Arnon Milchan, witness in Netanyahu trial, said hiding $500 million offshore
Arnon Milchan, an Israeli Hollywood film producer who is a
key witness in former prime minister Benjamin Netanyahu’s corruption trial, has
some half a billion dollars in assets held in offshore companies, according to
an investigative report released on Thursday.
Milchan is among the 565 Israelis named in the “Pandora
Papers,” a massive trove of leaked documents about financial secrecy in global
tax havens that was published by the International Consortium of Investigative
Journalists (ICIJ).
Shomrim, an Israeli investigative journalism nonprofit
organization that took part in the ICIJ reporting effort, said that Milchan’s
name appears numerous times in the documents, which reveal that he is listed as
the ultimate beneficiary of seven companies in the Virgin Islands, a major tax
haven.
The companies were formed in the early 2000s, but did not
appear to be used until 2013, Shomrim said.
Among the assets reportedly held by the companies were
artwork, antiques, properties in Manhattan and Malibu, and millions of dollars
in cash.
According to the report, documents indicated that the
companies remained active as late as 2018, when the police investigations
involving Milchan and Netanyahu were already well underway in Israel.
Shomrim suggested a link between the offshore companies and
Milchan’s alleged lobbying of Israeli leaders to extend a tax exemption on
income earned abroad to new immigrants as well as to returning residents who
have lived abroad for at least 10 years, known as the “Milchan law.”
In one of the three cases Netanyahu faces charges in, he is
accused of seeking to advance the law’s extension and other favors benefiting
Milchan and Australian billionaire James Packer in exchange for some $200,000
in gifts such as cigars and champagne.
Milchan was not charged in the case, while Netanyahu was
indicted for fraud and breach of trust. The ex-premier is also charged with
fraud in the other two cases, and bribery in one of them. He denies wrongdoing.
Milchan did not respond to the Shomrim report, which did not
detail any alleged wrongdoing by the Israeli billionaire.
Several prominent Israelis are named in the so-called
“Pandora Papers” — a review of nearly 12 million files obtained from 14
different firms located around the world — including former justice minister
Haim Ramon, secretive billionaire Beny Steinmetz, and leading Likud lawmaker
and former Jerusalem mayor Nir Barkat.
The leaked trove is being dubbed the “Pandora Papers”
because the findings shed light on the previously hidden dealings of the elite
and the corrupt, and how they have used offshore accounts to shield assets
collectively worth trillions of dollars.
Some 600 journalists from 150 media outlets in 117 countries
worked on the report, released on Sunday by the ICIJ.
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