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{"code":"25777","sect":"Central America","sect_slug":"central-america","hits":"2239","link":"https:\/\/elfaro.net\/en\/202110\/centroamerica\/25777","link_edit":"","name":"Exposed by the Pandora Papers","slug":"exposed-by-the-pandora-papers","info":"Central America, in Brief: \u00a0The Pandora Papers, a global investigation led by the International Consortium of Investigative Journalists (ICIJ) involving more than 600 journalists in 117 countries, shed new light on how offshore banking shields the cash of Central America\u2019s wealthy and well-connected, including presidential candidates and former heads of state. While the practice doesn\u2019t prove illegal activity, it raises serious questions about transparency and economic inequality. Subscribe to our newsletter","mtag":"Newsletter","noun":{"html":"El Faro English","data":{"el-faro-english":{"sort":"","slug":"el-faro-english","path":"el_faro_english","name":"El Faro English","edge":"0","init":"0"}}},"view":"2239","pict":{"cms-image-000036484-jpg":{"feat":"1","sort":"36484","name":"cms-image-000036484.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000036484.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000036484.jpg","back":"","slug":"cms-image-000036484-jpg","text":"&lt;p&gt;Cristiani during the 1994 presidential elections. Photo: Pedro Ugarte\/AFP&lt;\/p&gt;","capt":"\u003Cp\u003ECristiani during the 1994 presidential elections. Photo: Pedro Ugarte\/AFP\u003C\/p\u003E"},"cms-image-000036365-jpg":{"feat":"0","sort":"36365","name":"cms-image-000036365.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000036365.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000036365.jpg","back":"","slug":"cms-image-000036365-jpg","text":"","capt":""}},"pict_main__sort":36484,"date":{"live":"2021\/10\/07"},"data_post_dateLive_YY":"2021","data_post_dateLive_MM":"10","data_post_dateLive_DD":"07","text":"\u003Cp dir=\"ltr\"\u003E\u003Cstrong\u003E\u003C\/strong\u003EThe investigation, which Central American media outlets El Faro, ContraCorriente and Plaza P\u00fablica participated in along with The New York Times, The Guardian, and others, revealed that at least \u003Cstrong\u003Eone current presidential candidate, five former presidents, one former first lady, and a handful of other politicians and businessmen\u003C\/strong\u003E in Honduras, Guatemala, El Salvador, and Panama have moved their money into offshore opaque accounts.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cstrong\u003ENext Honduran President?\u003C\/strong\u003E\u003Cstrong\u003E \u003Cbr \/\u003E\u003C\/strong\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EHonduran presidential candidate Nasry Asfura, leading polls with about 15 percent support, has been the \u003Ca href=\"https:\/\/www.elclip.org\/nasry-tito-asfura-pandora-papers-honduras\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Emajority shareholder\u003C\/span\u003E\u003C\/a\u003E of an offshore company in Panama since 2007, reports independent Honduran media outlet ContraCorriente.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EAt the time, Asfura was a council member for Honduras\u2019 Central District, a position that is not directly elected by voters but rather chosen by political parties. He later served as a congressman from 2010 to 2014. The company remained active until at least January 2018. By that time, Asfura was serving his second term in his current position as mayor of Tecugicalpa, which has been tainted by corruption allegations. He is being \u003Ca href=\"https:\/\/insightcrime.org\/news\/analysis\/honduras-presidential-candidate-embezzlement\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Einvestigated\u003C\/span\u003E\u003C\/a\u003E for embezzlement of $1 million in municipal public funds.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cI haven\u2019t defrauded anyone or evaded anything,\u201d \u003Ca href=\"https:\/\/twitter.com\/HCHTelevDigital\/status\/1445770484465823752\/photo\/1\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Esaid\u003C\/span\u003E\u003C\/a\u003E Asfura in a press conference after the investigation was published. He \u003Ca href=\"https:\/\/twitter.com\/ContraC_HN\/status\/1445519847647891470\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Esaid\u003C\/span\u003E\u003C\/a\u003E that he became a shareholder in the company in 2007 to search for financing to buy land, but the deal never happened so he left the company. He did not explain why it remained active until 2018.