This is article about 2,500 Indonesians found in the files of Portcullis Trusnet, Singapore NOT rel
Correction:
We incorrectly took materials of ‘’2.500 Indonesians who has off-shore accounts’’ by Portculiss Trustnet, Singapore, 2013 into our article ‘Panama Papers ICIJ’ on April 10, 2016. Therefore we have made some corrections of this article and we apologize to Portcullis Trustnet, Singapore for the errors.
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Owners of corporations registered in tax havens include some linked to regime of the late dictator, Suharto. Nine of Indonesia’s 11 richest families have found shelter in tropical tax havens, holding ownership of more than 190 offshore trusts and companies, secret records obtained by the International Consortium of Investigative Journalists show.
The nine families, worth an estimated $36 billion among them, are at the top of a wealthy class that dominates Indonesia’s politics and economy. Six were closely tied to the late dictator Suharto, who helped a special circle of Indonesians grow rich during his 31-year rule by granting economic fiefdoms to family and friends.
The billionaires are among nearly 2,500 Indonesians found in the files of Singapore-headquartered offshore services provider Portcullis TrustNet, which ICIJ has been analyzing and began reporting on 2013.
Although there is no evidence in the files of illegality by any of the nine families, they are part of a wider Indonesian economy riddled with secret offshore companies and resources draining away to offshore bank accounts.
In December 2012 the Washington-based research organization Global Financial Integrity estimated that Indonesia had lost over $10 billion in “illicit financial outflows,” including tax evasion, each year between 2001 and 2010. This placed it 9th out of 150 developing countries for the quantity of money disappearing into offshore tax havens. These outflows of “dirty money” deprive nations of investments in healthcare, education and infrastructure, GFI said in a statement.
However there are also legitimate uses for offshore companies. Service providers like TrustNet allow companies and individuals to do business, diversify their investments and forge alliances across political borders. They also help individuals who live in multiple countries to manage their affairs.
The files analyzed by ICIJ show how wealthy Indonesians have embraced the anonymity offered by the offshore world. The Riady family, for instance, owners of the conglomerate Lippo Group, had at least 11 offshore companies and trusts, records obtained by ICIJ show. But TrustNet cautiously refers to the Lippo companies in internal correspondence as “Client A”.
click for more www.icij.com
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Portcullis IS NOT Related to Mossack Fonseca
It has been brought to our attention that some websites are falsely reporting a connection between Mossack Fonseca (Mossack) and certain Portcullis Group companies. We wish to assure you that the Portcullis Group is distinct and separate from Mossack.
Portcullis does not use Mossack as a service provider whether in Panama or elsewhere.
Portcullis is an Independent Group of Companies providing Trust, Fund and Family Office Services
Please be assured that there has been no recent compromise of data held by the Portcullis Group. Since the data theft in 2013, the Portcullis Group has appointed Oyster Security (owned by Mr David Chong, the Founder of the Portcullis Group) to oversee their IT systems and governance. Oyster Security was established in 2014 to provide dedicated security governance services and support for the Portcullis Group of companies. Many pro-active and significant steps have been taken to enhance IT security and focus on data security.
