Summary

  • The secret wealth and dealings of some of the world’s most powerful people has been exposed in a huge leak of 12 million files

  • The Pandora Papers shed light on the hidden world of offshore finance and tax havens

  • Some 35 current and former world leaders - and more than 300 public officials - are named in the files

  • They show how the King of Jordan secretly amassed a UK and US property empire worth more than £70m ($100m)

  • And they reveal how ex-UK PM Tony Blair and his wife saved £312,000 in tax when they bought a London office. The couple bought an offshore firm that owned the building

  • You can watch the full BBC Panorama episode on BBC iPlayer or at the top of this page (UK only)

  1. Thanks for joining us - stay tuned, there's plenty more to comepublished at 20:35 British Summer Time 3 October 2021

    We’re going to leave our live coverage of the Pandora Papers here for the evening, but we’re only just getting started on this massive story – expect plenty more in the coming days.

    We’ll have more revelations tomorrow and from 07:00 BST we’ll bring you the latest throughout the day here on the live page.

    And if you just can’t get enough:

    Thanks for joining us, see you tomorrow.

  2. Front pages from around the worldpublished at 20:32 British Summer Time 3 October 2021

    As we've mentioned, the BBC is one of more than 140 different media organisations involved in investigating the papers. Here's a snapshot of some of our partners' websites.

    In India...

    'How Indians ringfence wealth' - the front page of the Indian Express

    The UK's Guardian newspaper...

    The front page of the Guardian covers the Pandora Papers

    Radio France Internationale...

    RFI covers the Pandora Papers

    And the Washington Post...

    The Washington Post covers the Pandora Papers
  3. Who else is mentioned in the Pandora Papers?published at 20:24 British Summer Time 3 October 2021

    Kenyan president Uhuru KenyattaImage source, Reuters
    Image caption,

    Kenyan president Uhuru Kenyatta is one of the world leaders mentioned in the files

    Some 35 current and former world leaders were mentioned in the papers, which have been pored over by hundreds of journalists.

    Here’s what some of our partner organisations have found:

    • Kenya's President Uhuru Kenyatta and six members of his family secretly owned a network of offshore companies. They have been linked to 11 firms - one of which was valued as holding assets of $30m
    • As we heard earlier, members of Pakistan Prime Minister Imran Khan's inner circle, including cabinet ministers and their families, secretly own companies and trusts holding millions of dollars
    • The law firm founded by President Nicos Anastasiades of Cyprus appears to have provided fake owners to disguise the real owner of a series of offshore companies - a former Russian politician who had been accused of embezzlement. However, the law firm denies this
    • Ukraine's President Volodymyr Zelensky transferred his stake in a secret offshore company just before he won the 2019 election
    • Ecuador President Guillermo Lasso, a former banker, replaced a Panamanian foundation that made monthly payments to his close family members with a trust based in South Dakota in the US.

    Still getting to grips with what the Pandora Papers are all about? Read our simple guide here.

  4. 'This is where our missing hospitals are'published at 20:13 British Summer Time 3 October 2021

    Charities and campaigners have been responding to the Pandora Papers.

    Anti-poverty group Oxfam called the release "another shocking exposé of the oceans of money sloshing around the darkness of the world’s tax havens that must prompt immediate action, as has long been promised".

    The group's international tax policy lead Susana Ruiz called offshore finance "a secret parallel system of capital" that was "open only to those with fat amounts of money and the greed to hoard it all untaxed".

    She added:

    Quote Message

    This is where our missing hospitals are. This is where the pay-packets sit of all the extra teachers and firefighters and public servants we need. Whenever a politician or business leader claims there is ‘no money’ to pay for climate damage and innovation, for more and better jobs, for a fair post-Covid recovery, for more overseas aid, they know where to look.

  5. Why should you care about the Pandora Papers?published at 19:59 British Summer Time 3 October 2021

    Big financial leaks like these are undoubtedly complicated.

    At their heart, they involve financial schemes most of us have never heard of, and people who might seem far removed from our day-to-day life.

    So why should you care?

    Fergus Shiel, from the International Consortium of Investigative Journalists (ICIJ) which organised the world-wide investigation of the files, external, says some people are using offshore accounts “to enrich their own families, at the expense of their citizens”.

