Collective investigations by global journalists which is termed ‘Panama Papers’ have revealed former President John Kufuor’s son to be involved in a financial scandal. In the Ghanaian part of the Panama papers, John Addo Kufuor the eldest son of John Kufuor is said to have controlled a bank account in Panama worth $75,000.
Panama Papers is an 11 million encrypted internal documents from a Panamanian law firm Mossack Fonseca which exposes secret offshore holdings from about 128 politicians and public officials across the globe, including 12 current and former world leaders.
John Addo was known to have worked in the hotel industry, though there had been media speculations that he gained huge government contracts with the influence of his father. However, those claims were later trashed, as an official commission declared there was nothing fishy going on.
According to recent revelation from the Panama Papers, around the year 2001, shortly after the start of his father’s first presidential term, Addo Kufuor through Mossack Fonseca, controlled a bank account in Panama worth 75,000 dollars. His mother, Theresa Kufuor, who was the then First Lady of Ghana was also a beneficiary of the account.
Also according to the Panama revelations, an employee of Mossak Fonseca had suggested that the company stopped doing business with Addo Kufuor because of his links to illegal and corrupt ventures. However, the company continued doing business with him. In 2012, he was said to have asked Mossak Fonseca to close the trust which is still unclear if it was closed.
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There are also files in the leaked documents which connected him with British Virgin Islands (BVI) Companies, Fordiant Ltd, and Stamford International Investments Group Limited, which were registered when his father was still president. The companies subsequently became inactive in 2004 and 2009.
Former President Kufour has not responded to these revelations yet.
Panama Papers is a series of documents from collective investigations from a period of 1977 to December 2015 by global journalists. It reveals how a network of rich and powerful world leaders use offshore tax havens to hide their vast wealth, and launder money unnoticed. The Panama Papers is regarded as the biggest leak of all time.