SA Firms Named in Leaked Paradise Papers

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Legalbrief | your legal news hub Sunday 26 September 2021 SA firms named in leaked Paradise Papers High-profile South Africans and local institutions are flagged in the biggest tax leak since the Panama Papers, which a Business Day report says is set to cause ripples among many who have stashed their wealth in offshore tax havens. Most of the 13.4m documents – which emerged from more than 19 ‘secrecy jurisdictions’ – relate to law firm Appleby, with offices in offshore jurisdictions across the globe, and its corporate services provider Estera, which operated together under the Appleby name until 2016. This leak – dubbed the Paradise Papers – highlights damning cases of tax abuse and questionable practices involving multinational companies, politicians, celebrities, wealthy executives and royals. It includes previously hidden details of corporate registries from countries infamous for ensuring high levels of secrecy. Appleby’s long list of international clients include multinationals and high net worth individuals with links to SA – such as the largest JSE-listed commodities company, Glencore, and the country’s largest bank, Standard Bank. The report adds South African banks that have offices in several secrecy jurisdictions, including Investec, will have to deal with the fallout from client records possibly being compromised in the leak. The Paradise Papers include references to Shanduka – the company in which Deputy President Cyril Ramaphosa held a stake until 2014 – and a number of Glencore’s South African-born executives, including CEO Ivan Glasenberg..

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