Fears over fallout from Paradise Papers

Paradise Paper

These are the headlines we are tracking for you in this episode of On the News Line:

Fears over fallout from Paradise Papers

The disclosure of a trove of documents that show a large number of businesses, officials and leaders used offshore accounts to avoid taxes is already making headlines. The case is known as the Paradise Papers and comprises a huge collection of 13.4 million documents dated from 1950 to 2016. They are specifically drawing global attention because some of them implicate a number of US President Donald Trump’s inner circle – and on the other side of the Atlantic – the Queen of England. Trump team members who have been named in the papers are Secretary of State Rex Tillerson, Secretary of Commerce Wilbur Ross and the president’s chief economic adviser Gary Cohn. They have not been found guilty of doing any illegal activity. But the fact that Ross used a Russian company with close ties to President Vladimir Putin to hide billions of his assets in offshore accounts is drawing the attention of the media. This could sooner or later spell trouble for the administration of President Trump who is already dealing with allegations of using Russian help to win his presidency. 

Saudi purge: Could it backfire?

Saudi Arabia recently saw a major sweep in which dozens of high profile royal figures, ministers and businessmen were detained. The arrests were ordered by an anti-corruption committee headed by Crown Prince Mohammed Bin Salman. The purge has intensified speculations about bin Salman’s agenda for the power structure in the kingdom. The young prince has been catapulted into key posts by his father King Salman over the past three years. The 32-year old prince is now believed to be tightening his grip on power by targeting potential rivals. The anti-corruption probe led by Bin Salman has been described by some observers as an attempt to break any type of opposition to how things are going in the autocratic kingdom. The anti-corruption probe is also seen as a guise for Mohammed’s campaign to centralize power.

 


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