    And Lakshmi Kumar, from the think tank Global Financial Integrity, says the ability of people to hide money has a direct impact on all of our lives through, for example, lost tax revenues.

    “It affects your child's access to education, access to health, access to a home,” she says.

    And Gerard Ryle - also from the ICIJ - explains that it shows “the people that could end the secrecy offshore - could end what's going on - are themselves benefiting from it. So there's no incentive for them to end it.”

  6. 'A wake up call for the UK government'published at 19:49 British Summer Time 3 October 2021

    Some reaction now to the release of the Pandora Papers. One of the revelations is that Azerbaijan's ruling Aliyev family have secretly acquired a large amount of UK property using offshore companies.

    Anti-corruption campaigners Transparency International called the papers a "wake up call" for the UK government.

    “Once again Britain’s role as an enabler of global corruption and money laundering has been exposed with the same loopholes exploited to funnel suspect wealth into the country," said Duncan Hames, Director of Policy at Transparency International UK.

    "Not only does this damage the UK’s reputation as a country governed by the rule of law, but it enriches corrupt elites around the world at the expense of their populations. No one benefits from this system but them."

    The BBC approached the Aliyev family for comment but received no response.

    The UK government says it is cracking down on money laundering with tougher laws and enforcement, and that it will introduce a register of offshore companies owning UK property when parliamentary time allows.

  7. The 11-year-old who owned a £33m property in Londonpublished at 19:42 British Summer Time 3 October 2021

    A picture of the building in Mayfair
    Image caption,

    This Mayfair building was sold to a front company in 2009

    The Pandora Papers also show how Azerbeijan’s ruling Aliyev family secretly acquired 17 properties – including a £33m London office block officially for the president’s 11-year-old son Heyder Aliyev.

    The family has been long accused of corruption in the central Asian nation.

    The building in Mayfair was bought in 2009 by a front company owned by a family friend of President Ilham Aliyev. It was transferred one month later to the president’s son, Hedyer.

    Another office block owned by the family was sold in 2018 for £66m to the Crown Estate – the Queen’s property empire that is managed by the Treasury and raises cash for the UK.

    When we asked the Crown Estate about the purchase, it said it carried out checks at the time but is now looking into the matter.

    Read the full story here.

  8. What have the Blairs done since leaving Downing Street?published at 19:23 British Summer Time 3 October 2021

    Tony Blair leaving Downing Street with his wife Cherie, and his children in 2007Image source, PA Media

    It’s been 14 years since former Labour prime minister Tony Blair left No 10 with his wife Cherie by his side.Since then, Mr Blair is reported to have made millions advising foreign governments and multinational companies.

    Although the full range of his business activities has never been disclosed, in 2016 Mr Blair was reported to have been paid £2m a year alone by bank JP Morgan after leaving office.

    He has since focused on his not-for-profit organisation which, according to its website, external, aims to “help political leaders build open, inclusive and prosperous societies”.

    Cherie is a human rights barrister and runs a legal advisory firm, Omnia Strategy, as well as a foundation for women.

    The couple acquired an office for her two organisations through an offshore company – a method she said was insisted on by those who sold it to them.

  9. How did the Blairs buy their £6.45m townhouse?published at 19:12 British Summer Time 3 October 2021

    As we’ve just been saying, Tony Blair and his wife Cherie saved £312,000 in stamp duty tax in 2017 when buying a property in London.

    The four-floor building is now home to Mrs Blair’s legal advisory firm, Omnia Strategy, and her foundation for women.

    Let’s look at how they did it:

    A graphic showing how the Blairs bought a townhouse in London

    Mrs Blair said the sellers had insisted the building was sold in this way – but she said they’d now brought it under UK control, meaning capital gains tax would be due if they sold it.

  10. Blair saved £312,000 in stamp duty on London officepublished at 19:00 British Summer Time 3 October 2021

    Cherie and Tony Blair

    The papers reveal how former UK Prime Minister Tony Blair saved £312,000 in stamp duty tax in 2017 when buying a London townhouse for £6.45m.

    Instead of buying the property directly - and paying the tax that comes with that - he and his wife Cherie bought an offshore company that owned the building.

