Nearly a third of the business of Mossack Fonseca, the law firm at the center of the Panama Papers scandal, came from its offices in Hong Kong and China, reports say – making the Asian giant its biggest market, AFP reports.
Shell companies incorporated through the Hong Kong and China offices of the Panamanian law firm accounted for 29 per cent of its global active companies, according to the International Consortium of Investigative Journalists (ICIJ), which coordinated a year-long investigation into a trove of 11.5 million documents.
The investigation found that relatives of at least eight current or former members of China’s Politburo Standing Committee, the ruling party’s most powerful body, have been implicated in the use of offshore companies.