New Panama Papers reveal Africa corporate secrecy
A network of international journalists investigating the use of offshore bank accounts which enable wealthy clients to reduce the level of scrutiny of their dealings have published new revelations about businessmen in Nigeria, Kenya, Namibia, Egypt and Algeria. The International Consortium of Investigative Journalists (ICIJ) says the latest research on the Panama Papers – leaked documents from the Panama-based law firm, Mossack Fonseca – has exposed ‘fresh details about the misuse of corporate secrecy and hidden wealth in Africa’.
The ICIJ has worked with the African Network of Centres for Investigative Reporting and a number of African news organisations – including AllAfrica content partners – in its latest investigations. The ICIJ says that businesses in 52 African countries used offshore companies created by Mossack Fonseca. ‘In 44 countries, offshore companies were used to assist oil, gas and mining deals and exports, concerning advocates and governments in a continent where many nations rely on revenue from natural resources,’ it noted.
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