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Pandora Papers: How Panama Law Firm Helped Public Figures Hide Money in Tax Havens

Published

4 years ago

October 4, 2021

Eric

A prestigious Panamanian law firm was named in the so-called ‘Pandora Papers’ as implicated in the creation of offshore shell companies meant to hide money in tax havens for more than 160 politicians and public figures.

They included “some accused of looting their countries,” according to the International Consortium of Investigative Journalists (ICIJ), which obtained the leaked documents as part of the Pandora Papers, published Sunday, which sent shockwaves of embarrassment through powerful circles.

Aleman, Cordero, Galindo & Lee, or Alcogal, was involved in creating shell companies to move money for Jordanian King Abdullah II, Czech Prime Minister Andrej Babis, Montenegro President Milo Djukanovic and three former presidents from Panama, among others, according to the bombshell release.

Others involved with Alcogal — co-founded in the 1980s by the son of a former Panamanian ambassador to the United States who then became ambassador himself — include a Honduran presidential candidate and a former president of Ecuador.

The firm also worked with figures in some of the most notorious financial scandals of the last decade, including the massive Latin American bribery plot involving Brazilian construction company Odebrecht and the soccer corruption case known as “Fifagate,” according to the ICIJ.

In a report, the ICIJ enumerated the 14,000 offshore entities in Belize, the British Virgin Islands and Panama created with the help of Alcogal in an effort to stash money away from public scrutiny for some 15,000 clients since 1996.

So prolific was the law firm’s offshore involvement that nearly two million of the 11.9 million leaked documents associated with the Pandora Papers — which were reported on by some 600 journalists — came from Alcogal.

Magnet for rich and powerful

According to the ICIJ, Alcogol played “a leading role in the tax avoidance and asset protection industry.”

“Over the past three decades, Alcogal has become a magnet for the rich and powerful from Latin America and beyond seeking to hide wealth offshore,” the reporting group said, citing leaked corporate records.

“Firms like Alcogal propel that (shadowy) economy, helping well-heeled clients find havens to conceal their money, sometimes from tax collectors and criminal investigators. Ordinary people often pay the price,” the ICIJ report on the firm said.

For example, the ICIJ says Alcogal set up more than 200 shell companies for the Banca Privada d’Andorra, some of which were then used to conceal public corruption in Venezuela. The United States later blacklisted the bank over money laundering concerns and Alcogal disentangled itself from the bank.

The firm rejected accusations of shady dealings in a statement, saying it was considering legal action to defend its reputation “in a vigorous manner where necessary.”

“Alcogal rejects the conjecture, inaccuracies and falsehoods in the papers,” the firm said, offering to work with authorities to investigate any irregularities.

And several politicians named in the papers also pushed back, including former Panamanian president Ricardo Martinelli, who denied involvement in anything untoward.

The revelations from the Pandora Papers could further damage Panama’s reputation, after the Central American country’s image already took a hit in a previous round of financial scandal reporting known as the “Panama Papers” five years ago.

The government worried about fallout from the new release, according to a letter from officials released by local media.

“The damage could be insurmountable,” the Panamanian government said in the letter, sent through a law firm to the ICIJ.

The letter warned that “any publication” reinforcing “a false perception” of the country as a possible tax haven “will have devastating consequences for Panama and its people.”

The letter from the Panamanian government also references some of the reforms that the Central American country has made in recent years, although it remains on the EU list of tax havens.

The Panama of 2016 “is nothing like the Panama of today,” the government said in its letter.

(AFP)

Featured

2027: ADC’ll Lose Presidential Poll If Obi is Not Fielded, Fayose Warns

Published

3 days ago

March 30, 2026

Eric

A former Governor of Ekiti State, Ayodele Fayose, has warned that the African Democratic Congress (ADC) will lose the 2027 elections if a former presidential candidate, Peter Obi, is not on the party’s ticket.

Fayose made the remark while also assessing the performance of President Bola Tinubu in office.

He spoke on Sunday at the PDP’s national convention holding in Abuja.

“I’m happy with what Asiwaju is doing. You don’t have to have 100 percent of any issue before you are said to be doing well; but when you relate our past with our present, he is not doing well,” the former governor said.

