During the past week, the so-called Paradise Papers that reveal the offshore tax activities of more than 120,000 people and companies have certainly brought deep embarrassment for many of them, but the implications could get more serious with prosecutions and tax reforms, according to experts at Wharton and elsewhere. The Paradise Papers were leaked from the Bermuda-based law firm of Appleby and other entities to the German newspaper Suddeutsche Zeitung, which worked in partnership with the International Consortium of Investigative Journalists (ICIJ) to make the findings public beginning November 5.
The leaks expose the activities of Trump administration officials including Commerce Secretary Wilbur Ross, and they have placed public scrutiny on companies like Apple, Twitter, Facebook and Nike, entertainment stars like Bono, university endowments and even the Queen of England.
The Paradise Papers reveal investments by Ross in a firm that appears to be a direct beneficiary of Russian President
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