Pandora Papers: Pandora’s Box has opened and it’s worth over $32 trillion

Words by Clara Margotin

On Sunday October 3^rd, the International Consortium of Investigative Journalists made public more than 12 million documents that expose the implication of hundreds of famous billionaires, politicians, and even rock stars, in secret and illegal financial actions in Panama.

Independent since 2017, the ICIJ – who became well-known in 2016 after releasing the famous ‘Panama Papers’ – have once again, made crucial revelations concerning offshore bank accounts in Panama.

Named the ‘Pandora Papers’, this unprecedented leak includes 6.4 million documents, almost 3 million images, over a million emails and almost half-a-million spreadsheets, that total to $32 trillion hidden from taxes and Law Enforcement Agencies.

More than 330 former and current heads of state are being pointed out, including former Prime Minister Tony Blair and his wife, President of Russia Vladimir Putin’s entourage, the current Czech Republic Prime Minister, and even King of Jordan Abdullah II. 

Celebrities like Shakira, The Beatles drummer Ringo Starr, and even Elton John are said to be involved as well. 

Of the numerous politicians exposed in the leak, the Czech Prime Minister Andrej Babiš was one of the worst affected; accused of spending money on French properties and hiding it from law enforcement agencies. Despite his denials, the timing of the leak – just days before the elections he was expected to win easily – seems to have had a hand in his unexpected loss.

More locally, consequences were unfortunate for Prime Minister Boris Johnson. The released files include the implication of important donors to the Conservative party in this illegal financial affair, raising questions and debates around Boris Johnson just days before the beginning of the Conservative Party conference last week. 

New revelations continue to be made, and politicians and heads of state are increasingly becoming implicated in this immense legal scandal.

By Clara Margotin