Pradise Papers: Queen Elizabeth II did not know where her millions went!

Savoy hotel

Jeremy Corbyn was speaking at a gathering of the Confederation of British Industry (CBI) in London following the release of the so-called "Paradise Papers", which detail offshore tax arrangements of various wealthy individuals and companies.

There is no allegation of anything illegal in the investments being exposed and no suggestion that the Queen is not paying tax.

But now the estate stands accused of using offshore private equity funds in the Cayman Islands that shield United Kingdom investors from paying U.S. tax on their holdings.

The leaked documents from the Paradise Papers have revealed that Queen Elizabeth II's private estate had invested over Rs 85 crore in offshore accounts. The Duchy added the BrightHouse holding now equates to only 3,208 pounds and it was not involved in fund investment decisions and claimed that it had been unaware the retail featured in the investments.

Representatives of the queen's estate said that all investments were legal and that less than 1 percent of the funds were held in the Cayman Islands.

"First obtained by the German newspaper Süddeutsche Zeitung, the documents were then shared with scores of journalists and researchers associated with the International Consortium of Investigative Journalists and other media organizations, including the New York Times, BBC, and the Guardian".

The queen's private fund, The Duchy of Lancaster, invested just under $10 million and became a limited partner of The Cayman Islands' "Dover Street VI Fund" in 2005. "In contrast to Mossack Fonseca, the discredited firm at the centre of last year's Panama Papers investigation, Appleby prides itself on being a leading member of the "magic circle" of top-ranking offshore service providers".


Elsewhere, the Duchy has investments in a number of overseas funds, including one in Ireland.

US President Donald Trump's commerce secretary, Wilbur Ross, is allegedly shown to have cash in a shipping company which deals with Russian leader Vladimir Putin's son-in-law. "All of our investments are fully audited and legitimate", it said.

The Dover Street investment is said to form only 0.3% of the total value of the Duchy.

The documents showed that the queen has roughly 3600 euros (just over 3200 pounds) invested in BrightHouse, a household goods and electronics retailer that has been accused of exploiting customers by charging high-interest rates.

The Queen does not manage the Duchy of Lancaster's investments, which are decided by a council, and pays tax voluntarily on any income. "The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants", he said.

He made the comment after he was specifically asked whether he wanted the Queen to apologise over her offshore investments.

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