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Panama Papers put a light on Middle East leaders’ secret bank accounts

Published April 6th, 2016 - 03:15 GMT

An anonymous source handed a German newspaper a data leak of unprecedented size, exposing the inside operations of German-run (but Panama-based) law firm Mossack Fonseca (MF), a global leader in setting up offshore companies typically used to avoid taxes or hide ill-gotten gains. These "Panama Papers" include long list of "offshore Arabs". Money-hiders from every nation have been outed. In the wake of civil protests, the prime minister of Iceland - also named - has resigned. Will the revelations incite similar demonstrations in the Middle East? Or will the public shrug, and accept these telltales of chronic corruption as a fact of political life?

(Images and intel sourced from The International Consortium of Investigative Journalists ICIJ).

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former prime minister of iraq Ayad Allawi

Home is where the heart is? His Panama-registered companies helped former Iraqi PM Ayad Allawi obtain multimillion GBP homes in the UK. His spokesman stated that the offshore companies allowed secret purchase of Allawi's homes in light of a prior assassination attempt on his life, adding that he paid all taxes and broke no laws.

former prime minister of jordan Ali Abu al-Ragheb

A nice family business? Former Jordan prime minister Ali Abu al-Ragheb owned several companies registered in the British Virgin Islands (BVI) and Seychelles, co-directed with his wife and sons. Several of these held bank accounts in Geneva used for investment in Jordan. According to al-bab.com, the companies' activities were never identified.

former prime minister of qatar

Sailing on a sea of cash? Billionaire Hamad bin Jassim bin Jaber Al Thani, ex-Qatar prime minister, foreign minister and head of Qatar Investment Authority, had Caribbean companies that handled his $300 mil super-yacht and shares in a port in Mallorca. He owned two more Panamanian businesses with then-Emir of Qatar Hamad bin Khalifa Al Thani.

former emir of qatar

Check please? Sheikh Hamad bin Khalifa Al Thani ruled Qatar from 1995-2013. Soon after resigning, he bought a BVI-registered business and shares in two South African firms. He was also majority shareholder of Rienne S.A. and of Yalis S.A. (with minority shares held by Sheikh Hamad bin Jassim Al Thani) which had accounts with a Luxembourg bank.

cousins of syrian president assad

Kin in high places? Rami & Hafez Makhlouf, Bashar Assad's cousins, used MF to manage a vast portfolio of offshore entities built on the back of their presidential link. MF emails discussed 2011 corruption allegations against the pair. After BVI Financial Services Commission started investigation them for money laundering, MF dropped the clients.

confidant to palestinian authority president

Bosom buddies? In 2013, Mohammad Mustafa rose to Palestinian Authority deputy PM for economic affairs. He used MF offshore accounts to move money from Arab nations to the PA, actions which this close confidant to PA Prez Mahmoud Abbas says were “are cleared with all competent authorities in accordance to the applicable laws in Palestine.”

King of Saudi Arabia

Saudi King Salman held an unspecific role in a Luxembourg firm which was a shareholder in 2 BVI-registered corporations which mortgaged a pair of his luxury homes in London. The king's precise role is unspecified, but the mortgages are mentioned "in relation to" him and his assets. His superyacht Erga is also registered by an offshore company.

Saudi Crown Prince

Swiss bank USB bought two Panamanian firms from MF which were used to open bank accounts for Saudi Crown Prince Mohammad bin Naif bin Abdulaziz Al-Saud. The man next-in-line to the KSA throne, interior minister and counterterrorism chief has been criticized for his handling of the 2015 Haj stampede which killed thousands of Mecca pilgrims.

former prime minister of iraq Ayad Allawi
former prime minister of jordan Ali Abu al-Ragheb
former prime minister of qatar
former emir of qatar
cousins of syrian president assad
confidant to palestinian authority president
King of Saudi Arabia
Saudi Crown Prince
former prime minister of iraq Ayad Allawi
Home is where the heart is? His Panama-registered companies helped former Iraqi PM Ayad Allawi obtain multimillion GBP homes in the UK. His spokesman stated that the offshore companies allowed secret purchase of Allawi's homes in light of a prior assassination attempt on his life, adding that he paid all taxes and broke no laws.
former prime minister of jordan Ali Abu al-Ragheb
A nice family business? Former Jordan prime minister Ali Abu al-Ragheb owned several companies registered in the British Virgin Islands (BVI) and Seychelles, co-directed with his wife and sons. Several of these held bank accounts in Geneva used for investment in Jordan. According to al-bab.com, the companies' activities were never identified.
former prime minister of qatar
Sailing on a sea of cash? Billionaire Hamad bin Jassim bin Jaber Al Thani, ex-Qatar prime minister, foreign minister and head of Qatar Investment Authority, had Caribbean companies that handled his $300 mil super-yacht and shares in a port in Mallorca. He owned two more Panamanian businesses with then-Emir of Qatar Hamad bin Khalifa Al Thani.
former emir of qatar
Check please? Sheikh Hamad bin Khalifa Al Thani ruled Qatar from 1995-2013. Soon after resigning, he bought a BVI-registered business and shares in two South African firms. He was also majority shareholder of Rienne S.A. and of Yalis S.A. (with minority shares held by Sheikh Hamad bin Jassim Al Thani) which had accounts with a Luxembourg bank.
cousins of syrian president assad
Kin in high places? Rami & Hafez Makhlouf, Bashar Assad's cousins, used MF to manage a vast portfolio of offshore entities built on the back of their presidential link. MF emails discussed 2011 corruption allegations against the pair. After BVI Financial Services Commission started investigation them for money laundering, MF dropped the clients.
confidant to palestinian authority president
Bosom buddies? In 2013, Mohammad Mustafa rose to Palestinian Authority deputy PM for economic affairs. He used MF offshore accounts to move money from Arab nations to the PA, actions which this close confidant to PA Prez Mahmoud Abbas says were “are cleared with all competent authorities in accordance to the applicable laws in Palestine.”
King of Saudi Arabia
Saudi King Salman held an unspecific role in a Luxembourg firm which was a shareholder in 2 BVI-registered corporations which mortgaged a pair of his luxury homes in London. The king's precise role is unspecified, but the mortgages are mentioned "in relation to" him and his assets. His superyacht Erga is also registered by an offshore company.
Saudi Crown Prince
Swiss bank USB bought two Panamanian firms from MF which were used to open bank accounts for Saudi Crown Prince Mohammad bin Naif bin Abdulaziz Al-Saud. The man next-in-line to the KSA throne, interior minister and counterterrorism chief has been criticized for his handling of the 2015 Haj stampede which killed thousands of Mecca pilgrims.

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