The King of Saudi Arabia, Salman bin Abdulaziz Al Saud, has been implicated in the Panama Papers scandal along with many other powerful figures across the globe.
According to the leaked papers, King Salman used an offshore British Virgin Island company to take out mortgages on his luxury London homes. In total, the mortgages added up to the sum of $34 million.
Whilst King Salman’s specific role is not specified in the papers, the mortgages are mentioned to be “in relation to” him and his assets.
Saudi Arabia have not responded to requests for comment made through the respective embassies in the US.
The King is just one of the 72 current or former heads of state including monarchs, presidents & prime ministers, who have been accused using offshore tax havens.
The Panama Papers are a leak of confidential documents which reveal how the rich and powerful use tax havens to hide their wealth.
The papers were published after more than eleven million documents were leaked from Panamanian law firm Mossack Fonseca, one of the world’s most secretive companies.
The information, from an anonymous source, documents how Mossack Fonseca has helped its clients to launder money, as well as dodge sanctions and evade tax.
Mossack Fonseca stress that they have operated beyond reproach for 40 years, and have never been criminally charged with any offence.
The former Emir of Qatar is another prominent figure mentioned in the papers.
Sheikh Hamad bin Khalifa Al Thani ruled over Qatar from 1995 to 2013; until he handed over power to his son, saying it was time for “a new generation.”
Less than a year after Al Thani resigned as Qatar’s ruler, his lawyer contacted Mossack Fonseca to express interest in buying a company registered in the British Virgin Islands.
The Emir has also yet to respond to requests on the matters.
The papers also reveal that a suspected billion-dollar money laundering ring has close associates of Russia’s President Putin.
Royal Central has not seen the papers and cannot independently verify the claims.
Curse of corruption is worldwide; it cannot be eradicated; therefore i suggest that 50 per cent tax may be levied on graft/corruption money; both the state and risky corrupt would stand to benefit; President Mohammad Ayyub Khan of Pakistan once consulted one of his close friends, how should he make Pakistan a developed country; president’s friend told him allow 20 per cent rishwat/graft to secretaries, the rest 80 per cent they must invest on proposed projects; he called a special meeting of secretaries and told them plainly that you take 20 per cent of the project money as yours and spend honestly on development project remaining 80 p.c ; this formula worked; all mega projects were completed in time which include big water dams; likewise levy 50 p c tax on corrupt money; govt confiscate the remaining 50 p c.