U2 frontman Bono named in Paradise Papers leak

U2 frontman Bono is among those named in a leak of financial documents laying bare investments in offshore tax havens by the world’s rich and powerful.

A disclosure of 13.4 million documents, dubbed the Paradise Papers, reportedly ties major companies and political figures to secretive overseas arrangements.

According to the Paradise Papers, Bono was an investor in firm based in island nation Malta where foreign investors pay 5pc tax on profits. Bono invested in the Maltese company Nude Estates to buy a stake in the Ausra Mall in the town of Utena.

A spokesperson for the singer told the ‘Guardian’: “Bono was a passive, minority investor in Nude Estates Malta Ltd, a company that was legally registered in Malta until it was voluntarily wound up in 2015. Malta is a well-established holding company jurisdiction within the EU.”

The Paradise Papers also reveal that the Duchy of Lancaster – which manages Queen Elizabeth’s’s financial affairs – invested millions in Dover Street VI Cayman Fund LP.

The files, leaked from the offshore law firm Appleby, claim the fund invested in and profited from a company that developed fingerprint technologies for mobile phones and made investments in other high-tech and pharmaceutical companies.

The Duchy of Lancaster, which manages the Queen’s financial affairs, invested millions in Dover Street VI Cayman Fund LP. Photo: PA
The Duchy of Lancaster, which manages the Queen’s financial affairs, invested millions in Dover Street VI Cayman Fund LP. Photo: PA

In June 2008, the queen’s estate received about €309,000 from its initial €6.4m investment.

A further €5.6m was invested from 2004 to 2010 in the Bermuda-based firm Jubilee Absolute Retur n Fund Ltd.

The queen’s offshore investments have not been disclosed in annual financial reports of the Duchy, which is not obliged to reveal details of her personal wealth.

The queen voluntarily pays tax on income received.

Donald Trump’s commerce secretary Wilbur Ross has shares in a firm that ships oil and gas for a Russian energy company. Photo: Bloomberg
Donald Trump’s commerce secretary Wilbur Ross has shares in a firm that ships oil and gas for a Russian energy company. Photo: Bloomberg

Among those said to be named in the papers is US President Donald Trump’s Commerce Secretary Wilbur Ross.

The documents reveal Mr Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putin’s son-in-law and two men subject to US sanctions.

via Independent.ie