings.
The statement added that it would not reveal whether they had any holdings in the past. In his first reaction to the leaked Panama Papers President Barack Obama has said that global tax avoidance may be running into trillions of dollars worldwide. He said global tax avoidance is a huge problem. Obama said adding the issue has been brought up in G7 and G20 meetings.