From cars to mining to land grabs and his fierce rise to riches in South Africa and other African countries, Billy Rautenbach is no stranger to controversy. The latest reveal from a massive offshore data leak provides the most detailed account yet of his family empire and how he and other billionaires and world leaders, including Russian President Vladimir Putin, former UK Prime Minister Tony Blair, Kenyan President Uhuru Kenyatta and King Abdullah II of Jordan, stashed vast amounts of money in secretive offshore systems.
The Pandora Papers, a trove of nearly 12 million documents which throws light on the secret wealth of the rich, powerful and famous was made public on Sunday on the website of the International Consortium of Investigative Journalists (ICIJ).
Rautenbach, who fled South Africa in 2000 when a warrant for his arrest was issued on charges of fraud, theft and corruption involving his Hyundai motors distribution business and described by the Daily Maverick as the master of the art of bouncing back, is but one of many big wigs exposed for hiding trillions of dollars from tax authorities, prosecutors and others.
Although moving money through offshore accounts, in mostly low-tax jurisdictions, is legal in most countries, the ICIJ says the 2.94 terabytes of financial and legal data shows the “offshore money machine operates in every corner of the planet, including the world’s largest democracies”.
While we brace ourselves for a trove of reveals in the next couple of days, here’s a simple guide to the Pandora Papers leak.
Meanwhile, in the markets, Evergrande resurfaced to spook emerging market currencies, with the rand giving up some of its ground it gained on Friday to trade a touch softer at R14.91 against the US dollar.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
COVID-19: UK’s traffic light system for international travel is scrapped – Sky News
Radio frequency spectrum: Icasa is a threat to the economy, say mobile operators and industry players – Daily Maverick
There are only five Master Butchers in SA. Here’s how to become one. – Business Insider
Global Business
Headwinds mount for world economy into final stretch of 2021 – Bloomberg
Facebook whistleblower reveals identity, says firm chooses ‘profit over safety’ – AFP
Boris Johnson: petrol crisis and pig cull part of necessary post-Brexit transition – The Guardian
Markets
Most Asia markets up but Hong Kong hit as Evergrande suspends trade – AFP
Gold up, hits near two-week peak as dollar softens – Investing.com
A stock trader’s guide to navigating the global energy crisis – Bloomberg
Opinion/In-depth
Inside South Africa’s massive ‘sardine run’ – The Conversation
Hands across the fence – Cathy Buckle – Biznews
Is Boris Johnson a liar?And if he is, why don’t voters seem to care? – The Atlantic
Video
Business of Fashion: How Covid is transforming the $380 billion luxury fashion industry – Bloomberg
Facebook defends itself over mental health impact on teens – Cover Media
The stunning lives of old coal plants – Bloomberg
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