    No laws were broken and there’s no suggestion the Blairs hid their wealth, but Mr Blair has previously criticised people who “can employ the right accountants”, saying “the tax system is a haven of scams, perks, City deals and profits”.

    Mrs Blair said the sellers had insisted the building was sold in this way but they had brought it under UK control – and that it would be liable for capital gains tax if it was resold.

    Read the full story on the Blairs here.

  11. Pandora Papers expose 'grave injustice' - Pakistan's PMpublished at 18:51 British Summer Time 3 October 2021

    Pakistan's Prime Minister Imran KhanImage source, Reuters

    Pakistan's Prime Minister Imran Khan has pledged to investigate "all our citizens mentioned in the Pandora Papers" and take action if wrongdoing is found.

    It comes after the papers revealed how members of Mr Khan's inner circle, including cabinet ministers and their families, secretly own companies and trusts holding millions of dollars.

    Welcoming the global investigation into the papers, Mr Khan said on Twitter, external: "My over-two decades struggle has been premised on the belief that countries are not poor but corruption causes poverty because money is diverted from being invested in our people."

    He added: "I call on the international community to treat this grave injustice as similar to the climate change crisis."

  12. Just catching up? What's happened in 100 wordspublished at 18:48 British Summer Time 3 October 2021

    What’s the story? The secret wealth of hundreds of world leaders, politicians and billionaires has been exposed in one of the biggest ever leaks of financial documents.

    What have they done? Many of the files involve no legal wrongdoing, but some figures face allegations of corruption, money laundering and global tax avoidance.

    Where can I read more? Our main story here runs through all the big findings - so far - and our simple guide to the story is here.

    Why does this sound familiar? It is the latest in a string of leaks over the past seven years, following the FinCen Files, the Paradise Papers, the Panama Papers and LuxLeaks.

  13. In pictures: The King of Jordan’s secret property empirepublished at 18:35 British Summer Time 3 October 2021

    As we’ve been discussing, the King of Jordan has secretly acquired luxury homes in Malibu, California and Washington DC, as well as London and the English town of Ascot.

    An aerial view of one of the King of Jordan's beach-front properties
    Image caption,

    In Malibu, California, he spent £50m ($68m) on three clifftop mansions

    An aerial view of one of the king's beach-side homes
    Image caption,

    According to California planning records, one will soon be rebuilt twice the size, and another will get a new swimming pool

    A photo of one of the apartments in Washington DC
    Image caption,

    The king’s properties also include apartments in Washington DC, where his son attended university

    A block of apartments
    Image caption,

    A seven-bedroom apartment in this block was bought for £4.7m ($6.5m) in 2012

    Two photos of some of King Abdullah's UK properties
    Image caption,

    And in the UK, King Abdullah owns eight properties in London and south-east England, through offshore companies

    Two photos of different properties owned by King Abdullah
    Image caption,

    This includes these multi-million pound homes near Buckingham Palace. He bought the property on the left and three flats in the property on the right.

    When the BBC approached King Abdullah for comment, his lawyers said the information about his properties was not accurate or up to date. They said he’d bought them with his personal wealth.

  14. How big is the leak?published at 18:22 British Summer Time 3 October 2021

    In short, pretty massive: almost 12 million leaked files make up the Pandora Papers.

    They come from 14 financial services companies in countries including the British Virgin Islands, Panama, Belize, Cyprus, the United Arab Emirates, Singapore and Switzerland.

    Combing through them has been the work of the biggest journalism partnership in history.

    It’s taken 600 journalists - from more than half the world’s countries - several months to pick out the stories you’ll see over the next few days.

    A graphic showing the number of sources (14) files (11.9 million) and other details about the size of the leak.
  15. Who is the King of Jordan?published at 18:11 British Summer Time 3 October 2021

    The King of Jordan with his wife Queen RaniaImage source, Getty Images
    Image caption,

    King Abdullah has been married to Queen Rania since 1993

    One of the people we’ve been hearing about is the King of Jordan, who secretly spent more than £70m ($100m) on a string of properties in the UK and US.

    Abdullah II bin Al-Hussein has been King of Jordan for 22 years and is seen as a moderate Western ally in the Middle East.

    The 59-year-old rules a country of 10 million people and has the power to appoint governments and approve legislation.

