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The Middle East Players - Forbes
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Panama Papers: The Middle East
Players
Dominic Dudley,

CONTRIBUTOR

I write about business and economics in the Middle East
FOLLOW ON FORBES (0)
Opinions expressed by Forbes Contributors are their own.

FULL BIO

The Panama Papers released by the International
Consortium of Investigative Journalists (ICIJ) on April 3
set out previously unknown details of the financial
dealings of more than 140 politicians from more than 50
countries. Among them are former prime ministers of
Iraq, Jordan and Qatar, a former emir of Qatar and the
current Saudi king.

05/04/2016 09:06

5 million financial and legal records leaked from Panamanian law firm Mossack Fonseca.c bu y N y bu to k lic C 2 of 8 c u -tr a c k w w .Panama XPapers: The Middle East Players . noting that it “was constituted in all transparency” and 05/04/2016 09:06 . Bouchouareb has been the sole owner of the Panamanian company Royal Arrival Corp.c Here are some of the key findings released to date. the information sheds some rare light on the private financial dealings of some of the richest and most powerful people in the Middle East. Algeria – Abdeslam Bouchouareb.com/sites/dominicdudley/2016/04/04/panama-papers-the-middle-east-players/#7a6. along with the responses given to the ICIJ. Mossack Fonseca has itself issued a response to the data publicised by the ICIJ.. CEC said Royal Arrival Corp was active in Turkey.forbes. Even so.d o w w w e O W ! F- O W ! PD c u -tr a c k .d o m w o The papers come from 11. in alphabetical order based on country.. In emails sent to Mossack Fonseca. X Cha PD F- ng N to k lic . minister of industry and mines Since July 2015. Compagnie d’Etude et de Conseil (CEC). It’s worth noting that there are legitimate uses for offshore companies and while they may be used to avoid taxes this is less of an issue in places such as the Gulf where personal taxes are not levied. which is managed via a Luxembourg company.Forbes Cha ng e http://www. the UK and Algeria. C m o . Response: A Luxembourg financial firm that set up the company for Bouchouareb confirmed his ownership.

with his agreement. Mossack Fonseca was fined $37.d o w w w e O W ! F- O W ! PD c u -tr a c k . decided to delay any use of the company… Mr. son of former president Hosni Mubarak Alaa Mubarak owned the British Virgin Islands (BVI) firm Pan World Investments Inc.forbes. wrote to Mossack Fonseca that Pan World’s activities did not contravene 05/04/2016 09:06 .c Recommended by Forbes IBMVoice Ways The Internet Of Things Will Innovate The Retail Industry Egypt – Alaa Mubarak.Forbes Cha ng http://www.. “We.Panama XPapers: The Middle East Players . “a high risk customer. the year his father was ousted. X Cha PD e F- ng N to k lic .c bu y N y bu to k lic C 3 of 8 c u -tr a c k w w . Bouchouareb asked us to freeze this company for the duration of his public mandates.com/sites/dominicdudley/2016/04/04/panama-papers-the-middle-east-players/#7a6.d o m w o set up to own and manage inherited property.” Credit Suisse.” C m o . BVI authorities told Mossack Fonseca to freeze Pan World’s assets. In 2011. however.500 for failing to properly check into Alaa Mubarak.. Because of his ministerial role. managed by Credit Suisse. In 2013..

Documents for this BVI-registered entity identify the source of funds as personal savings. It also said any income generated in the UK from the properties “has been properly accounted for” and 05/04/2016 09:06 .Forbes Cha ng e http://www.. also held a property in London on his behalf .d o w w w e O W ! F- O W ! PD c u -tr a c k .” They resigned as Pan World’s agent in April 2015. In 2014. Moonlight Estates and IMF Holdings. C m o .” They added that IMF was set up to own residential property based on security and legal advice “in light of an assassination attempt” on Allawi. Company employees admitted internally that they could be found “in further breaches. Until its dissolution in 2013.5 million. X Cha PD F- ng N to k lic .c Response: Mubarak did not respond to repeated requests for comment. As of April 2013 the property had an estimated value of $1.d o m w o Switzerland’s freeze on Mubarak’s assets. Allawi’s other offshore company. Iraq – Former Vice President and Prime Minister Ayad Allawi Mossack Fonseca supplied people to stand in for Allawi as directors of his Panama-registered company IMF Holdings. close to London. a second BVI agency started investigating Mossack Fonseca and Pan World.c bu y N y bu to k lic C 4 of 8 c u -tr a c k w w .Panama XPapers: The Middle East Players ..forbes.com/sites/dominicdudley/2016/04/04/panama-papers-the-middle-east-players/#7a6. Moonlight Estates. Response: Allawi’s media office confirmed he “is the sole director and shareholder of Foxwood Estates. IMF owned a house in Kingston-upon-Thames.

X Cha PD e F- ng c u -tr a c k N to k lic Comment on this story Print PAGE 1 / 3 Report Corrections .c m C w o m bu y N y bu to k lic C 5 of 8 “taxes have been paid promptly and on time...d o o .” w w .com/sites/dominicdudley/2016/04/04/panama-papers-the-middle-east-players/#7a6.d o w w w e O W ! F- O W ! PD c u -tr a c k .Panama XPapers: The Middle East Players .Forbes Cha ng http://www.c Continue Reprints & Permissions SEE ALSO ATM COMPANIES COMPANIES GOING BEST FINANCE LIMITED COMPANY BPO COMPANIES INVESTMENT MICRO FINANCE TOP 10 FINANCE From the Web Ads by Revcontent Newborn Twins Hugging Each Other During Bath This Man Looks Like Superman WWWN WWWN Partner With The World's Fastest Growing Native Ad Network Scale Your Content and Drive Traffic with Revcontent REVCONTENT REVCONTENT 05/04/2016 09:06 .forbes.

d o w w w e O W ! F- O W ! PD c u -tr a c k ..d o m o m o c u -tr a c k C lic k to bu y N y bu to k lic C 6 of 8 w w w .c Revcontent Dominates Content Recommendation with Massive Innovation EXAMINER.forbes.Forbes Cha ng http://www.c Sign Up With Revcontent Get Premium Traffic To Drive High-Quality Across All Devices with Traffic To Your Site Revcontent Scale Your Content Across All Devices With Revcontent REVCONTENT REVCONTENT REVCONTENT . X Cha PD e F- ng N .COM / Media & Entertainment Join Us For An Exclusive Webcast on Social Security APR 1.Panama XPapers: The Middle East Players . 2016 @ 10:01 AM Bieber And Beyond: The Evolution Of Scooter Braun 05/04/2016 09:06 .com/sites/dominicdudley/2016/04/04/panama-papers-the-middle-east-players/#7a6..

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