Journalism group publishes Panama Papers database

 JournalismPakistan.com |  Published May 10, 2016

FRANKFURT - A group of investigative journalists on Monday published the names of thousands of offshore companies at the heart of a massive trove of data on the finances of the rich and powerful that has become known as the Panama Papers.

The International Consortium of Investigative Journalists made data on 200,000 entities available on its website at 2 p.m. EDT Monday.

They contain basic corporate information about companies, trusts and foundations set up in 21 jurisdictions including Hong Kong and the U.S. state of Nevada. The data was obtained from Panamanian law firm Mossack Fonseca, which said it was hacked.

Users can search the data and see the networks involving the offshore companies, including, where available, Mossack Fonseca’s internal records of the true owners.

Information and documents on bank accounts, phone numbers and emails have been removed from the database.

The ICIJ said it was putting the information online ‘‘in the public interest’’ as ‘‘a careful release of basic corporate information’’ as it builds on an earlier database of offshore entities.

Setting up an offshore company is not by itself illegal or evidence of illegal conduct, and Mossack Fonseca said it observed rules requiring it to identify its clients.

The ICIJ prefaced the data dump by noting that the appearance of particular persons and companies on the list doesn’t imply wrongdoing.

But anti-poverty campaigners say shell companies can be used by the wealthy and powerful to shield money from taxation, or to launder the gains from bribery, embezzlement and other forms of corruption. The Group of 20 most powerful economies has agreed that individual governments should make sure authorities can tell who really owns companies, but implementation in national law has lagged.

The data cache, first leaked to Germany’s Sueddeutsche Zeitung daily, showed offshore holdings of 12 current and former world leaders. Reports based on the documents quickly led to the resignation of Iceland’s Prime Minister David Gunnlaugson after it was revealed he and his wife had set up a company in the British Virgin Islands that had holdings in Iceland’s failed banks. British Prime Minister David Cameron, who had campaigned for financial transparency, faced questions about shares he once held in an offshore trust set up by his father. The ICIJ reported that associates of Russian President Vladimir Putin moved some $2 billion through such companies. Putin’s spokesman dismissed the report.

Hundreds of economists urged world leaders Monday to end the era of tax havens, arguing they only benefit rich individuals and multinational corporations and serve to increase inequality.

The 300 economists, in a letter coordinated by activist group Oxfam, say poorer countries are hit hardest by tax dodging.

‘‘As the Panama Papers and other recent exposés have revealed, the secrecy provided by tax havens fuels corruption and undermines countries’ ability to collect their fair share of taxes,’’ the letter said. ‘‘While all countries are hit by tax dodging, poor countries are proportionately the biggest losers, missing out on at least $170 (billion) of taxes annually as a result.’’

The letter comes days before an anti-corruption summit in London, featuring politicians from 40 countries as well as representatives from the World Bank and the International Monetary Fund. Many of the companies that featured in the Panama Papers were incorporated in British Overseas Territories and the British Virgin Islands.- AP

Even a win can't hide Pakistan's structural collapse in cricket

 June 11, 2025:  Pakistan celebrated a narrow win over Bangladesh, but beneath the jubilation lies a deeper crisis—from sidelined veterans to a collapsing domestic structure—signaling an urgent need for cricket reform.

Journalists stage walkout at post-budget briefing over government's dismissive attitude

 June 11, 2025:  Journalists walked out of the post-budget press conference in Islamabad to protest the absence of a technical briefing and the government's dismissive behavior, calling it unacceptable and intolerable.

Legal storm brews as Dr. Nauman Niaz serves defamation notice on Shoaib Akhtar

 May 31, 2025:  Dr. Nauman Niaz has issued a defamation notice to Shoaib Akhtar over derogatory remarks made during a recent broadcast, reigniting a longstanding media feud between the two prominent figures in Pakistan.

HRCP urges complete repeal of PECA, citing threats to free speech and civil liberties

 May 30, 2025:  The Human Rights Commission of Pakistan has demanded the full repeal of PECA, citing its vague language, coercive powers, and threats to free speech and digital rights in Pakistan.

PFUJ condemns murder of journalist Syed Mohammad Shah, urges immediate justice

 May 30, 2025:  The Pakistan Federal Union of Journalists (PFUJ) has condemned the murder of journalist Syed Mohammed Shah in Jacobabad, calling for urgent justice and improved safety for media professionals in Sindh.

State within a state? Police block reinstated Jang employees from resuming duties

 May 26, 2025:  In Rawalpindi, police allegedly side with Jang Group to block 66 reinstated employees from resuming work despite court orders, drawing sharp criticism from unions and press freedom advocates.

PFUJ slams Jang Group's 'economic massacre' after mass firing of over 80 workers

 May 25, 2025:  PFUJ condemns the Jang Group's decision to dismiss over 80 employees in Rawalpindi, calling it an 'economic massacre.' The union warns of nationwide protests if workers are not reinstated.

Labor rights trampled: Daily Jang defies court, terminates over 80 employees

 May 25, 2025:  Daily Jang Rawalpindi has terminated over 80 employees, including female staff, despite multiple court rulings in their favor—raising concerns over labor rights violations and misuse of authority in Pakistani media.