![\"Panama](\"https:\/\/i0.wp.com\/www.middleeastobserver.org\/wp-content\/uploads\/2016\/05\/netanyahu-king-salam.jpg\")
<\/a><\/p>\nMiddle East Leaders Among Top Investors in \u201cPanama Papers Case\u201d<\/h3>\n
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Around eleven million documents were leaked from one of the world\u2019s most secretive companies, Panamanian law firm Mossack Fonseca as it worked for 40 years without suspicion. The leaked documents showed how Mossack Fonseca firm has helped clients launder money, dodge sanctions and evade tax.<\/p>\n
The documents held by the Panama-based law firm Mossack Fonseca have been delivered to the German newspaper Sueddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. Later, around 107 media organisations in 78 countries have been analysing the documents. Among the media agencies are the BBC, Panorama and UK newspaper the Guardian. The BBC said that it does not know the identity of the source.<\/p>\n
However, the director of the International Consortium of Investigative Journalists (ICIJ), G\u00e9rard Ryle said the documents covered the day-to-day business at Mossack Fonseca over the past 40 years. He said it will be one of the biggest blows offshore,\u201dI think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents.\u201d The blow will extend offshore the world,even middle east leaders were linked to this company.<\/p>\n
The documents show 12 current or former heads of state with at least 60 people linked to current or former world leaders in the data. It also contains secret offshore companies linked to the families and associates of Egypt\u2019s former president Hosni Mubarak, Libya\u2019s former leader Muammar Gaddafi, Syria\u2019s President Bashar al-Assad and Saudi Arabia\u2019s king Salman.<\/p>\n
Moreover, the documents include the Icelandic Prime Minister, Sigmundur Gunnlaugson, who had a hidden interest related to his wife\u2019s wealth and is now facing calls for his resignation. The files also unveiled suspected money laundering ring with billion dollars involving close associates of Russian President Vladimir Putin.<\/p>\n
The documents also show how the company offered financial assistances and services how it helped business clients hide their wealth or to do illegal many transactions.<\/p>\n
Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Isaac Herzog, member of the Knesset and Chairman of the Israeli Labor party, revealed that Saudi king Salman bin Abdulaziz financed the election campaign of Israeli Prime Minister, Benjamin Netanyahu. \u201cIn March 2015, King Salman has deposited eighty million dollars … Continue reading