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PANDORA PAPERS: Formula 1 names in TAX OASES

The so-called Pandora-Papers-Leak is just revealing secret deals in tax havens. There we can also find names from Formula 1 such as Lawrence Stroll.

These are the days tax havens with so-called documents Pandora-Papers, which came to light, again the main topic of media headlines. Also in Formulas 1, because recent research International Consortium of Investigative Journalists (ICIJ) and their partner media mention quite a few names from the world of the royal class of motorsport, among which the owners are also a big player. Aston Martin.

In addition Lawrence Stroll we also find the former owner of Formula 1 Bernie Ecclestone, a former team boss Flavia Briatoreja and a former world champion Jacques Villeneuve. It is worth mentioning that this is not necessarily an illegal activity. ICIJ in 150 participating media has rated more than 11,9 million confidential files 14 Offshore Providers, who have set up various straw companies in tax havens for their clients. Such companies are often legal, but they serve for tax savings in concealment of data.

Bernie Ecclestone and Flavio Briatore, who together bought the British football club Queens Park Rangers in 2007, are also active in tax havens.

Canadian officer Toronto Star mentions Lawrence Stroll, co-owner Aston Martin, as one of more than 130 billionaires, which appeared on this list. Stroll is with several of its business partners from fashion industry co-owner Offshore companies na Virgin Islands, which is part of a complex structure. Stroll owns it as well 15 percent companies running through family foundations in Liechtenstein. One of the co-owners is also a fashion billionaire Silas Chou from Hong Kong, who also participated in the consortium with which he is Stroll bought the team first Force India, and then again Aston Martin. However, there is nothing illegal in doing so, as a Stroll agent told the Toronto Star newspaper.

According to the Canadian CBC television, has more in tax havens Offshore companies also Jacques Villeneuve, the 1 Formula One world champion. This leads all the way back to the year 1992when Villeneuve hadn’t even entered the American racing series yet IndyCar.

Jacques Villeneuve, the 1997 world champion, also has several offshore companies in tax havens.

In Spain La Sexta reports that they are Bernie Ecclestone, former owner of Formula 1, and Flavio Briatore, former head of the Benetton and Renault teams, in 2007 through a company registered in the UK Virgin Islands, bought a failed British football club Queens Park Rangers. Their joint football adventure was well documented at the time and ultimately proved to be a failure. In 2011, the club was sold again to the former owner of the Lotus team Tony Fernandes. Here, too, financial connections have been mixed. Ecclestone, who has always described his football adventure as a disaster, to the newspaper La Sexta did not release any details. Briatore however, he did not comment on this at all.                

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