Saturday, April 9, 2016

Carlyle Group's Offshore Holdings: 56% of Subsidiaries

The Panama Papers have drawn international attention to the way offshore corporations enable those with great wealth to avoid paying taxes.  The Guardian reported several schemes, which included:

A former chief executive of HSBC Michael Geoghegan was revealed to have held his £8m London townhouse through an offshore company – and planned to avoid tax by effectively renting the property to himself.
The Carlyle Group made transparency the focus of its 2016 Corporate Citizenship report.  In Carlyle's transparency they never once mentioned the word tax or taxes as being part of a corporation's citizenship.  That's telling.

While chock full of information the report did not cite the number of subsidiaries owned or their place of incorporation.

Carlyle has long reported its foreign subsidiaries to the SEC and its latest list revealed:

PEU Report noted Carlyle's virtual nonprofit status and had fun with Carlyle's affiliate list by playing "Count the Caymans!"  I'm glad the world is getting an up close picture of how the connected have enriched one another while jettisoning the rest.

Update 11-10-17:   Billionaire tax dodges finally hit the broader media.