Saudi Press

Saudi Arabia and the world
Saturday, Feb 21, 2026

Global Leaders Scramble To Limit 'Pandora Papers' Damage

Global Leaders Scramble To Limit 'Pandora Papers' Damage

Some 35 current and former leaders are featured in roughly 11.9 million documents leaked from financial services companies across the world

World leaders were on the defensive Monday after the release of millions of documents detailing how heads of state use offshore tax havens to stash assets worth hundreds of millions of dollars.

Thirty five current and former leaders are featured in roughly 11.9 million documents leaked from financial services companies that include reports of luxury mansions on the French Riviera, Monte Carlo and California.

The so-called "Pandora Papers" were obtained by the International Consortium of Investigative Journalists (ICIJ) and released in stories by media partners including The Washington Post, the BBC and The Guardian.

Allegations range from corruption to money laundering and tax evasion.

Holding assets offshore or using shell companies is not illegal in most countries, but the revelations are embarrassing for leaders who have pushed austerity measures or campaigned against corruption.

While Russian leader Vladimir Putin is not named, he is linked via associates to secret assets in Monaco, including a waterfront home acquired by a Russian woman reported to have had a child with him.

"This is just a set of largely unsubstantiated claims," said Kremlin spokesman Dmitry Peskov.

"We didn't see anything on hidden wealth within Putin's inner circle."

Jordan rejected as "distorted" reports that King Abdullah II created a network of offshore companies and tax havens to amass a $100 million property empire stretching from California to London.

- 'Nothing to hide' -

Abdullah did not directly address the issue but denounced what he called a "campaign against Jordan".

"Attempts to embarrass Jordan have been going on for some time, and there are still those who want to sabotage it and sow suspicions," a royal court statement quoted him as saying to a group of tribal elders.

"We have nothing to hide".

The country's royal court said the properties were funded with the king's personal wealth and were used for official and private visits.

Ivory Coast Prime Minister Patrick Achi also denied wrongdoing after allegations that he became the owner of Bahamas-based company Allstar Consultancy Services Ltd through a trust that obscured his ownership.

Achi's office denounced the "malicious use seemingly being made of this information" that dates back to the late 1990s when he was an adviser to Ivory Coast's energy minister.

Achi "will not allow his name to be linked with illicit activities and thereby sullied", the statement added.

Kenyan President Uhuru Kenyatta said the papers would "enhance financial transparency", but sidestepped allegations that his family owned 11 offshore companies worth millions of dollars.

"The movement of illicit funds, proceeds of crime and corruption thrive in an environment of secrecy and darkness," said Kenyatta, the son of independent Kenya's first president.

Czech PM hits back


The ICIJ found links between almost 1,000 companies in offshore havens and 336 high-level politicians and public officials.

Among them were more than a dozen serving heads of state and government, country leaders, cabinet ministers, ambassadors and others.

More than two-thirds of the companies were set up in the British Virgin Islands.

Family and associates of Azerbaijani President Ilham Aliyev -- long accused of corruption in the central Asian nation -- are alleged to have been secretly involved in property deals in Britain worth hundreds of millions.

The documents also show how Czech Prime Minister Andrej Babis -- who faces an election later this week -- failed to declare an offshore investment company used to purchase a chateau worth $22 million in the south of France.

"I have never done anything illegal or wrong," Babis tweeted, calling the revelations a smear attempt aimed at influencing the election.

Nearly two million of the 11.9 million leaked documents came from a Panamanian law firm called Alcogal.

Alcogal has rejected accusations of shady dealings.

ICIJ's director Gerard Ryle said in a video accompanying the investigation that those best placed to halt such practices were the ones benefiting the most.

'Promotes corruption'


Transparency International's Maira Martini called for an end to the offshore industry, saying the investigation once more offered "clear evidence" of how it "promotes corruption and financial crime".

European Union chief Ursula von der Leyen said the bloc needed to do "more work" to combat tax evasion.

Among the other revelations from the ICIJ investigation:

-- Britain's former prime minister Tony Blair is shown to have legally avoided paying stamp duty on a London property by buying the offshore company that owned it.

-- Members of Pakistan Prime Minister Imran Khan's inner circle are said to secretly own companies and trusts holding millions of dollars. Khan vowed to "take appropriate action" if any wrongdoing is proved.

-- Congo President Denis Sassou Nguesso and Gabon's Ali Bongo were linked with companies in the British Virgin Islands in a report by Le Monde, one of the media partners in the investigation.

-- Colombian singer Shakira, the German supermodel Claudia Schiffer and the Indian cricket legend Sachin Tendulkar are also named, with representatives for all three telling the ICIJ the investments were legitimate.

The "Pandora Papers" are the latest in a series of mass leaks handled by the ICIJ, from LuxLeaks in 2014, to the 2016 Panama Papers.

They were followed by the Paradise Papers in 2017 and FinCen files in 2020.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia’s Strategic Minerals Drive Offers Lessons for Europe’s Supply Chain Ambitions
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
Saudi-Backed Scopely Acquires Majority Stake in Turkey’s Loom Games to Expand Mobile Portfolio
Zodiac Milpro Launches Zid Marine Joint Venture in Saudi Arabia to Expand Regional Shipbuilding
Saudi Arabia Reaffirms Reform Path Amid Claims of Ideological Reversal
Calls Grow for Saudi Arabia and UAE to Settle Differences Through Direct Dialogue
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
British couple sentenced to 10 years in Iran for espionage
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
Prince William Holds Talks with Crown Prince Mohammed bin Salman During Saudi Visit
Saudi Arabia’s Humain Commits $3 Billion Investment to Elon Musk’s xAI
SCOPA Executive Unveils Ambitious Relaunch Strategy for Saudi Production Company
Saudi Arabia Sees Rise in Business Visa Rejections Amid Tighter Compliance Checks
Saudi PIF Transfers Take-Two Stake to Savvy Games Group in Strategic Gaming Push
Jimmy Carr Says He ‘Loved’ Saudi Arabia Show Amid Debate Over Performing in the Kingdom
Sotheby’s ‘Origins II’ Auction Signals Saudi Collectors’ Shift Toward Cultural Legacy
EY and Microsoft Deepen Saudi Arabia Partnership with Launch of EY Studio+
Google Pay Launches Support for Mastercard Cards in Saudi Arabia
Saudi Arabia Bolsters Maritime Surveillance Fleet with Four C-27J Patrol Aircraft
Kazakhstan and Saudi Arabia Deepen Strategic Partnership with New Investment and Energy Agreements
Saudi Crown Prince Receives Written Message from Kazakhstan’s President Amid Expanding Strategic Ties
ImmunityBio Shares Rise After Saudi Arabia BCG Manufacturing Update Spurs Investor Optimism
Global Music Star Tyla Confirmed as Headliner at 2026 Saudi Arabian Grand Prix Entertainment Lineup
Somalia and Saudi Arabia Forge New Military Partnership Amid Regional Power Shifts
Saudi Arabia and Several Nations Criticize Israeli West Bank Land Measures as Diplomatic Tensions Rise
Saudi Public Investment Fund Transfers Stake in Take-Two Interactive as Portfolio Strategy Evolves
Saudi Arabia’s Flagship Defense Expo Highlights Industrial Ambitions and Expanding Arms Portfolio
Strategic Divergence Deepens as Saudi Arabia and UAE Recalibrate Gulf Partnership
Saudi Arabia Confirms Start of Ramadan as Crescent Moon Sighted, While Other Nations Begin a Day Later
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
×