Sep 22, 2017 Last Updated 11:49 PM, Sep 19, 2017

GERMAN journalist Frederik Obermaier would never have foreseen how his life would change in a year. He and his colleague Bastian Obermayer (no relation) were investigative reporters for the German newspaper Suddeutsche Zeitung when one John Doe contacted them online with a treasure trove of leaked information – all 2.6 terabytes of it.

More than a year later after their initial contact, the Panama Papers were published on April last year, the largest data leak in history, revealing a long list of rich and powerful names around the world who have hidden their wealth in hundreds of thousands of shell companies that were created by Mossack Fonseca, a Panamanian law firm and corporate service provider – the world’s fourth biggest provider of offshore services.

World leaders were dragged into the spotlight, some were linked to the Panama Papers revelations and others had close family or friends who were. Not too long after the press broke the news, Iceland’s Prime Minister Sigmundur Gunnlaugsson was implicated in offshore tax evasion and after mounting pressure from the public stepped down. Several Fijian names were mentioned in the leak; however, no one was implicated for any wrongdoing.

Fiji’s Financial Intelligence Unit director Razim Buksh told the media last year that they would analyse this information through collaboration with other partners. Islands Business has contacted Buksh for the outcome of their year-long analysis but he stated via email that he could not respond before this issue went to press. 

.....to read more buy your personal copy at

Fijian media dominates Pacific body

At least three members of the board of directors of the new look Pacific Islands News Association Limited will have to be Fiji residents, the regional media body has confirmed. “The articles of association of the new PINA Ltd incorporates most of the provisions of the old PINA Constitution,” said PINA Limited’s President Moses Stevens of Vanuatu in his written response to Islands Business questions. “The only changes are in the structure of the executives of the new company and the compliance requirements under the Fiji companies’ law. “We now have a Board of Directors, comprising seven members, most of whom are now Fiji based PINA members.

The seven include the President and Vice President, Secretary, Treasurer and three members. Currently those three members are Fiji based for the purposes of compliance under the Companies Act. The PINA Office Manager becomes the Company Secretary. “On the advice of our lawyer, Chan Law, the President and Vice President were to remain for at least the first two years to oversee the smooth transition into the new company as they have been part of the process in taking PINA to becoming a company limited by guarantee.

The next level in the new company’s decision making process is the Executive Committee made up of representatives from PINA’s industry groups – radio, television, print and national media associations. The four with the President and Vice President make up the PINA Executive Committee.”

.....to read more buy your personal copy at

http://www.islandsbusiness.com/subscribe/

Most Read

Life in interesting times

19 Sep 2017 2017 September

A warrior falls

19 Sep 2017 2017 September

Whispers

19 Sep 2017 2017 September

Friends no more

19 Sep 2017 2017 September

About to fall down

19 Sep 2017 2017 September

Find Us on Facebook