F1 figures named in new secret tax avoidance leak
Oct.5 - Formula 1 figures have been implicated in a huge new leak exposing secret and questionable offshore tax arrangements among some of the world's wealthiest elites.
Known as the Pandora Papers, it is reportedly the biggest ever leak of offshore financial data, with the Canadian press revealing that Aston Martin team owner and billionaire Lawrence Stroll is implicated.
Also named among the millions of documents leaked to the International Consortium of Investigative Journalists, and shared with hundreds of journalists and agencies across the world, is 1997 world champion Jacques Villeneuve.
Canada's public broadcaster CBC and the Toronto Star newspaper alleged that Stroll, whose son Lance Stroll drives for his UK-based F1 team, has a 15 percent shareholding in a British Virgin Islands company called Superwit.
Superwit is reportedly run through a Stroll family trust called Polo Trust, which is registered in yet another tax haven in Liechtenstein.
As for French Canadian Villeneuve, who is now a commentator for Italian television, he reportedly funnelled salaries and sponsorship through offshore tax havens to minimise tax.
Meanwhile, Spanish broadcaster La Sexta and the El Pais newspaper said former Renault boss Flavio Briatore and Bernie Ecclestone, the ex F1 supremo, are also implicated.
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As one tax haven closes, another opens, this isn't news its history.
Im gonna say it , who cares really. I mean really, the rich can do it , average Joe cant, thats life
have been implicated in a huge new leak exposing secret and questionable offshore tax arrangements among some of the world's wealthiest elites
Secret isn't illegal, questionable isn't illegal, that's why they are the elite...............
Hadn't read your comment when I posted or I wouldn't have repeated your thoughts. lol
"Secret and questionable offshore tax arrangements" are not necessarily illegal, but the accusation makes a great headline in the age of sensationalism. And, of course, it will line the pockets of a few lawyers with additional jingle.
Panama papers, but not the first time this matter has appeared in F1. For example, Nico Rosberg got included in 2016.
Not surprised there. Especially Bernie. Bernie is the chief of all things relatated to F1 corruption. If anything, I would be surprised if Bernie wasn’t on that list. He that corruption.
F1 corruption? Bernie made F1 what it is today... the highest interest racing series (if not sport) in the world.
In some parts of the world, people still care about tax evasion. I guess if you're a fanboy you will look the other way when your sports hero commits financial crimes. Millions of dollars a year to be an entertainer and these people can't pay their way...It's despicable.
I’m shocked...tax evasion is a way of life with all wealthy individuals in all walks of life. Switzerland, The Grand Caymans, etc.
It is not "tax evasion" if it is legal. Avoidance yes, evasion no. If countries don't like the loopholes, eliminate them. The pol's won't do that because that is where the money is. So, we're faulting these folks for being successful enough to hire the best accountants?
yes, its not rocket science is it, i mean wouldn't we all do it, if we could, lets be honest, its not illegal, and as for morals, best not get into that for governments............
Semantics. They are hiding their money so they won't be taxed. Let the little people pay I guess. I think its crap.
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