Journalists have extracted information about 52 beneficiaries, well-known Ukrainian businessmen and politicians from the base of documents published by the Panamanian law firm Mossack Fonseca, Censor.NET reports citing Business Censor.
"The database specifies the owners of firms, the date and place of their registration. It should be noted that no patronymics have been provided along with names and surnames. This complicates the identification of beneficiaries from post-Soviet countries," the publication reads.
"By itself, the possession of an offshore company is not a crime. It is quite legitimate if an offshore firm is not used for money laundering or tax evasion. Businessmen around the world register companies in the British Virgin Islands, Panama, Seychelles and in other offshore jurisdictions for the optimization of corporate structure of their companies, trade and legal reduction of tax payments.
"Meanwhile, it's a different matter when an offshore business is owned by a politician, a senior official, or their relatives. In this case, a question arises: why does a politician, bureaucrat, or their relatives need an offshore firm? What assets have they registered with these companies? How have these assets been obtained? These questions should be put to most owners of offshore companies from Ukraine by fiscal and law enforcement authorities. However, waiting for it could be vain.
"The list of owners of offshore businesses includes President of Ukraine Petro Poroshenko and his partners who became officials after his election as president. The offshore database may be also of interest to the National Bank, as the withdrawal of capital from Ukraine in favor of a foreign company requires an appropriate NBU license. Only in rare cases was the Ukrainian business registered with these companies. Mostly, they are used as a link in the ownership structure of Ukrainian assets or as trading companies involved in international trade transactions," the article notes.
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