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cstrong\u003EFrom the Engel List to the Pandora List\u003C\/strong\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EContraCorriente\u2019s Pandora Papers investigation also revealed that Porfirio Lobo, president of Honduras from 2010 to 2014 who is \u003Cstrong\u003Epart of the Engel List for accepting bribes from drug traffickers\u003C\/strong\u003E, was the final beneficiary of \u003Ca href=\"https:\/\/contracorriente.red\/2021\/10\/03\/las-desconocidas-sociedades-offshore-de-pepe-lobo-mientras-era-presidente-de-honduras\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Ethree offshore accounts\u003C\/span\u003E\u003C\/a\u003E that were active until at least 2016. Two were opened while he was president.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cWhy create foreign companies? To launder or hide money? No, because I\u2019m not a criminal,\u201d Lobo \u003Ca href=\"https:\/\/contracorriente.red\/2021\/10\/03\/las-desconocidas-sociedades-offshore-de-pepe-lobo-mientras-era-presidente-de-honduras\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Etold\u003C\/span\u003E\u003C\/a\u003E ContraCorriente. He said he created the accounts because insecurity in Honduras can make it dangerous to buy properties and because of Panama\u2019s lower interest rates.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp\u003EHis wife, Rosa Elena Bonilla, also named on the Engel List, was also the final beneficiary of another offshore since 2011, while she was first lady. The company was dissolved in 2017. She signed documents stating that the account was not for any illegal purpose. Bonilla was \u003Ca href=\"https:\/\/www.reuters.com\/article\/us-honduras-corruption-idUSKCN1VQ00Y\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Econvicted\u003C\/span\u003E\u003C\/a\u003E in 2019 for misusing nearly $800,000 in public funds, but was \u003Ca href=\"https:\/\/www.washingtonpost.com\/world\/the_americas\/honduras-ex-first-lady-ordered-released-from-prison\/2020\/07\/23\/7a54ddb0-cd16-11ea-99b0-8426e26d203b_story.html\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Ereleased\u003C\/span\u003E\u003C\/a\u003E in 2020 when the Supreme Court ordered a retrial.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Ca href=\"https:\/\/support.elfaro.net\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=1440&ImageHeight=380&ImageId=36365 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/a\u003EThe Pandora Papers also revealed that Ricardo \u00c1lvarez Arias, Honduran vice president since 2014, is the majority shareholder of an offshore company created in 2006 and dissolved in 2019. \u00c1lvarez did not respond to a request for comment.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cThe possession of offshore companies in itself is not evidence of irregular activities, but the fact that both Asfura and \u00c1lvarez were \u003Cstrong\u003Elisted as shareholders while they were public servants\u003C\/strong\u003E raises questions,\u201d writes ContraCorriente.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Ca href=\"https:\/\/databank.worldbank.org\/data\/download\/poverty\/33EF03BB-9722-4AE2-ABC7-AA2972D68AFE\/Global_POVEQ_HND.pdf\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003ENearly half of Hondurans\u003C\/span\u003E\u003C\/a\u003E live below the poverty line, according to the World Bank. Yet politicians regularly siphon funds from public programs and make deals with drug traffickers for political benefit. This is part of the reason Honduras is one of the \u003Ca href=\"https:\/\/worldpopulationreview.com\/country-rankings\/gini-coefficient-by-country\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Etop 10 most unequal countries\u003C\/span\u003E\u003C\/a\u003E in the world, according to a ranking system used by the World Bank.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cstrong\u003ECashing In after Leaving Office\u003C\/strong\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EIn El Salvador,\u003Cstrong\u003E \u003C\/strong\u003EEl Faro revealed that Alfredo Cristiani, president from 1989 to 1994 and responsible for the 1992 peace accords to end the civil war, opened \u003Ca href=\"\/es\/202110\/el_salvador\/25765\/Cristiani-abri%C3%B3-16-empresas-en-para%C3%ADsos-fiscales-tras-salir-de-Casa-Presidencial.htm\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003E16 offshore companies\u003C\/span\u003E\u003C\/a\u003E \u2014\u00a0eight in the British Virgin Islands and eight in Panama \u2014 starting a year after leaving office. He also \u003Ca href=\"https:\/\/elpais.com\/pandora-papers\/2021-10-03\/los-mas-poderosos-de-america-latina-y-sus-vinculaciones-con-negocios-offshore-en-los-papeles-de-pandora.html#bloque11\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Eopened\u003C\/span\u003E\u003C\/a\u003E at least one account in 1992 while still president, reports El Pa\u00eds.