Friday Nov 22, 2024
Friday Nov 22, 2024
Tuesday, 20 February 2024 00:39 - - {{hitsCtrl.values.hits}}
Three years ago, the International Consortium of Investigative Journalists (ICIJ) uncovered the financial secrets of more than 330 politicians in 91 countries and exposed a shadow economy thriving in offshore or secret jurisdictions.
The Pandora Papers is a trove of 11.9 million leaked documents obtained by ICIJ that were at the core of a 2021 global investigation exposing the financial deals and hidden assets of politicians, celebrities, business people and criminals in more than 200 countries. The files came from 14 offshore service providers that specialised in setting up shell companies and trusts in tax havens and secrecy jurisdictions.
Among the group were several high profile Sri Lankans. In December 2023 further individuals were identified as having offshore shell companies hiding their wealth.
When the first revelations on the Pandora Papers became public in 2021, then President Gotabaya Rajapaksa directed the Commission to Investigate Allegations of Bribery or Corruption to launch an immediate investigation into the alleged malpractice and report to him of the findings within a month.
In November 2021, the Presidential Secretariat issued a press release stating that the Bribery Commission had handed over an interim report to the President regarding their investigations.
Even though the interim report was never made public, the press release stated that the Director-General of the Commission had informed that the various banks and financial institutions have been requested to submit reports containing the bank account details.
Despite the lapse of three years and a change in the highest office in the country, nothing has been heard since the investigation.
Further, questions need to be raised as to why neither the Central Bank’s Financial Investigation Unit nor the Inland Revenue Department have seen fit to look into or even comment on the revelations thus far, considering the potential implications of tax evasion. These individuals who have stashed hundreds of thousands of dollars abroad must at the very least demonstrate their sources of income and show that they have paid due taxes.
The Pandora Papers saga is emblematic of the systemic corruption that is permeating throughout the governing structure of the country. The individuals concerned wield influence throughout the political spectrum and therefore have immunity from justice whoever is in power. Sri Lanka is facing its worst economic crisis in its post-independence history. The details of the Pandora Papers are in the public domain simply because they were investigated and exposed by international entities. These are only the tip of the iceberg of the colossal corruption and misappropriation of funds that occur regularly in this country.
If Sri Lanka is to stand any chance of saving itself from its current economic woes, political leaders entrusted with public finances must regain the trust of the public. They must also make a clear commitment to investigate and prosecute those who have been accused of wrongdoing in the Pandora Papers and many such scandals.
