Tech Giant Apple Reportedly Involved in Paradise Papers Scandal

Documents show Queen Elizabeth — through investments made by the monarch’s private estate the Duchy of Lancaster — has held stakes in funds that operate in tax-free havens

The documents about Elizabeth's financial holdings are part of a tranche of some 13.4 million records of offshore accounts leaked to German newspaper Suddeutsche Zeitung and shared with the International Consortium of Journalists and a network of more than 380 journalists in 67 countries.

He said if the fund operated differently, and it paid more tax through another intermediary measure, it could end up with less money to pay its taxes in New Zealand.

But now the estate stands accused of using offshore private equity funds in the Cayman Islands that shield United Kingdom investors from paying USA tax on their holdings.

It includes allegations that the Queen's private estate secretly invested huge sums of cash in tax havens.

Cash ended up in BrightHouse via a company called Dover Street VI Cayman Fund LP, in which the Duchy of Lancaster reportedly invested 7.5 million USA dollars (£5.73m) in 2005.

First obtained by the German newspaper Suddeutsche Zeitung, the documents have reportedly been analysed by nearly 100 media organisations.

There is nothing to suggest that any investments are illegal, the broadcaster added.

Files show Queen Elizabeth II, via the Duchy of Lancaster (a portfolio of land, property and assets held in trust for the British Sovereign), has held and continues to hold investments via funds in an array of businesses, including controversial retailer BrightHouse.




US President Donald Trump's commerce secretary, Wilbur Ross, is allegedly shown to have cash in a shipping company which deals with Russian leader Vladimir Putin's son-in-law. "In contrast to Mossack Fonseca, the discredited firm at the centre of last year's Panama Papers investigation, Appleby prides itself on being a leading member of the "magic circle" of top-ranking offshore service providers".

A spokesperson for the Duchy of Lancaster said: "We operate a number of investments and a few of these are with overseas funds".

It said that all its investments were legitimate.

The rent-to-buy firm has previously been accused of ripping off customers with high interest rates, but maintains it does responsible business.

But it said it fully complied with worldwide and New Zealand tax laws.

The duchy claimed that it was unaware of its £3,000 stake in BrightHouse, which was purchased 12 years ago, while large sums were also invested into off-license chain Treshers, which has since closed down.

He made the comment after he was specifically asked whether he wanted the Queen to apologise over her offshore investments.

While the Queen pays tax on any income she receives from the Duchy of Lancaster, any funds the Duchy owns that are listed in tax free havens may be able escape paying tax, thereby boosting their income.

Related news:

Hot News

isis-killer-beheading-video-story-top Judge ignores recommendation, sends Meek Mill to prison
Nov 09, 2017 - 01:09
However, this history and her awareness of his celebrity is why his lawyer says things were unfair and handled inappropriately. The rapper assailed the sentence on Facebook late Monday, and Tuesday spoke out about it during his concert in Dallas .

isis-killer-beheading-video-story-top Apple Pay Cash is now available in iOS and watchOS betas
Nov 08, 2017 - 00:55
The videos show iOS 11 .2 Beta 2 vs iOS 11 .1 being run on the iPhone 5S, the iPhone 6, the iPhone 6S and the iPhone 7. Transactions funded with a debit card are free, while a 3% fee applies to credit card transactions.

isis-killer-beheading-video-story-top Supreme Court Refuses to Samsung's Petition in Apple Patent Dispute
Nov 08, 2017 - 00:46
The decision by the Supreme Court to let a lower court's decision stand - leaves Samsung with a substantially high price fine. That amount excluded another $382 million in damages for allegations that Samsung copied Apple's packaging materials.

isis-killer-beheading-video-story-top Don't Fall For This Netflix Email Scam Targeting Millions Worldwide
Nov 07, 2017 - 01:11
The bogus emails tell recipients their Netflix billing information needs to be updated and then takes them to a fake Netflix site. Once the customer clicks the link, the next page that opens has the backdrop of The Crown , a popular Netflix series.

isis-killer-beheading-video-story-top PS4 trophies: games with easy achievements for PSN points
Nov 07, 2017 - 01:10
This is obviously the most extreme example, but if you're committed and have lots of trophies, this is a nice little perk. This isn't a ton of extra cash for your purchases, of course, but it can actually help you play multiple free games.

isis-killer-beheading-video-story-top US President Donald Trump begins Asia tour, lands in Japan
Nov 07, 2017 - 01:08
Trump has criticized the deal as a source of the USA trade deficit with South Korea, an argument officials there dismiss. North Korea has said in public statements that it wants an official end to the Korean War.

isis-killer-beheading-video-story-top FSU suspends all fraternities, sororities following death of a pledge
Nov 07, 2017 - 00:54
Pi Kappa Phi fraternity pledge, freshman Andrew Coffey, was found unresponsive on Friday following a party. The university has more than 700 organizations outside the campus' Greek life.

isis-killer-beheading-video-story-top Sen. Paul suffers minor injury in assault at home
Nov 06, 2017 - 01:10
That is a misdemeanor. "Thank you for your thoughts and prayers", Paul said on Twitter on Sunday morning, referring to his wife. According to the Kentucky Board of Medical Licensure, Boucher is a retired physician, as of February, 2015.

isis-killer-beheading-video-story-top Joel Matip Doubles The Lead VS West Ham
Nov 05, 2017 - 01:55
We shouldn't rule out a West Ham comeback, after all they did so from 2-0 down against Tottenham at Wembley in the Carabao Cup. Two early goals from set-pieces, though, meant Liverpool didn't need to prove themselves unsafe in open play.

isis-killer-beheading-video-story-top WhatsApp remains down for about an hour, #WhatsAppDown trends
Nov 04, 2017 - 00:28
That means that by the time some users began hearing about the problem, WhatsApp was already working for them again. The issue started at around 1pm when users posted about the issue on Twitter using the hashtag #WhatsAppDown .

isis-killer-beheading-video-story-top Apple earnings surge as it beats Wall Street forecasts
Nov 03, 2017 - 00:52
By comparison, Apple shipped almost 217 million iPhones in its just-completed fiscal 2017. Analysts on average were expecting $84.18 billion, according to Thomson Reuters I/B/E/S.

isis-killer-beheading-video-story-top Tourists will be banned from climbing Australia's UIuru
Nov 02, 2017 - 00:30
The red monolith is in Uluru-Kata Tjuta National Park, near Alice Springs, 1,300 miles north west of Sydney. The Central Land Council (CLC), who represents Aboriginal people in Central Australia, welcomed the move.

isis-killer-beheading-video-story-top NASA's eerie space sounds should be the playlist for your Halloween party
Nov 01, 2017 - 00:38
One can hear the "howling planets and whistling helium that is sure to make your skin crawl", the note on the NASA website reads. Saturn's radio waves, captured by Cassini are "closely related " to the auroras on the planet's poles.

isis-killer-beheading-video-story-top Heavy winds and rain leaves thousands without power in the midstate
Oct 31, 2017 - 00:46
You might want to bring in the Halloween decorations, because that rain will be followed by high winds overnight and into Monday. In addition, drivers in high-profile vehicles should use extra caution until the winds subside.

isis-killer-beheading-video-story-top Women rescued after five months adrift at sea
Oct 31, 2017 - 00:45
Navy is postured to assist any distressed mariner of any nationality during any type of situation", said Cmdr. The first occurred one night when the Sea Nymph drifted into a pack of tiger sharks, Appel said.