Rabat, Morocco (TMT)- The Panama Papers, or the panama scandal, a huge leak of documents that has lifted the lid on how some of the rich and powerful people in the world use tax havens to hide their wealth, cited Mounir Majidi, the personal secretary to King Mohammed VI since 2000.
The files were leaked from one of the world’s most secretive companies, a Panamanian law firm called Mossack Fonseca.
According to the International Consortium of Investigative Journalists (ICIJ), Mounir Majidi received power of attorney privileges for a company that was incorporated in 2005 in the British Virgin Islands, by name SMCD Limited.
TheICIJ went on futher to say that SMCD Limited authorized the purchase of a luxury 1930s schooner “Aquarius W”, renamed “El Boughaz I” afterwards and now owned by King Mohammed VI.
Mounir Majidi was also linked to another company incorporated in Luxembourg, by name Immobiliere Orion S.A.
ICIJ said that Majidi was the administrator of Orion S.A.
Orion S.A. borrowed $42 million in 2003 to buy and renovate a luxury Paris apartment.
The International Consortium of Investigative Journalists said it is unclear who owned the company that lent the money to Orion S.A.
What is the PANAMA Papers All About?
The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca.
The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international media outlets, including Le Monde, The Guardian, the BBC and various others news outlets.
The Moroccan Times.