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EHis wife, children, brother, and nephews, were also involved in the companies. In a period of three years, five of the companies moved more than $1.4 million dollars. One company was valued at $10 million as of 2008.\u00a0\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=2000&ImageHeight=1333&ImageId=36484 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Cristiani during the 1994 presidential elections. Photo: Pedro Ugarte\/AFP\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Cristiani during the 1994 presidential elections. Photo: Pedro Ugarte\/AFP \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cBefore taking office, Cristiani was already a prosperous businessman and heir to pharmaceutical, coffee, and cotton companies. But this was something different: Panama and the British Virgin Islands are \u003Cstrong\u003Ecountries known internationally for attracting foreign capital in exchange for non-taxation\u003C\/strong\u003E and maintaining absolute discretion over the identity of shareholders and beneficiaries,\u201d\u00a0 write El Faro\u2019s \u003Ca href=\"\/user\/profile\/dlizarraga\"\u003EDaniel Liz\u00e1rraga\u003C\/a\u003E and \u003Ca href=\"\/user\/profile\/glabrador\"\u003EGabriel Labrador\u003C\/a\u003E.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cThe protection of the owners of offshore companies is legal,\u201d they continue. \u201cHowever, this can lend itself to tax evasion in the countries where the money originates.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ECristiani wrote a letter to El Faro stating that he has always respected the law and that his lawyers will provide more details when they see fit.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EEl Faro previously revealed that Cristiani secretly spent \u003Ca href=\"\/es\/201806\/el_salvador\/21928\/Presidencia-Cristiani-sac%C3%B3-$55-millones-de-la-partida-secreta-al-cierre-de-su-quinquenio.htm\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003E$5.5 million\u003C\/span\u003E\u003C\/a\u003E from a private special discretionary fund in the president\u2019s office just five months before leaving office. Cristiani recently denied any wrongdoing when summoned before a legislative commission that grilled him about his handling of public funds while in office.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ESo far, the investigation has reported at least one offshore company with ties to former Salvadoran president Francisco Flores, who died in 2016. The company lists as a partner Mauricio Felipe Samayoa, who Salvadoran investigators identified as responsible for helping Flores \u003Cstrong\u003Edivert $10 million dollars donated by Taiwan for earthquake victims.\u00a0\u003C\/strong\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EIn Panama, the investigation identified \u003Ca href=\"https:\/\/elpais.com\/pandora-papers\/2021-10-03\/los-mas-poderosos-de-america-latina-y-sus-vinculaciones-con-negocios-offshore-en-los-papeles-de-pandora.html#bloque11\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Ethree former presidents\u003C\/span\u003E\u003C\/a\u003E: Juan Carlos Varela who is the owner of a company in the British Virgin Islands, including during his presidency; Ernesto P\u00e9rez Balladares, who is director of three offshore companies, of which two were created during his time in office; and Ricardo Martinelli Berrocal, linked to offshores in the British Virgin Islands and Belize.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cstrong\u003EHavens for Questionable Cash\u003C\/strong\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe Pandora Papers have also revealed new information about the business dealings of some prominent members of Central America\u2019s private sector accused of corruption and human rights abuses.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EAt least \u003Cstrong\u003E30 people or companies involved in fraud or human rights abuses worldwide have\u003C\/strong\u003E\u003Ca href=\"https:\/\/www.washingtonpost.com\/business\/interactive\/2021\/booming-us-tax-haven-industry\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003E opened trusts\u003C\/span\u003E\u003C\/a\u003E in the U.S., mainly through a South Dakota-based company called Trident Trust, reports The Washington Post. One is Federico Kong Vielman, a \u003Ca href=\"https:\/\/www.plazapublica.com.gt\/content\/pandora-papers-la-firma-de-abogados-que-prometia-secretismo-eterno-en-ee-uu\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003EGuatemalan businessman\u003C\/span\u003E\u003C\/a\u003E whose family owns a palm oil production company accused of paying less than minimum wage and exposing workers to toxic chemicals, reports Plaza P\u00fablica.