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Carthy demands transparency as Denis O'Brien links revealed in Bahamas leaks

4 October, 2016 - by Matt Carthy MEP

Sinn Féin MEP Matt Carthy has pointed out the Irish links revealed in the Bahamas leaks and called for global reform on financial transparency.

Addressing the European Parliament plenary debate on the Bahamas leaks today in Strasbourg, Carthy said:

"The Bahamas leaks show that corrupt officials and politicians are not only resisting action against tax evasion and avoidance – they are directly engaging in the practices.

It is disappointing but unsurprising that many Irish links have been exposed here.

"For example, billionaire Denis O’Brien is linked to a property development in the Caribbean in the Bahamas leaks.

"His associates are acting as directors of six different companies in this tax haven.

"This is a man who can use his control over large sections of the Irish media along with his enthusiasm for launching lawsuits to intimidate those who would dare to make public statements about his business dealings, in order to prevent these same dealings being scrutinized."

Carthy, the full member from Ireland on the European Parliament's Panama Papers inquiry committee, continued:

"These leaks highlight the urgent need for transparency on shell companies, which are at the rotten core of the offshore scam.

"All countries must ensure that full registers of beneficial ownership of offshore companies, foundations and trusts are in place and open to public scrutiny.

"But that won’t be enough.  We need to close the loopholes of having nominee directors of companies, and dividing up company ownership, which are used to hide the true owners."


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