It has emerged that the International offshore law firm Appleby ranked Ibrahim Mahama’s company Engineers and Planners a high-risk firm as the company attempted to open two offshore accounts in 2013.
This was contained in the latest leaks by the International Consortium of Investigative Journalists dubbed ‘Paradise papers’.
The data among other things said “In 2013, representatives of Mahama and his contracting company Engineers and Planners Company Limited contacted Appleby about creating two offshore companies in the Isle of Man but ended up creating only one. That company, Red Sky Aviation Limited, was used to hold a $7 million Bombardier Challenger jet.
“The second company was intended for “consulting services in the oil and gas mining infrastructure development and real estate sectors of the Ghanaian economy.” Appleby ranked Mahama and his companies as a high risk due to his relationship to the then-president and allegations in local media that government funds were being used to repay the company’s multimillion-dollar bank loan. Mahama’s company denied any wrongdoing”.
Meanwhile, E&P has denied any wrongdoing in the transaction.
“A representative of Engineers & Planners Company Limited declined to respond to specific questions and told ICIJ that there was nothing illegal in the use of offshore companies,” the website of the investigative consortium noted.
The data has also accused the British Queen of secretly investing vast amounts of cash in offshore tax havens. It also mentioned US president Donald Trump’s commerce secretary as dealing with Russian firms sanctioned by the US.
The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance.