Millions of previously secret files could embarrass more than 100 billionaires and 30 world leaders. Plus, US reveals big Covid drop-off
Good morning.
The secret deals and hidden assets of some of the world’s richest and most powerful people have been revealed in the biggest trove of leaked offshore data in history.
Royal connection. The files show Azerbaijan’s ruling Aliyev family has traded close to £400m of UK property in recent years. One of their properties was sold to Queen Elizabeth II’s crown estate, which is now looking into how it came to pay £67m to a company that operated as a front for the family that runs a country routinely accused of corruption. The Aliyevs declined to comment.
Russian kleptocracy. The Russian president, Vladimir Putin, whom the US suspects of having a secret fortune, does not appear in the files by name. But numerous close associates do, including his best friend from childhood – the late Petr Kolbin – whom critics have called a “wallet” for Putin’s wealth, and a woman the Russian leader was allegedly once romantically involved with. None responded to invitations to comment.
At least $11tn held offshore. “This is money that is being lost … [which] could be used to recover from Covid,” said Gerard Ryle, the director of the International Consortium of Investigative Journalists.
Is the worst over? “Will the next surges be as big as this current one? It’s not likely, but it’s possible,” said Michael Osterholm, the director of the Center for Infectious Disease Research and Policy at the University of Minnesota.
When will life return to normal? “It’s not really fully answerable by science. It’s also about people’s comfort,” said one epidemiologist. “That is one of the challenges for me in sorting through all this data.”
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