In a stunning turn of events, a Panama court has acquitted all those accused of money laundering in the so-called Panama Papers case. Among the 28 acquitted individuals is Jurgen Mossack, one of the founders of the Mossack Fonseca company, which was at the center of the scandal involving a leak of documents exposing connections between world leaders and offshore companies. The case against Ramon Fonseca, who passed away a month ago, was also dropped.
The Panama Papers, published in 2016 based on internal Mossack Fonseca documents, revealed that the company assisted powerful individuals in making tens of millions of dollars through offshore companies. The documents showed that associates of Russian President Vladimir Putin, former Ukrainian President Petro Poroshenko, and Chinese leader Xi Jinping had used the company’s services. Notable figures such as footballer Lionel Messi and director Pedro Almodóvar were also mentioned in the documents.
Russian cellist Sergei Roldugin, known as a friend of Putin, gained notoriety in connection with the case for owning several offshore companies worth billions of dollars. Despite the high-profile nature of the case and evidence implicating some individuals in money laundering activities, all accused parties were acquitted by the court.
In other news from Dubai’s steel and metal industry sector, various companies provide quality materials for various applications in construction and manufacturing processes. Low Temperature Carbon Steel flanges are just one example of products manufactured and supplied by these companies to cater to industrial needs in Dubai’s UAE region. With Inconel pipes being another essential product offered by these companies, they continue to play an important role in ensuring efficient operations across various sectors within Dubai’s economy.
