Government is assembling a team for a forensic analysis probe of reported undertakings by T&T nationals alleged in the leaked Panama Papers documents, including questionable operations by former United National Congress official and Warner Group of Companies chief executive officer Ken Emrith.
This was confirmed yesterday following the leak of millions of pages of documents from Panama-based law firm, Mossack Fonseca (MF).
Obtained by German newspaper Süddeutsche Zeitung and shared with the International Consortium of Investigative Journalists, it has spotlighted the offshore holdings of a dozen past and present world leaders, business tycoons and personalities in over 200 territories over the last 30 years, as well as the methods alleged “front men” and familial facades used for this.
Revelations in the documents spotlighting 214,000 offshore entities surround European, Middle East, Asian, Russian and South American leaders, billionaires, sports and entertainment personalities, former Fifa hierarchy officials, plus assorted businessmen.
It has caused waves of reaction. Yesterday, Iceland’s prime minister,whose wife’s accounts were reportedly noted in the leaks, resigned under pressure following protests in his country. Offshore tax havens normally deprive countries of revenue.
The leaked documents alleged that a company which Emrith registered in Panama—Pendrey Associates’ Corporation—was the shelter for millions channelled into the offshore holding, via MF facility. This included millions in funding concerning consulting contracts with Construtora OAS in Brazil. Other claims include that Emrith’s Pendry Associates Corporation in 2012 was paid (US)$1 million by a shell company, reportedly linked to Brazil’s Petrobras bribery scandal, as part of an international bid to win a US$340 million tender to expand the Walvis Bay port in Namibia. (See box).
Following revelations concerning Emrith and other T&T nationals reported to be mentioned in the documents, it was subsequently confirmed to the T&T Guardian that Government would “absolutely” be probing the situation using forensic tracking.
It was pointed out that when T&T assumed chairmanship of the Caribbean Financial Action Task Force late last year, it was noted by Government that T&T had various laws concerning financial and anti-money laundering issues, including company law, forfeiture of assets law and related legislation.
Also contacted on the matter yesterday, Legal Affairs Minister Stuart Young said: “The Government has noted with concern the recent international revelations (in the Panama Papers) and also the fact that there appears to be linkages to T&T citizens in suggestions of illegality.
“As all wrongdoing concerns the Government, we are certain the appropriate law enforcement agencies would be making the relevant enquires. The Government stands ready to support the law enforcement agencies in the performance of their work.”
Emrith’s Pendrey company was alleged to have incoming funds of US$6 million and disbursements of US$4 million concerning consulting contracts with Construtora OAS, Brazil, Spain’s Campari Group and Offshore Oil & Gas of Ecuador. OAS has been the focus of attention locally for its construction of the Point Fortin Highway by the past People’s Partnership administration.
Emrith, a one-time policy-strategy officer under the Basdeo Panday UNC, subsequently shifted to the Congress of the People after COP was formed. Between 2002 and 2010, he was CEO of the Centre of Excellence when former UNC chair, now Independent Liberal Party leader, Jack Warner was in charge there and later graduated to CEO of the Warner Group of Companies.
Checks with the Companies Registrar yesterday indicated that Pembury Associates began in August 22, 2007 with directors listed as attorney Nyree Dawn Alfonso (incorporator) and Rhys Thomas, of Coral Gables, US.
Thomas was listed as CEO of Gables Associates Group Ltd. The records gave Alfonso’s office (Chancery Chambers, St Vincent Street, Port-of-Spain) as the company’s office.
Company records over 2008-2010 showed no change. In early October 2010, Emrith, listed as a management consultant, replaced Thomas as a director. The name of the company was changed later that year to Pembury Consultants (Trinidad and Tobago) Ltd, and in 2011 to Pembury Consultants Ltd.
In November 2010, one Kerry Emrith, listed as a hospital administrator, replaced Alfonso as a director. Records also showed that by February 2011, Davica Persad, listed as a sales manager, replaced Alfonso as secretary. On the last company return, directors were listed as Ken Emrith, Kerry Emrith and Persad. The last return filed for the company was 2012. Alfonso has been out of T&T since January, an office spokesman said yesterday. She is expected back next week.
Contacted yesterday on the Panama Papers matter with specific reference to T&T, Emrith and surrounding issues, Peter Carr of the US Department of Justice, said: “We are aware of the reports and are reviewing them. While we cannot comment on the specifics of these alleged documents, the US Department of Justice takes very seriously all credible allegations of high level, foreign corruption that might have a link to the United States or the US financial system.” Neither Emrith nor Warner answered calls yesterday.