Swedish House Mafia named in Pandora Papers leak
Just as their long-awaited return was beginning to take form, the Swedish House Mafia has now been hit by controversy over the last 24 hours. The Swedish icons are one of the groups named in the recent Pandora Papers that leaked earlier today. The papers expose a long list of those who used offshore havens for several financial deals.
Posted by the International Consortium of Investigative Journalists, the Pandora Papers shed light on financial secrets from 35 current and former world leaders, 330 politicians, public officials in 91 countries and territories and also many celebrities. It includes various secrets of many that used the safe havens for financial gain.
“The leaked records reveal that many of the power players who could help bring an end to the offshore system instead benefit from it – stashing assets in covert companies and trusts while their governments do little to slow a global stream of illicit money that enriches criminals and impoverishes nations.” – ICIJ
The Swedish House Mafia reportedly created a company in the British Virgin Islands, a tax haven since 2014, to manage the ownerships of some of their records, including the tracks “Don’t You Worry Child” and “Save The World.” The company also managed the Swedish House Mafia logo and name. The company went under the name of SHM Holdings LTD starting in 2009.
With two of their biggest songs falling under the tax rules of the British Virgin Islands instead of Swedish tax rules, the group was able to collect a larger amount of revenue. This includes copyrights, radio broadcasts and sales of titles.
Read the full report here.
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