Revealed: the tycoons and world leaders who built secret UK property empires

The president of the United Arab Emirates has secretly constructed one of the unmarried biggest offshore property empires in Britain, the Panama Papers reveal.

Sheikh Khalifa bin Zayed Al Nahyan owns dozens of relevant London houses really worth extra than £1.2bn through offshore companies provided by means of Mossack Fonseca.

His property portfolio runs from the BHS constructing on Oxford Road to the designer outlets of Bruton Avenue and Mayfair’s Berkeley Square property, in which his tenants consist of Hermès, Stella McCartney and Annabel’s nightclub.

Global leaders, business people and celebrities are amongst the ones whose anonymous possession of London assets has been exposed via the big leak of the Panama law firm’s facts on offshore organizations.

The top minister of Pakistan, Iraq’s former meantime high minister and the president of the Nigerian senate are amongst the ones whose links to London assets are specified by the documents.

Revealed: the tycoons and world leaders who built secret UK property empires

Revealed: the tycoons and world leaders who built secret UK property empires

Extra that £170bn of United kingdom belongings is now held remote places. A good deal of that is in London, where unprecedented house fee inflation has transformed homes into exceedingly worthwhile investments for asset speculators. Almost one in 10 of the 31,000 tax haven organizations that very own British property are related to Mossack Fonseca.

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Proudly owning United kingdom property thru offshore corporations is flawlessly criminal. But in a few components of the u. S., specially in London, using offshore corporations to buy houses as investment property in preference to homes has helped gas residence rate inflation.

Round 2,800 Mossack Fonseca companies seem on a Land Registry list of overseas belongings owners dating from 2014. The companies are linked to extra than 6,000 title deeds well worth as a minimum £7bn, even though the genuine cost is possibly to be extra considering the fact that many belongings deeds do no longer specify the fee paid for the assets. There is no suggestion of any wrongdoing or unethical behaviour on the part of the offshore assets owners diagnosed via the documents.

 

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It was previously acknowledged that the ruling family of the UAE, primarily based in Abu Dhabi, had made inroads into the United Kingdom property marketplace.

The president’s father, Zayed bin Sultan Al Nahyan, oversaw the purchase of the Berkeley Square property of business and home property inside the coronary heart of Mayfair in 2005, and two years in the past it changed into suggested that the Nahyan circle of relatives had turn out to be the biggest Mayfair landowners after the Duke of Westminster.

However, the leaked files screen their assets pursuits make bigger a ways past this, with a string of industrial gadgets on Sloane Street and a £160m stretch of property along Kensington’s De Vere Gardens, in conjunction with different holdings in Marylebone Street, Richmond and Oxford Road.

A 2014 electronic mail from Nahyan’s lawyers names him as the beneficial owner of a dozen offshore groups that still appear inside the Land Registry’s listing of foreign places corporations that personal British property. 90 identify deeds, a number of which consist of dozens of houses, are related to the Nahyan organizations.

In a few instances Nahyan’s assets Proudly owning companies were themselves owned via different offshore companies, which held their assets in believe for the president. His identification turned into anonymised in all however some files. “We do no longer, as you realize, talk to His Highness by using call in our work for the groups and do so with the aid of exception right here, to help you,” Nahyan’s legal professional wrote in a single letter.

The president did no longer reply to repeated requests for remark.

Additionally, named within the files is Mariam Safdar, the married name of the daughter of the Pakistani prime minister, Nawaz Sharif. A 2012 e mail identifies Safdar, generally called Mariam Nawaz Sharif, as having been the beneficial proprietor of two offshore groups that every very own flats in Avenfield house on Park Lane.

The Sharif own family has previously denied any impropriety in terms of the property, pronouncing they were bought due to the fact the Sharif kids were analyzing in London. On Monday the Sharif family issued an announcement asserting that Safdar “is not a beneficiary or proprietor of these agencies”. One at a time Sharif’s son, Hussain, stated that the circle of relatives had carried out nothing incorrect. “It’s miles consistent with British regulation and legal guidelines of different countries that It’s far a criminal way to keep away from needless tax thru offshore agencies,” he said.

Ayad Allawi, who spent years in exile before turning into Iraq’s top minister inside the wake of his united states’s struggle, is recognized as a director of two British Virgin Islands companies that belongings.

Foxwood Estates Restricted offered a £2.75m Kensington town house in 2008, at the same time as 12 months later Moonlight Estates Limited offered a £750,000 business constructing on Edgware Road. A spokesperson for Allawi instructed the Global Consortium of Investigative Journalists that the companies have been installation primarily based on safety and legal recommendation.

As a minimum seven-hundred houses have been owned by groups named within the Panama Papers that had been themselves owned thru bearer stocks – anonymous files that provide ownership to the person physically holding the certificates. Bearer shares are actually in impact banned in many nations, consisting of the UK, because of their splendor to criminals.

An offshore enterprise linked to David Hunt, said in 2011 by the Sunday Times to be a gangster, is also named inside the files. EMM Confined used to personal a business belonging in east London at which Hunt ran an iron and metal enterprise.

Mossack Fonseca seems to nevertheless act for Hunt’s business enterprise, regardless of a high-profile libel case in which the excessive court docket threw out Hunt’s defamation healthy in opposition to the Sunday Instances. The documents Additionally include a 2008 letter from Hunt wherein he admitted there has been “lacking documentation” referring to the affairs of the employer, which includes accounting information.

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Hunt’s attorney said that EMM became an “off-the-shelf” corporation sold in 1997 to personal the assets as a result of recommendation from a Jersey accountant that he sooner or later found to be incorrect. “In 2006 … Mr Hunt entered into a settlement with HMRC under which he supplied complete disclosure of his affairs, inclusive of on the subject of EMM Restrained, and settled all his tax liabilities,” he brought.

Bukola Saraki, the president of the Nigerian senate who’s currently going through allegations that he didn’t declare his belongings, owns a belonging in Belgravia in his very own name. The Panama Papers reveal the £5.7m property round the corner to be owned via groups integrated within the Seychelles and BVI, whose respective shareholders are Saraki’s spouse and previous unique assistant. Saraki instructed the Father or mother he had declared all his property successfully and in accordance with Nigerian rules.

In some other instance, a £1.65m townhouse in Kensington and Chelsea is proven as belonging to a BVI agency whose sole shareholder is Folorunsho Coker, the former head of the quantity plate production authority of the country of Lagos and currently business adviser to the governor of Lagos. Coker’s attorney said he had multiple assets of earnings and had constantly declared his hobby in Satori Holdings to the Nigerian government.

Offshore organizations and trusts can also permit investors to maintain property hidden even as potentially reducing capital profits and inheritance tax or stamp obligation in a way no longer to be had to regular owners.

Transparency campaigners have warned the secrecy of such arrangements can enable huge sums of black money to be laundered through the assets’ marketplace. A senior National Crime Enterprise director warned final yr that the capital’s housing market had been “skewed by using laundered cash”.

The British authorities lately released a consultation into whether to pressure offshore assets proprietors to disclose their identities after David Cameron expressed situation that Uk residences “are being offered by means of humans distant places via anonymous shell organizations, a few with plundered or laundered coins”.