Paradise Papers :Colombian President,Brazil Finance minister established trusts

New Delhi Nov 8: The International Consortium of Investigative Journalists (ICIJ) has once brought out paradise papers - the documents to shun the light on offshore entities.

The documents reveal the list of global leaders who have offshore entities and have immensely benefited from them.some of them include

Henrique de Campos Meirelles–Brazil's Finance Minister

Henrique de Campos Meirelles is the Minister for Finance in Brazil and assumed office in May 2016. Meirelles set up Sabedoria Foundation in Bermuda with the help of Appleby in December 2002. However, the trust saw negligible growth.

Response from Finance Minister

Meirelles said that the the foundation was a charitable one that was set up to promote education in Brazil.

Juan Manuel Santos–President of Colombia since 2010

Juan Manuel Santos has served as the president of Colombia since 2010 and prior to that he held the position of the country’s finance minister from 2000 to 2002.he received Nobel peace prize in 2016.He is listed as a director in the Global Tuition & Education Insurance Corp till 2001.is also listed as a director of tax-exempt insurer Nova Holding Company from April to May in 2000.

Response from Colombia President

Santos said: "I never invested one single peso [in the company], and I was never a shareholder." He added that his position as a member of the board was of an unpaid nature.