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Apr 7, 2016 @ 14:20

Bilyonaryos, PH businessmen we know so far on ‘Panama Papers’ list

 

Bilyonaryos and other Filipino businessmen are among the names caught up in the Panama Papers, dubbed as the biggest anonymous leak of financial documents in history.

The unprecedented leak of nearly 40 years’ worth of files from a Panama law firm has revealed offshore companies linked to these Bilyonaryos or companies:

1) Henry Sy
2) Andrew Tan
3) Gotianun family’s Filinvest Group
‎4) Robert Coyiuto
5) the late Archimedes R. King, founder of ‎ Victoria Court
6)‎ Carlos Sunico Rufino, president of The Net Group Real Estate Asset Management Corp.
7) ‎ Carlos Angelo Ejercito, president of Northern Access Mining Corp. and Forum Cebu Coal Corp.
8) Holcim Philippines owned by Swiss cement giant Holcim
9) Nickel Asia Corp. owned by Manny Zamora
10)Panay Electric Co. Inc. which is partly owned by the Lopez group’s First Philippine Holdings
11) Investment Capital Corp. of the Philippines which is run by investment banker Conrado Gloria Jr. and William Valtos Jr.

These names were culled among the data bank of Panamanian law firm Mossack Fonseca which is known for setting up offshore shell companies for its clients.

The International Consortium of Investigative Journalists has tagged around 572 Filipinos with offshore accounts.

A shell company is an inactive company often used to hide money, avoid tax, and dodge sanctions.

But offshore accounts are not always illegal. According to the Financial Action Task Force, a global money laundering watchdog, companies or trusts can be set up offshore for legitimate uses such as mergers and acquisitions, business finance and estate or tax planning.

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