The names of Mr John Addo Kufour, a son of former President J.A. Kufuor and Mr Kojo Annan, son of former UN Secretary General, Mr Kofi Annan have popped up in an investigative piece dubbed the “Panama Papers” and authored by the International Consortium of Investigative Journalists (ICIJ) on offshore business.
The Panama Papers is an unprecedented investigation that reveals the offshore links of some of the globe’s most prominent figures.
The data provides rare insights and proves how a global industry led by major banks, legal firms, and asset management companies secretly manages the estates of the world’s rich and famous: from politicians, Fifa officials, fraudsters and drug smugglers, to celebrities and professional athletes.
The massive leak of documents, which were all hidden in 11.5 million secret files exposes the offshore holdings of 12 current and former world leaders and provides details of the hidden financial dealings of politicians and public officials around the world.
They were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca.
It shows how Mossack Fonseca helped clients launder money, dodge sanctions and evade tax and how the rich and powerful use tax havens to hide their wealth.
The leak also exposes confidential documents and the names of 140 politicians including Heads of State, their associates, ministers and elected officials from more than 50 countries who are connected to offshore companies in 21 tax havens.
Mr Kufuor and Mr Annan are the only Ghanaians whose names have popped up among the findings of the year-long investigation by the ICIJ, German newspaper Süddeutsche Zeitung and more than 100 other news organizations.
Current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the King of Saudi Arabia
More than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories
The global investigation also throws light on the sprawling, secretive industry of offshore that the world’s rich and powerful use to hide assets and skirt rules by setting up front companies in far-flung jurisdictions.
The report by ICIJ however explains that there are legitimate uses for offshore companies, foundations and trusts and that the intention was not to suggest or imply that any persons, companies or other entities included in the ICIJ report have broken the law or otherwise acted improperly.
It goes further to explain that engaging in offshore business in itself was not illegal.
John Addo Kufuor
According to the report published by the ICIJ, Mr Addo Kufuor’s offshore company controlled a $75,000 bank account for him and his mother [Mrs Theresa Kufuor].
It said in early 2001, shortly after the start of President Kufuor’s first term, Mr Addo Kufuor appointed Mossack Fonseca to manage The Excel 2000 Trust.
Later that year, it controlled a bank account in Panama worth $75,000.
His mother – Theresa Kufuor, then-Ghana’s first lady – was also a beneficiary.
In 2012, Kufuor asked Mossack Fonseca to close the trust. Files also connected Kufuor with BVI companies Fordiant Ltd and Stamford International Investments Group Limited.
Both were registered when Kufuor’s father was president of Ghana and became inactive in 2004 and 2007.
According to the ICIJ, when Mr Addo Kufuor was repeatedly contacted for a comment, he did not respond.
Mr Addo Kufuor is the eldest son of Ghana’s former president, John Agyekum Kufuor, who led the country from 2001 to 2009.
As a trained accountant, the younger Kufuor has worked in the hotel industry.
Throughout 2005, there were media reports of allegations that he gained lucrative government contracts and private sector business deals through paternal connections.
An official commission later found no evidence of wrongdoing.
By: www.dailyviewgh.com
