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Financial News: BRAZIL: Finance Minister Claims That Money In Tax

BRAZIL: Finance Minister Claims That Money In Tax Haven Is For Charity

11/06/2017 - 20:39:00 (RTTNews)

(RTTNews) - Brazilian Finance Minister Henrique Meirelles said that a fund related to him in Bermuda, a notorious Caribbean tax haven, was created to receive part of an inheritance after his death, and the proceedings will be used to finance "charitable activities in the education sector in Brazil."

The statement comes in response to the "Paradise Papers" report, conducted by the International Consortium of Investigative Journalists (ICIJ), which brings together 96 media outlets in 67 countries. According to the report, besides Meirelles, the Brazilian Agriculture Minister Blairo Maggi also owns funds in states considered tax havens.

"The Sabedoria Foundation is a philanthropic structure, run independently and autonomously by a Board of Trustees. The organization was formed when Mr. Meirelles ran an international organization and lived in the United States, the reason why it was established overseas," said the statement.

The Ministry also says that the minister's lawyers were American and worked with those jurisdictions, and also, the donation for the establishment of the company was reported by Meirelles to the Brazilian revenue service.

ICIJ's report aimed at revealing the offshore activities of some of the world's most powerful people and companies. Meirelles and Maggi are among the 127 international political leaders linked to companies in tax havens.

The ICIJ revealed offshore activities of global leaders such as queens Elizabeth II of England and Noor of Jordan, Colombian President Juan Manuel Santos, former German chancellor Gerhard Schröder, U.S. Commerce Secretary Wilbur Ross, U.S. President Donald Trump's aide Jared Kushner, and artists such as Bono and Madonna, among others.

The files were originally obtained by the German newspaper Süddeutsche Zeitung and shared with ICIJ. More than 380 journalists from 67 countries analyzed 1.4 terabytes of information during a year.

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