    Jordan isn’t a wealthy country and receives international aid. The British government is one of its biggest financial backers and is giving £650m over five years.

    A map showing Jordan and its surrounding countries

    King Abdullah’s sprawling property portfolio built up between 2003 and 2017.

    At the same time, he has been accused of presiding over an authoritarian regime at home - with protests taking place in recent years amid austerity measures and tax rises.

    Annelle Sheline, a Middle East analyst, says: “It's just very, very difficult for the average Jordanian to achieve a basic level of home and family, and a good job.

    “So to have it really thrown in Jordanians’ faces that he's just been funneling money abroad all this time? That would look really bad.”

    As we said earlier, lawyers for the king say he’s done nothing improper. They said he’d bought the houses with his personal wealth, which is also used to fund projects for Jordanians.

  16. 'Never been anything on this scale before'published at 18:00 British Summer Time 3 October 2021

    The Pandora Papers investigation is the largest ever organised by the International Consortium of Investigative Journalists – they’re the group that looked into a string of other leaks you might’ve heard of including the FinCen Files (2020), Paradise Papers (2017) and Panama Papers (2016).

    “There’s never been anything on this scale,” says Fergus Shiel, the ICIJ’s managing editor. “It shows the reality of what offshore companies can offer to help people hide dodgy cash or avoid tax."

    And his colleague Gerard Ryle says: “We are talking about some of the most famous people in the world that are in these documents. Presidents, prime ministers, government ministers…

    “We’re not looking at a couple of million dollars here. We’re looking at trillions of dollars.”

  17. 'You know who': King of Jordan’s hidden £70m property empirepublished at 17:52 British Summer Time 3 October 2021

    The King of Jordan

    One of the most powerful people named in the Pandora Papers is the King of Jordan.

    The leak reveals a network of secretly-owned companies used by Abdullah II bin Al-Hussein to spend more than £70m ($100m) on 15 homes since he became king in 1999.

    The properties include three ocean-view homes in Malibu, California purchased for £50m ($68m) and properties in some of London’s most exclusive streets.

    The people who set up the companies for the king were careful not to identify him – in one internal document he’s called “You know who”.

    Lawyers for King Abdullah said he had used his personal wealth to buy the properties and that there was nothing improper about him using offshore companies to do so. They also said that he uses his wealth to fund projects for Jordan’s citizens.

    Read our full story here.

  18. Why are they called the Pandora Papers?published at 17:40 British Summer Time 3 October 2021

    A graphic of a key in front of a stack of documents

    The papers are named after the Greek myth of Pandora’s box. In the tale, Pandora opens a sealed box containing the forces of evil and suffering which, once released, were uncontainable.

    Gerard Ryle, the director of the International Consortium of Investigative Journalists (ICIJ) which organised the world-wide investigation of the files, says this leak was given the name because “we're opening a box on a lot of things”.

    Read more in our simple guide here.

  19. Watch the revelations unfold live on BBC Panoramapublished at 17:33 British Summer Time 3 October 2021

    BBC Panorama’s Pandora Papers: Secrets of World Leaders Exposed is on now. Watch live on BBC One – or press play at the top of this page (UK only).

    And if you’re reading this post in the UK later on, you can watch it back on iPlayer here.

  20. What's in one of the biggest financial leaks in history?published at 17:31 British Summer Time 3 October 2021

    Left to right: Tony Blair, Ilham Aliyev and the King of Jordan

    Some 35 current and former world leaders and more than 300 public officials from 91 countries are named in the Pandora Papers.

    Today, we reveal how:

    • The King of Jordan spent more than £70m on 15 overseas homes - while the country he rules over is given hundreds of millions of pounds in aid by the UK and US
    • Azerbaijan’s ruling family, the Aliyevs, secretly acquired UK property using offshore companies, including a £30m London office block for the president’s 11-year-old son
    • Former UK Prime Minister Tony Blair and his wife Cherie purchased a London office by buying an offshore company. While there is no suggestion the Blairs hid their wealth, the structure of the deal meant they did not have to pay £312,000 in UK tax.

    More than 140 media organisations are covering the hundreds of stories that have been unearthed from the papers – with BBC Panorama and the Guardian leading the investigation in the UK – so sit tight, there’s plenty to come.