Pandora Papers not about illicit outflow of money, says Azhar

Chan Kok Leong Raevathi Supramaniam

Dewan Rakyat Speaker Azhar Azizan Harun says some of the shareholdings in the Pandora Papers are not in the millions as claimed by the opposition leader. – The Malaysian Insight file pic, October 11, 2021.

THE Pandora Papers are about shareholdings held in offshore companies, not the outflow of money, said Azhar Azizan Harun.

“As far as I know, the Pandora Papers are not about the illicit outflow of hundreds of millions from Malaysia. They are a revelation about the shareholdings in offshore companies,” said the Dewan Rakyat speaker when rejecting a motion by Anwar Ibrahim (Port Dickson-PH) to debate the documents in Parliament.

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  • Recently the government proudly announced 3bn FDI came from the British Virgin Islands, which has no local companies capable of such investment without the money sequestered away there. Beneficial ownership is not clear, neither is the source or origin of the funds. This means the Malaysian government is complicit in money laundering as no checks are carried out to establish the origin of the money invested. That is the issue. Money offshore evades taxation in the country of the beneficial owner. Simple. Debate in Parliament is required so that laws can be introduced to stop money legally exiting Malaysia instead of contributing to the wealth of the nation solely to lower the tax burden on rich individuals.

    Posted 1 month ago by Malaysia New hope