In one of the biggest financial leaks naming some of the biggest corporations like Apple, Nike including personalities from Bollywood to politics. The leak reveals data contained in 13.4 million documents, termed as Paradise Papers. As per reports, out of the total leaked documents (13.4 million) 6.8 million documents came in from the hacking faced by top-notch law firms, corporate service providers that operated in 10 jurisdictions under the company Appleby. The data which has been retrieved from the hacking at Appleby reportedly hold information regarding the offshore companies and their bank account details. The Paradise Paper leak comes in after almost 18 months of the Panama Papers leak, which comprised of documents from legal firm named Mossack Fonseca.
Following the hack, the headlines were made regarding those named in the Paradise Papers. The Paradise Paper was obtained by German newspaper Süddeutsche Zeitung which was further shared with the International Consortium of Investigative Journalists (ICIJ). The difference between the Paradise papers from Panama is that the previously leaked Panama Papers were only focused on the money magnet individuals while the Paradise Papers are more about corporate entities.
After the headlines were made, Appleby, which comes out as the ‘unintentional’ source of the financial data — has been receiving enquiry calls from the International Consortium of Investigative Journalists and a number of media organisations who are partners of the ICIJ, like New York Times.
Commenting on the Paradise Paper leaks, Appleby said that the inquiries came in after journalists claimed allegations against the business and also the business conducted by the clients held by Appleby.
As per reports, Applby said that they take any allegation of ‘wrongdoing, implicit or otherwise, extremely seriously’. The statement from the firm in Paradise Paper leak matter said that Appleby operates in highly regulated jurisdictions and like all professional organisations in its regions. it said, “we are subject to frequent regulatory checks and we are committed to achieving the high standards set by our regulators. We are also committed to the highest standards of client service and confidentiality. It is what we stand for. This commitment is unequivocal.”
Taking the cognizance of the claims, Appleby has thoroughly and vigorously investigated the allegations and is satisfied that there is no evidence of any wrongdoing, either on the part of us or our clients, a report said. Refuting the allegations, Appleby also said that it would be happy to cooperate the investigations by relevant authorities.
Commenting on the leaks by the Paradise Paper that mentions Appleby, it said that Appleby is an offshore law firm that advises its clients on legitimate and also lawful ways of doing business. It also said, “Where we find that mistakes have happened, we act quickly to put things right and we make the necessary notifications to the relevant authorities.”
As per The Guardian, Appleby also said that they do not tolerate any illegal behaviour. Having researched the ICIJ’s allegations, we believe they are unfounded and based on a lack of understanding of the legitimate and lawful structures used in the offshore sector, a report from The Gaurdian read.