A leaked financial data has revealed how Ex-President John Mahama’s brother secretly invested huge sums of money in an offshore tax haven.
Ibrahim Mahama reportedly had an offshore company, Red Sky Aviation Limited, created for him by a Bermuda-based law firm Appleby in the Isle of Man.
The company was used to hold a $7m Bombardier Challenger jet, the leaked 13.4m documents christened ‘Paradise Papers’ showed.
“The client is purchasing an Aircraft from CS Aviation, they are intending to purchase a Challenger 604 (2001) with a value of USD 7,000,000. They currently own a Challenger 600 from the information that we have located on the internet,” Appleby wrote in the business registration document.
Mr Mahama’s intention was to create two offshore companies but he ended up creating one. The data revealed the second company was intended for “consulting services in the oil and gas mining infrastructure development and real estate sectors of the Ghanaian economy.”
The documents mentioned one Adi Ayitevie as the contact person of E&P in Ghana.
Ibrahim Mahama reportedly had an offshore company, Red Sky Aviation Limited, created for him by a Bermuda-based law firm Appleby in the Isle of Man.
The company was used to hold a $7m Bombardier Challenger jet, the leaked 13.4m documents christened ‘Paradise Papers’ showed.
“The client is purchasing an Aircraft from CS Aviation, they are intending to purchase a Challenger 604 (2001) with a value of USD 7,000,000. They currently own a Challenger 600 from the information that we have located on the internet,” Appleby wrote in the business registration document.
Mr Mahama’s intention was to create two offshore companies but he ended up creating one. The data revealed the second company was intended for “consulting services in the oil and gas mining infrastructure development and real estate sectors of the Ghanaian economy.”
The documents mentioned one Adi Ayitevie as the contact person of E&P in Ghana.
“The new Isle of Man Company will be owned by a corporate entity of which we are yet to receive full details. This entity is wholly owned by Ibrahim Mahama (we believe),” the leaked document said.
But Appleby ranked Mahama and his companies as a high risk due to what it said was his relationship to the then-President.
Also, allegations in Ghana’s media that the past regime used state funds to repay a multimillion-dollar bank loan secured by Mahama’s company led to the poor rating.
But Mahama’s company had denied any wrongdoing, the documents leaked to German newspaper Suddeutsche Zeitung revealed. When Engineers and Planners Company Limited (E&P) was contacted for a response, it reportedly declined to specific questions.
A representative of the company told the investigators that there was nothing illegal in the use of offshore companies.
The Paradise Papers is the major leaked document after the Panama Papers. The document focuses on how politicians, multinationals, celebrities and the ultra-rich use complex structures of trusts and shell companies to hide their cash from tax officials in a veil of secrecy.
But Appleby ranked Mahama and his companies as a high risk due to what it said was his relationship to the then-President.
Also, allegations in Ghana’s media that the past regime used state funds to repay a multimillion-dollar bank loan secured by Mahama’s company led to the poor rating.
But Mahama’s company had denied any wrongdoing, the documents leaked to German newspaper Suddeutsche Zeitung revealed. When Engineers and Planners Company Limited (E&P) was contacted for a response, it reportedly declined to specific questions.
A representative of the company told the investigators that there was nothing illegal in the use of offshore companies.
The Paradise Papers is the major leaked document after the Panama Papers. The document focuses on how politicians, multinationals, celebrities and the ultra-rich use complex structures of trusts and shell companies to hide their cash from tax officials in a veil of secrecy.
The Queen of England reportedly invested £13 million pounds offshore.
The money was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate.
Mahama was the only Ghanaian cited in the data. However other Ghanaians including sons of former Ghana president JA Kufuor and former UN Scretary General were mentioned in a similar Panama leaks
Ibrahim Mahama’s company operates in Liberia but the document revealed he had plans to expand into the Democratic Republic of Congo and Republic of Guinea, countries Appleby considered “high-risk jurisdictions.”
He had been investigated this year by the Economic and Organised Crime Office (EOCO) for issuing dud checks to offset debts owed the Ghana Revenue Authority (GRA).
In 2016 he was sued for allegedly not paying Social Security and National Insurance Trust (SSNIT) for his staff, but the case was later settled.
The money was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate.
Mahama was the only Ghanaian cited in the data. However other Ghanaians including sons of former Ghana president JA Kufuor and former UN Scretary General were mentioned in a similar Panama leaks
Ibrahim Mahama’s company operates in Liberia but the document revealed he had plans to expand into the Democratic Republic of Congo and Republic of Guinea, countries Appleby considered “high-risk jurisdictions.”
He had been investigated this year by the Economic and Organised Crime Office (EOCO) for issuing dud checks to offset debts owed the Ghana Revenue Authority (GRA).
In 2016 he was sued for allegedly not paying Social Security and National Insurance Trust (SSNIT) for his staff, but the case was later settled.
