Indonesia and the Panama Papers: Names and Numbers

Jakarta, 01 Rajab 1437/09 April 2016 (MINA) – President Jokowi ordered Indonesia’s Finance Minister Bambang Brodjonegoro to conduct a thorough investigation into the names of Indonesian people and companies mentioned in the Panama Papers.

Earlier it was reported that around 3,000 Indonesian individuals and companies are mentioned in these controversial documents, Mi’raj Islamic News Agency (MINA) reported, quoting indonesia-investments.com.

These documents show how political figures as well as celebrities, sport stars and businessmen exploit secretive offshore tax regimes. Icelandic Prime Minister Sigmundur David Gunnlaugsson became the first victim of the leakage (he resigned on Tuesday). What about Indonesia and the Panama Papers?

The Panama Papers already seem to have become the biggest leak in history. The documents were obtained from an anonymous source by German newspaper Süddeutsche Zeitung.

This newspaper then shared the documents with the International Consortium of Investigative Journalists, which subsequently reported that Panama-based law firm Mossack Fonseca structurally helped to establish secret shell companies and offshore accounts for the world’s big names and players.

Although it will require more time to scrutinize the complete set of 11.5 million leaked documents, local media in Indonesia have mentioned several well-known Indonesian names that were found in the documents

Although these people were mentioned in the Panama Papers in connection to the establishment of offshore companies (special purpose vehicles) in tax havens, it requires more research to determine whether they were indeed involved in tax evasion.

Indonesian Finance Minister Bambang Brodjonegoro stated that Indonesian authorities will study the documents and check whether data are conform data stored at the country’s tax office. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)