0:00:06 > 0:00:10This is BBC News with a special programme as the first results
0:00:10 > 0:00:14are released of a special investigation into the offshore tax
0:00:14 > 0:00:17secrets of some of the world's richest and most powerful people -
0:00:17 > 0:00:23it follows a leak of documents known as the Paradise Papers.
0:00:23 > 0:00:27The BBC Panorama programme has discovered that millions of pounds
0:00:27 > 0:00:30of the Queen's private money is invested in offshore funds based
0:00:30 > 0:00:37in the Cayman Islands and Bermuda by her private estate,
0:00:37 > 0:00:39the Duchy of Lancaster.
0:00:39 > 0:00:41The revelation comes from a cache
0:00:41 > 0:00:43of more than 13 million secret documents - one tax
0:00:43 > 0:00:46expert says it's likely to embarrass Buckingham Palace.
0:00:46 > 0:00:50The papers also disclose how Donald Trump's commerce secretary
0:00:50 > 0:00:54has business links with Russian allies of President Putin
0:00:54 > 0:00:57who are subject to US sanctions And the spotlight
0:00:57 > 0:01:03is on the Conservative Party donor Lord Ashcroft: the files suggest
0:01:03 > 0:01:06he could face a tax bill of tens of millions because of the way
0:01:07 > 0:01:14he may have used an offshore trust.
0:01:14 > 0:01:18Do you have tens of millions in an offshore trust that you secretly
0:01:18 > 0:01:22control? Does that mean you can avoid millions in tax through that
0:01:22 > 0:01:28trust? Why don't you talk to me, it would be great to hear your view?
0:01:28 > 0:01:29trust? Why don't you talk to me, it would be great to hear your view?
0:01:30 > 0:01:32Over the next half an hour,
0:01:32 > 0:01:35this BBC News special programme will report on the first revelations
0:01:35 > 0:01:38of the Paradise Papers - and the issues they raise
0:01:38 > 0:01:46about the secretive world of offshore finance and tax avoidance.
0:02:00 > 0:02:10Good evening and welcome to BBC News.
0:02:12 > 0:02:16Reporting on one
0:02:16 > 0:02:18of the biggest ever leaks of offshore secrets,
0:02:18 > 0:02:2013 million documents, mostly from an offshore law firm
0:02:20 > 0:02:22called Appleby; they are known as the Paradise Papers
0:02:22 > 0:02:25and they reveal the tax affairs of rich and powerful
0:02:25 > 0:02:26people around the world.
0:02:26 > 0:02:27They've been obtained by the German newspaper
0:02:27 > 0:02:30Suddeutsche Zeitung and shared with the International Consortium
0:02:30 > 0:02:32of Investigative Journalists - including in the UK,
0:02:32 > 0:02:37The Guardian and the BBC's Panorama programme.
0:02:37 > 0:02:41They show how the Duchy of Lancaster, which is the Queen's
0:02:41 > 0:02:44private estate, invested around £10 million offshore.
0:02:44 > 0:02:52Some of the money went into the off licence chain Threshers which later
0:02:52 > 0:02:54went bust owing more than £17 million in tax.
0:02:54 > 0:02:55And a small amount
0:02:55 > 0:02:57went into BrightHouse, the hire purchase company that's
0:02:57 > 0:02:59been accused of charging inflated interest rates.
0:02:59 > 0:03:01The leaked documents also reveal that this man -
0:03:01 > 0:03:05Wilbur Ross, Donald Trump's friend and commerce secretary -
0:03:05 > 0:03:08has business ties with Russian allies of President Putin
0:03:08 > 0:03:11who are subject to US sanctions.
0:03:11 > 0:03:15And they suggest Lord Ashcroft, the donor and former deputy chairman
0:03:15 > 0:03:18of Britain's Conservative Party may have ignored rules around how his
0:03:19 > 0:03:21offshore investments were managed.
0:03:21 > 0:03:26Other papers suggest he retained his non domiciled status
0:03:26 > 0:03:29while in the House of Lords, despite reports he'd become
0:03:29 > 0:03:32a permanent tax resident in the UK.
0:03:32 > 0:03:36It's important to say that tax avoidance is not illegal,
0:03:36 > 0:03:39but it is controversial - and these latest revelations
0:03:39 > 0:03:43are bound to fuel the political debate around offshore tax havens
0:03:43 > 0:03:46and whether governments should do more to clamp down on them.
0:03:46 > 0:03:49Our first report is by Richard Bilton from the BBC Panorama
0:03:49 > 0:03:58team which has been investigating the Paradise Papers.
0:03:58 > 0:04:01It is an island paradise, but there is a lot more to Bermuda
0:04:01 > 0:04:07than just beaches and sun.
