Desmond named in Panama Papers Fallout ... oh no!

[der Berliner 3,249]

Desmond named in Panama Papers Fallout

 

MOGULS Dermot Desmond and JP McManus are among the clients of the firm at the centre of the Panama papers leak.

 

The rich Irishmen, both tax resident elsewhere, have done business with secretive law company Mossack Fonseca, it has been revealed.

 

More than 11 million files released from the Panama-based legal eagles show how the rich and powerful have used tax havens around the world to hide their wealth.

 

The documents also name celebs, including movie star Jackie Chan, who has at least six firms managed through the Central American operation, and footie wizard Lionel Messi.

 

And they show MF helped clients launder money, dodge sanctions and avoid tax. There is no suggestion of any wrongdoing by Desmond or McManus in their dealings with the company.

 

But the files give a glimpse into some of the complicated arrangements that the two businessmen avail of to handle their finances.

 

McManus’s art purchases were mentioned in 2013 in a letter from Panama firm Blueline Group SA to dealers Sotheby’s in London stating that the beneficial owner of Blueline was McManus.

 

In 2014, two letters were sent to the private art dealer Connery Pissaro Seydoux, of Geneva, in relation to payments of $12.15million (€10.6m) and $600,000 (€527,000).

 

They also reveal that late last year the company was being moved from Mossack Fonseca to a new registered agent, also in Panama.

 

The Panama papers show McManus, based in Switzerland, is the main beneficiary of an entity called the Jasper Blue Family Settlement.

 

They reveal transactions involving tens of millions of euro between British Virgins Island company Izaca Corp and Jasper Blue Ltd, of the Bahamas — which are in turn linked to the settlement.

 

And the Limerick man’s name pops up in relation to Penton Consultants Inc, of Panama, which used nominee directors provided by MF in 2007. A spokeswoman for McManus did not respond to a request for a comment.

 

Dermot Desmond’s name also comes up in the files.

 

There is a letter dated June 2005 from HSBC in Switzerland to Mossack Fonseca regarding a firm called Ard International Inc — whose directors grant a power of attorney over the company to Desmond.

 

Then, in November 2009, there is a note from the Irish businessman asking that Ard’s directors instead grant power of attorney to two Swiss lawyers.

 

Desmond wrote: “This being done, I resign as attorney of the above mentioned company and ask you to kindly destroy the document of my appointment and the one of my resignation.”

 

A spokeswoman for Mr Desmond told the Irish Times he did not want to comment.

 

Irish Sun

 

http://www.thesun.ie/irishsol/homepage/news/7058760/Panama-files-Tycoons-link.html

[der Berliner 3,249]

Sidenote ... this hit the newswires late yesterday evening. It is now 13.6 and the Scottish media is haring after it too ... well, maybe later.

 

http://www.newsnow.co.uk/h/Sport/Football/Scottish+Premiership/Celtic

[RANGERRAB 3,261]

Maybe this will be the start of Desmond's financial past. Hope the IFSC will be next

[pete 2,499]

Sidenote ... this hit the newswires late yesterday evening. It is now 13.6 and the Scottish media is haring after it too ... well, maybe later.

 

http://www.newsnow.co.uk/h/Sport/Football/Scottish+Premiership/Celtic

 

Billionaire Celtic supremo Dermot Desmond is latest high-profile figure to be 'named' in Panama Papers

 

13:18, 8 Apr 2016

Updated 15:48, 8 Apr 2016

By Sally Hind

 

THE 11.5 million files leaked from Panama law firm Mossack Fonseca show how the rich and powerful use tax havens around the world to hide their wealth.

CELTIC’S major shareholder Dermot Desmond is reported to be one of the names to appear in the Panama Papers.

 

The Irish billionaire is the latest high-profile figure to be identified among the 11.5 million files leaked from Panama law firm Mossack Fonseca which show how the rich and powerful have used tax havens around the world to hide their wealth.

 

The 65-year-old, who is majority shareholder of Celtic and worth an estimated £1.38billion, is named in 2005 paperwork from HSBC Private Bank in Switzerland to Mossack Fonseca .

 

The correspondence is in relation to a firm called Ard International Inc, whose directors grant a power of attorney over the company to Desmond.

 

A later note from the Caribbean-based tycoon reportedly asks that Ard’s directors instead grant power of attorney to two Swiss lawyers.

 

The files also show a link with Irish businessman and racehorse owner JP McManus, naming him as a client of the firm.

 

There is no suggestion those named in the papers have broken the law. Both men are yet to comment on their links to the law company.

 

The Irish times reported: “The two wealthy Irish business figures, Dermot Desmond and JP McManus, also appear in the files.

 

“Both are active in international investments and are not tax resident in this jurisdiction, and it is not surprising that they might show up in the files of a major law firm that provides global services.”

 

X Factor judge Simon Cowell, Margaret Thatcher’s son Sir Mark and golfer Sir Nick Faldo are among scores of high profile names which have been dragged into the Panama Papers row .

 

Read more at http://www.dailyrecord.co.uk/news/scottish-news/billionaire-celtic-supremo-dermot-desmond-7715628#wHAYmeBjkZiLY2lO.99

 

They have caught up.