The Panama Papers leak is considered to be the largest among all the leaks that took place in the Journalism world.
About Süddeutsche Zeitung
Headquartered in Munich, Süddeutsche Zeitung (SZ) is one of Germany’s leading newspapers. SZ has a total readership of 4.4 million for its print and online media. Its investigative journalism team counts five people, three of which are members of the International Consortium of Investigative Journalists (ICIJ). The Süddeutsche Zeitunghas won a number of prestigious awards for its research work. Its team has cooperated with other media organizations on a number of projects, including Offshore Leaks, Swiss Leaks, and Lux Leaks, which ICIJ coordinated. At the beginning of 2015, an anonymous source began sending the Süddeutsche Zeitung data from Mossack Fonseca, a provider of offshore companies. This marked the beginning of the Panama Papers project.
Over a year ago, an anonymous source contacted the Süddeutsche Zeitung (SZ) and submitted encrypted internal documents from Mossack Fonseca, a Panamanian law firm that sells anonymous offshore companies around the world. These shell companies enable their owners to cover up their business dealings, no matter how shady.
In the months that followed, the number of documents continued to grow far beyond the original leak. Ultimately, SZ acquired about 2.6 terabytes of data, making the leak the biggest that journalists had ever worked with. The source wanted neither financial compensation nor anything else in return, apart from a few security measures.
The data provides rare insights into a world that can only exist in the shadows. It proves how a global industry led by major banks, legal firms, and asset management companies secretly manages the estates of the world’s rich and famous: from politicians, Fifa officials, fraudsters and drug smugglers, to celebrities and professional athletes.
Panama Papers have leaked the significant documents about Mossack Fonseca firm in Panama which has helped investors around the world to evade tax, launder money, among others.
According to a report in the Indian Express, 500 Indians are on the list, including actor Amitabh Bachchan and Aishwarya Rai Bachchan, real-estate developer DLF's KP Singh, to politican Anurag Kejriwal.
What is Mossack Fonseca?
It's a Panamanian law firm that sells anonymous offshore companies around the world. These shell companies allow their promoters to hide their business dealings. Mossack Fonseca has dozens of offices all over the world. It has founded, sold and managed thousands of companies.
The company sells its shell companies in cities such as Zurich, London, and Hong Kong, among others.
Whoever wants to buy an anonymous company can buy it through Mossack Fonseca for as little as $1,000 (nearly Rs 66,290). For an extra fee, it also provides a sham (fake) director and if the clients' desire it conceals the company's true shareholder. In short, the company is into the business of withholding the true identity of the offshore company's owner.
How the leak took place?
An anonymous source contacted a German newspaper Süddeutsche Zeitung (SZ) over a year ago period and submitted encrypted internal documents from Mossack Fonseca. In the following months, the newspaper found that the number of documents continued to grow far beyond the original leak and therefore, it acquired 2.6 terabytes of data, making the leak the biggest that journalists had ever worked on.
Any demands from source?
The source who leaked this information neither wanted any financial compensation nor anything else in return, apart from a few security measures.
What's the data all about?
It reveals information on how an overseas industry led by major banks, legal firms, and asset management companies secretly manages the assets of the world's rich and famous personalities from politicians, FIFA officials, fraudsters, drug smugglers, to celebrities and professional athletes.
It provided a clear picture of how Mossack Fonseca routinely accepts investments from world's rich and famous to engage in business activities that potentially violate sanctions, besides helping and abetting tax evasion and money laundering.
How big is the data leak and what does it comprise of?
It includes approximately 11.5 million documents which are higher than the combined total of the Wikileaks Cablegate, Offshore Leaks, Lux Leaks, Swiss Leaks.
It mainly comprises of emails, pdf files, photo files, and excerpts of an internal Mossack Fonseca database. The data covers a period right from the 1970s to 2016.
What's the scale of the leak?
The Panama Papers leak comprises of approximate 2.6 terabytes (TB) of data which is highest of all the leaks that have taken place in last few years.
In 2015, the Swiss Leaks/International Consortium of Investigative Journalists (ICIJ) had 3.3 gigabytes (GB) volume of data while the Luxemberg Leaks/ICIJ in 2014 had 4 GB.
In 2013, the Offshore Leaks/ICIJ had 260 GB of data.
In 2010, the Cablegate/ Wikileaks has 1.7 GB of data
A group effort
The Süddeutsche Zeitung decided to analyze the data in cooperation with theInternational Consortium of Investigative Journalists (ICIJ). ICIJ had already coordinated the research for past projects that SZ was also involved in, among them Offshore Leaks, Lux Leaks, and Swiss Leaks. Panama Papers is the biggest-ever international cooperation of its kind. In the past 12 months, around 400 journalists from more than 100 media organizations in over 80 countries have taken part in researching the documents. These have included teams from the Guardian and the BBC in England, Le Monde in France, and La Nación in Argentina. In Germany, SZ journalists have cooperated with their colleagues from two public broadcasters, NDR and WDR. Journalists from the Swiss Sonntagszeitung and the Austrian weekly Falter have also worked on the project, as have their colleagues at ORF, Austria’s national public broadcaster. The international team initially met in Washington, Munich, Lillehammer and London to map out the research approach.
