The Pandora Papers series, the biggest investigation in the history of ICIJ (International Consortium of Investigative Journalists), found offshore linked to 133 billionaires –from more than 40 countries– listed in the magazine’s ranking forbes.
>>> read on here all Pandora Papers texts published by power360
Data from 2021 show that the combined fortune of 102 beneficiaries of companies in tax havens is US$ 635.8 billion.
Brazil is the 2nd country with the most billionaires in the ranking connected to offshore, with 15. It is behind Russia, with 40, and ahead of the United Kingdom, with 10.
The infographic data above only considers the main list of billionaires from forbes, not including data from rankings regional journals.
For some of the lucky ones identified in the investigation, there is no recent information on the balance deposited in tax havens. 102 have this data updated in 2021. This group has a fortune of US$ 635 billion.
The names of the beneficiaries of the offshore found in Pandora Papers are not listed in this report because ICIJ was unable to contact each 1 of them directly. how to have a offshore it is not necessarily illegal, the decision was made not to expose the names without first having an official position regarding each individual situation.
The Pandora Papers investigation is based on 11.9 million files. The data cover a period that goes from 1990 to 2019. The material was analyzed for about 1 year until its publication.
This is the largest ICIJ investigation in terms of the volume of documents analyzed and professionals mobilized: 615 journalists from 149 vehicles in 117 countries. In Brazil, part of the investigation is the power360, the magazine Piauí, a Public Agency and the website metropolises.
PUBLIC INTEREST
As recorded in several texts in the Pandora Papers series, having a company offshore or bank account abroad is not a crime for Brazilians who declare these activities to the Federal Revenue and the Central Bank, as the case may be.
If it’s not a crime, why divulge information about people whose business abroad complies with Brazilian rules? The answer to that question is simple: o power360 it’s the ICIJ they are guided by the principle of journalistic relevance and public interest.
As is well known, there is a difference in how Brazilians should register their companies.
For the vast majority of citizens with registered businesses within Brazil, the data is public. All you have to do is go to a notary office or a Board of Trade to find out who the owners of a particular company are. In the case of those who have an offshore company, even if declared, the information is not public.
There are, therefore, 2 types of Brazilian entrepreneurs: 1) those who have their companies in the country and who are exposed to the scrutiny of any other citizen; two) those who are able to open the business outside the country and whose data will be protected by confidentiality.
Those are the rules. In this space it will not be analyzed whether they are iniquitous or not. That’s the law. It must be fulfilled. It is up to Congress, if it wishes, to improve the rules. Journalism is left with the mission of reporting the facts.
It is, therefore, a function of professional journalism to describe to society what is happening in the country. There are citizens who occupy a prominent position and who must always be subjected to greater scrutiny. In this category, among others, celebrities (who live off their public exposure and often receive state subsidy); journalistic media companies and journalists (since one of their functions is precisely to investigate what is right or wrong in the daily life of the country); big businessmen; who makes donations to political campaigns; public workers; politicians in general. And there are even more explicit cases: contractors cited in major scandals, money changers, bookmakers and drug dealers.
All investigations must be judicious and never expose anyone improperly. A great entrepreneur who chooses to open a offshore, properly declared, has every right to do so. But the obligation of professional journalism is also to investigate big business and say how a given company takes care of its resources – always bearing in mind, when applicable, that everything is in accordance with current laws.
Many of the Brazilians mentioned in the Pandora Papers series responded proactively to the power360. They presented proof of the legality of their business abroad. They are citizens who contribute to the common good by understanding the role of professional journalism in scrutinizing who is more politically exposed in society.
The Pandora Papers series is one more of many than the power360 made in partnership with the ICIJ ( ). It is a contribution of professional journalism to offer more transparency to society. The principle expressed in the sentence coined by the US Supreme Court Judge Louis Brandeis (1856-1941) about a century ago about access to data of public interest was followed in this report and in others already carried out: “Sunlight is the best disinfectant”. O power360 believes that in this way it fulfills its main mission as a journalism company: “Improving democracy by ascertaining the truth of the facts to inform and inspire”.
This article is part of the Pandora Papers series, from ICIJ (International Consortium of Investigative Journalists). 615 journalists from 149 vehicles in 117 countries participated in the investigation.
In Brazil, journalists from the power360 (Fernando Rodrigues, Mario Cesar Carvalho, Guilherme Waltenberg, Tiago Mali, Nicolas Iory, Marcelo Damato and Brunno Kono); of the magazine Piauí (José Roberto Toledo, Ana Clara Costa, Fernanda da Escóssia and Allan de Abreu); gives Public Agency (Anna Beatriz Anjos, Alice Maciel, Yolanda Pires, Raphaela Ribeiro, Ethel Rudnitzki and Natalia Viana); and the website metropolises (Guilherme Amado and Lucas Marchesini).