What is “Panama Papers Leak?”

The latest leak shocked the international community are Panama Papers. What are Panama Papers? Panama is a country and it is land of the carnival beaches. Apart from a country known for beaches it is also a tax haven where the rich and powerful people of the world hide their wealth.

Eleven million confidential documents have been leaked from one of the most secret companies in Panama. Mossack Fonseca is a Panama-based company, considered to be one of the most secret companies on the planet. This company sells offshore shell companies around the world.

What is a Shell Company?

Shell company is a company that does not own anything or do any work as an independent company, but is used by its owners to carry out particular business or to control other companies.

Mossack Fonseca is a such a company that manages shell companies. These shell companies do not operate or trade anything but just used for transaction purposes.

Panama Papers Leak

About a year ago, through some anonymous source the internal papers of Mossack Fonseca (Panama-based company) has been leaked. The German newspaper Süddeutsche Zeitung has received these papers a year ago. The leaked documents are said to be approximately 11.5 million documents or or 2.6 terabytes’ worth of data. These documents contain information about 214,000 shell companies from the period between 1970s to 2016.

These leaked documents are termed as “Panama Papers”. Panama Papers mostly contain emails, PDF files, and photo files. All these belong to the company Mossack Fonseca. This leak is said to be the world’s biggest-ever leak of classified information.

The German newspaper Süddeutsche Zeitung shared the leaked Panama Papers’ information with the International Consortium of Investigative Journalists (ICIJ) and more than 100 news outlets in nearly 80 countries. Over the past year, almost 400 journalists have gone through the documents completely, in detail.

Indians in the Panama Papers Leak

Around the world, names of prominent world leaders (present and former) are also have been found in the Panama Papers like Pakistan Prime Minister Nawaz Sharif, British Prime Minster David Cameron, Russian President Vladimir Putin, Island’s Prime Minster Gunnlaugsson & his wife, Chinese President Xi Jinping, etc.

Aishwarya & Amitab Bachchan on Panama Papers

Image courtesy: Indianexpress.com

As of now Indians’ list of names are Aishwarya Rai, Amitabh Bachchan, Sameer Gehlaut and K.P.Singh. Panama Papers has a lot to reveal in the coming days.

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