More Shocks from the Pandora Papers: 6 Things Rulers Don’t Want You to Know
posted on: Oct 6, 2021
Extracts from the Pandora papers have revealed that ruling elites from almost every country in the Middle East have been linked to dodgy financial deals that involve millions and millions of dollars, pounds, and euros.
3. An $11 Million house in London
The sister of the King of Morocco, Lalla Hasnaa, purchased an $11 Million house in the upmarket area of Kensington, in London, using funds listed as belonging to the “Moroccan Royal Family”. This as poverty is widespread in the country as of 2021, the poverty rate was estimated to reach 3.6 percent, a slight increase compared to 2020 when it was measured at 3.3 percent. Poverty is one of the major issues in Morocco, more so due to the impacts of the coronavirus (COVID-19) pandemic. In 2019, it was estimated that almost nine million Moroccans could be considered poor or threatened by poverty, according to the World Bank.
As one of the most corrupt rulers in the region, involved in the kidnapping and disappearance of his own family members, it’s no surprise that Sheikh Mohammed bin Rashid Al Maktoum has been revealed to own a vast array of luxury properties across Europe through hidden corporations.
According to the Pandora Papers, Sheikh Mohammed secretly registered three companies in the tax havens of the British Virgin Islands (BVI) and the Bahamas to carry out his dealings. These companies were registered by the Emirati company Axiom Limited, partly owned by Dubai Holding, a conglomerate at which Sheikh Mohammed is the major shareholder.
Sheikh Mohammed has yet to comment on Pandora Papers.
5. 14 luxurious properties in the US and the UK.
The International Consortium of Investigative Journalists (ICIJ) reported that King Abdullah II of Jordan spent $106 Million on 14 luxury properties in the US and the UK. The King denies wrongdoing whilst millions of Jordanians are experiencing serious economic challenges.