's 'involvement in a Panama hotel project' appears in Pandora papers

's 'involvement in a Panama hotel project' appears in Pandora papers
Trump's 'involvement in a Panama hotel project' appears in Pandora papers

Donald Trump has been named in the Pandora Papers over his links to a Panamanian hotel project, but the leaked files 'do not reveal significant information' about his dealings, according to a report. 

The dump of 12 million financial records has turned up the heat on elites from King Abdullah of Jordan to the alleged mistress of Russian President Vladimir Putin

The former US president is mentioned for his 'involvement in a Panama hotel project,' according to The Washington Post.

'But the Pandora documents do not appear to reveal significant new information about his finances,' the report says.  

Trump's name previously appeared in relation to the Trump Ocean Club International Hotel and Tower in the Panama Papers leak of 2016.

It's not clear whether this gleaming sail-shaped complex which towers over Panama City bay is the same project discussed in the Pandora Papers.

Trump put his name to the development and stood to make up to $75 million from it, according to a bond prospectus for the project.

He did not exert management control over the construction and was under no direct legal obligation to conduct due diligence on other people involved.

Former US President Donald Trump speaks at a rally on September 25, 2021 in Perry, Georgia

Former US President Donald Trump speaks at a rally on September 25, 2021 in Perry, Georgia

Trump's name previously appeared in relation to the Trump Ocean Club International Hotel and Tower in the Panama Papers leak of 2016

Trump's name previously appeared in relation to the Trump Ocean Club International Hotel and Tower in the Panama Papers leak of 2016

It reflects a business model which Trump has used around the world, lending his name to hotels and apartment complexes, while not actually running them himself.

The Pandora Papers are being examined by the International Consortium of Investigative Journalists (ICIJ), but this coterie have not published the trove in full, meaning that fuller detail of Trump's involvement cannot yet been reported. 

Aside from the brief mention of Trump in the new leak, it has been noted that while the world's wealthiest are being skewered from London to Hong Kong, heavyweights in the United States are not named.

Financial secrecy laws in South Dakota have made the state THE spot for foreigners who want to conceal millions in assets 

The state of South Dakota has joined the likes of familiar offshore tax havens, including the British Virgin Islands, Seychelles, Hong Kong and Belize with South Dakota trusts quadrupling in size in the space of ten years to $360 billion.  

The Papers reveal how one of the largest trust company's in the state has confirmed that it has clients spread across 54 countries and 47 states that include more than 100 billionaires.  

State politicians have continued to approve legislation that allow for even more protections and benefits for the customers of such trusts. 

The U.S. has continued to refuse to join a 2014 agreement that is supported by the Cayman Islands and Luxembourg, requiring American financial institutions to share information they have about foreigners’ assets. 

'South Dakota now rivals notoriously opaque jurisdictions in Europe and the Caribbean in financial secrecy,' The Washington Post stated. 

Furthermore, the legislation that allows such secrecy has been drafted by insiders who work in the trust industry. 

The state laws provide both protection and secrecy while keeping the money within the U.S.

Normally, the government would tax any interest earned by an account, but in South Dakota, assets are protected from any civil claims such as a divorce or legal proceedings. They are not protected from criminal investigations. 

Nevertheless,

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