On the opposition, Fayose suggested that the ADC’s chances depend heavily on Obi’s participation.

“I told you that if Obi is not on the ballot of ADC, that is the end of ADC. It looks like now that Obi will not; Atiku will get the ticket,” he stated.

He also cast doubt on Obi’s political path ahead of the election.

“It’s impossible for him to go back to the Labour Party. Obi is a good guy; he’s a fantastic guy, but to become the president at this time is difficult,” Fayose added.

Featured

Wike-led PDP Faction Holds Convention, Reelects Abdulrahman, Anyanwu

Published

3 days ago

March 30, 2026

Eric

A faction of the Peoples Democratic Party (PDP) aligned with FCT Minister Nyesom Wike has re-elected Abdulrahman Mohammed and Samuel Anyanwu as national chairman and secretary, respectively.

The duo secured their positions by consensus on Sunday during the faction’s elective national convention held at the Velodrome of Moshood Abiola National Stadium in Abuja.

The affirmed officers include Aaron Chukwuemeka (Deputy National Chairman, South), Yusufu Nya Akirikwen (SAN) (Deputy National Chairman, North), Kolawale Olabisi (Deputy National Secretary), Odeyemei Mackson Oladiran (National Treasurer), and Lado Dan Marke (Deputy National Treasurer), among others.

Also listed are Eyim Donatus Henry, Dr Grema Kyari, Umar Mohammed Bature, Efere Augustine, Jungudo Haruna Mohammed, Egwu Goodluck Chidiebere, Kamaldeen Ajibade (SAN), Barr. Aloysius Chinemelu U. Uba, Osuoha Okechukwu Donatus, Dr Adaba Yatu, Ibrahim Bala Aboki, and Momoh Dejih Eugene Bashir, while Professor Ogunshe Adedayo and Hauwa Ahmed Shinge serve as National Women Leader and Deputy National Women Leader, respectively.

Featured

Tinubu Celebrates ‘Low-Key’ 74th Birthday Amid Economic, Security Challenges

Published

4 days ago

March 29, 2026

Eric

President Bola Tinubu has celebrated his 74th birthday in a low key in line with his tradition of marking the day based on the mood of the country.

In a special birthday message issued on Sunday morning to mark his birthday, the President emphasised that “consistent with my tradition of marking my birthday in line with the mood of the nation, I resolved to observe this year’s birthday low-key.”

Tinubu, while expressing gratitude for the opportunity given him to serve the nation thanked Nigerians for their show of love and prayers on his birthday.

The President assured that his administration will build a brighter future for Nigerians and generations yet unborn.

He also vowed to overcome challenges facing the nation with continued support of the Nigerian people.

The 11-paragraph special birthday message stated as follows:

“My dear fellow Nigerians,

“Today, as I clock another year on the journey of life, I’m filled with joy and gratitude for the opportunity to serve this great nation. I want to take this moment to thank Nigerians for their messages, show of love and prayers on the occasion of my 74th birthday. I thank all our citizens for their patriotism, solidarity and support for our administration.

“To those who have taken space in newspapers or paid for air time on radio and television to wish me well, I thank you immensely.

“I must thank my wife, First Lady Oluremi Tinubu, for her kind and loving words. I also thank Vice President Kashim Shettima for all he said about me.

“Consistent with my tradition of marking my birthday in line with the mood of the nation, I resolved to observe this year’s birthday low-key.

“As I mark this special day, I am reminded of the challenges we’ve faced since we initiated our reforms. I’m glad that our sacrifices have not been in vain, as we can see a glimmer of light at the end of the tunnel, despite the temporary setback caused by the ongoing Middle East crisis.

“The credit for the positive outcomes we have achieved does not belong solely to me, our Renewed Hope team, or our government. We achieved the gains together.

“As we march towards the third anniversary of our administration, it is my deepest conviction that we shall succeed in building a brighter future for our citizens and future generations.

“We are determined to confront some of the challenges we face today, and with your continued support, we shall overcome.

“Let us continue to work together to build a stronger, prosperous and more resilient nation that will make Nigeria the pride of Africa.

“Thank you all, and happy 74th birthday to me!”