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Ca href=\"https:\/\/contracorriente.red\/2021\/10\/06\/industrial-hondureno-involucrado-en-el-caso-del-seguro-social-maneja-tres-empresas-en-paraisos-fiscales\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003EHonduran businessman\u003C\/span\u003E\u003C\/a\u003E Fauzi Rishmawy, whose company was investigated by Honduran prosecutors for overcharging the government by nearly $950,000 USD for health equipment in an alleged corruption scheme, has at least three offshore accounts, reports ContraCorriente.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe investigation also revealed the existence of six more offshore accounts belonging to \u003Ca href=\"https:\/\/contracorriente.red\/2021\/10\/05\/tras-su-maraton-con-la-justicia-al-hondureno-yankel-rosenthal-le-salieron-nuevas-offshore\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Eformer Honduran minister and prominent businessman\u003C\/span\u003E\u003C\/a\u003E Yankel Rosenthal Coello, who was convicted in the U.S. for money laundering for drug traffickers. His cousin, Yani Rosenthal also served time in U.S. prison and is now a presidential candidate.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe State Department \u003Ca href=\"https:\/\/www.reuters.com\/business\/state-department-says-us-is-reviewing-findings-pandora-papers-2021-10-04\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Edeclined to comment on specific allegations\u003C\/span\u003E\u003C\/a\u003E from the Pandora Papers. In a Monday press briefing, a department spokesperson \u003Ca href=\"https:\/\/www.state.gov\/briefings\/department-press-briefing-october-04-2021-2\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Esaid\u003C\/span\u003E\u003C\/a\u003E the U.S. government \u201cactively focuses on strengthening financial transparency and investigating possible illicit and sanctions evasion activity using all sources of information, both public and non-public.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EFor months, Biden has tied financial transparency to international \u003Cstrong\u003Eanti-corruption efforts, which his office has labeled a \u201ccore national security interest.\u201d\u003C\/strong\u003E The White House \u003Ca href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/06\/03\/fact-sheet-establishing-the-fight-against-corruption-as-a-core-u-s-national-security-interest\/\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Ewrote in June\u003C\/span\u003E\u003C\/a\u003E that \u201cthe Biden-Harris Administration has pledged to lead efforts internationally to bring transparency to the U.S. and international financial systems, including by reducing offshore financial secrecy, seizing stolen assets, and making it more difficult for those who steal to hide behind anonymity.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EWhile none of these revelations confirm any illegal activity, the Pandora Papers are helping to provide a clearer picture of how Central American politicians and elites move their money.\u00a0\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cIt mostly demonstrates that the people that could end the secrecy of offshore, and could end what\u2019s going on are themselves benefitting from it,\u201d said ICIJ Director Gerard Ryle in a \u003Ca href=\"https:\/\/www.youtube.com\/watch?v=dHAtIFyDB8k&t=8s&ab_channel=ICIJ\"\u003E\u003Cspan style=\"text-decoration: underline;\"\u003Evideo\u003C\/span\u003E\u003C\/a\u003E explaining the worldwide investigation. \u201cSo there\u2019s no incentive for them to end it.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThanks for your time. If you\u2019ve gained from our reporting, \u003Cstrong\u003Econsider funding independent journalism in Central America, for the price of a coffee a month\u003C\/strong\u003E, at\u003Ca href=\"https:\/\/elfaro.us19.list-manage.com\/track\/click?u=a822abdb775cca5db840e11e5&id=19f20293bf&e=3e101df639&utm_source=DB+El+Faro_English&utm_campaign=a4a5a0ebad-EMAIL_CAMPAIGN_2020_04_22_01_08_COPY_01&utm_medium=email&utm_term=0_3ec9190c89-a4a5a0ebad-\"\u003E \u003Cspan style=\"text-decoration: underline;\"\u003Esupport.elfaro.net\u003C\/span\u003E\u003C\/a\u003E.\u003C\/p\u003E"}
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