Prominent F1 personalities have been named in a shocking tax avoidance leak, as reported by GrandPX.news.
Some people have been doing some shady tax evasions recently. These include some on the F1 paddock. These people have also been conducting suspicious offshore tax arrangements in various banks.
The Canadian press has leaked the Pandora Papers, which is said to be the biggest leak of offshore financial data of all time. The papers reveal that Aston Martin Team Owner Lawrence Stroll is one of those implicated.
The billionaire father of F1 driver Lance Stroll is one of the alleged tax evaders. The documents don’t stop with the F1 links there, as it also names 1997 World Champion Jacques Villeneuve as one of the guilty parties.
The documents alleging the tax evasion of Stroll and Villeneuve have been sent to the International Consortium of Investigative Journalists. Within no time, every journalist and news agency in the world got hold of the breaking news.
Canada public broadcaster CBC, together with the Toronto Star newspaper, reported that Stroll owns 15% of the shares of a British Virgin Islands company called Superwit.
Superwit runs though Polo Trust, which is an establishment run by the Stroll family. The suspicious thing here is that Polo Trust is registered in an alternate tax haven in Liechtenstein. As a result, Superwit and Polo Trust are alleged to be means of evading tax for the billionaire father of Lance Stroll.
Villeneuve, meanwhile, apparently funnelled his F1 salaries and sponsorship and endorsement deal money through various offshore tax havens. This was, the commentator for Italian TV evaded and reduced the tax he is obliged to pay.
These two names are at the top of the list, but it does not end there. Spanish newspaper El Pais and broadcaster La Sexta reported that Bernie Ecclestone and Flavio Briatore have also been named.