0:04:07 > 0:04:11It is a tax haven, secrecy and 0% tax rates.
0:04:11 > 0:04:15One of the world's biggest offshore companies, Appleby, is based here.
0:04:15 > 0:04:197 million documents have been leaked.
0:04:19 > 0:04:23For months we had to carry out secret research.
0:04:24 > 0:04:29That is the head office.
0:04:29 > 0:04:37We have to be very careful, because Appleby don't
0:04:37 > 0:04:41know we have their data.
0:04:41 > 0:04:44The leak is known as the Paradise Papers.
0:04:44 > 0:04:48It contains some of the biggest names in Britain.
0:04:48 > 0:04:52Like the Queen's private estate.
0:04:52 > 0:05:02The Queen's investments are handled by the Duchy of Lancaster.
0:05:07 > 0:05:12Now, because of the files, we can see exactly where some
0:05:12 > 0:05:13of that money was going.
0:05:13 > 0:05:18£10 million was invested in tax havens.
0:05:18 > 0:05:21It is perfectly legal and there was no question that
0:05:21 > 0:05:30tax was being avoided.
0:05:30 > 0:05:32That should the monarch's cash be going offshore?
0:05:32 > 0:05:35If the cash was going abroad, I would think it was being
0:05:35 > 0:05:36extremely embarrassing.
0:05:36 > 0:05:39We accept higher standards of the Queen in terms of where
0:05:39 > 0:05:40the investments are located.
0:05:40 > 0:05:50The Duchy told us...
0:05:50 > 0:05:52The Paradise Papers also expose a new link
0:05:52 > 0:06:01between President Trump's Government and the Russians.
0:06:01 > 0:06:03It is Wilbur Ross, he is President Trump's commerce secretary.
0:06:03 > 0:06:05This man is the sanctioned friend of President Putin.
0:06:05 > 0:06:08We have found that these two men have a business Link.
0:06:08 > 0:06:11Wilbur Ross said that he would cut ties with companies that
0:06:11 > 0:06:15could compromise his new role in the US Government.
0:06:15 > 0:06:19Your service has resulted in you divesting yourself
0:06:19 > 0:06:25of literally hundreds of millions of dollars.
0:06:25 > 0:06:26You did it to avoid any conflict-of-interest, correct?
0:06:27 > 0:06:28That is correct sir.
0:06:28 > 0:06:38We don't think that is correct.
0:06:43 > 0:06:45We found he has a stake in a shipping company
0:06:45 > 0:06:51Navigator Holdings,
0:06:51 > 0:06:54one of its major clients is a Russian company, Sibur.
0:06:54 > 0:06:57A shareholder was sanctioned by the US Government in 2014.
0:06:57 > 0:07:00You don't want to get involved with someone who gets involved,
0:07:00 > 0:07:02or walks up to the line with sanctioned individuals.
0:07:02 > 0:07:05If you know anything about the Russians, in the current
0:07:05 > 0:07:06system it is easy to get dirty.
0:07:06 > 0:07:07Don't go there, man.
0:07:07 > 0:07:11Don't go there.
0:07:11 > 0:07:17Mr Ross told us that none of the funds he managed ever owned
0:07:17 > 0:07:19a majority of Navigator shares and he never met the Russian.
0:07:19 > 0:07:22There are revelations closer to home.
0:07:22 > 0:07:25I, Michael Lord Ashcroft swear...
0:07:25 > 0:07:28Lord Ashcroft was Tory deputy chairman and gave
0:07:28 > 0:07:31millions to the party.
0:07:31 > 0:07:35But what we found in the files could leave him facing a tax bill
0:07:35 > 0:07:38of tens of millions.
0:07:38 > 0:07:42A series of payments totalling around $200 million were made to him
0:07:42 > 0:07:44from a trust in Bermuda.
0:07:44 > 0:07:54To avoid tax on those payments, the trust must act independently.
0:08:03 > 0:08:05If Lord Ashcroft ignored the rules and made decisions,
0:08:05 > 0:08:09he could face a big bill from the taxman.
0:08:09 > 0:08:11E-mails seen by us suggest a rising sense of frustration among
0:08:11 > 0:08:19the trustees that Lord Ashcroft was not playing by the rules.
0:08:19 > 0:08:21It looks like Lord Ashcroft was controlling the trust
0:08:21 > 0:08:35and expecting the trustees to rubber-stamp his decisions.
0:08:35 > 0:08:42I am Richard, I work for Panorama.
0:08:42 > 0:08:44He wouldn't answer written questions so I caught up with him
0:08:45 > 0:08:46at the Tory party conference.
0:08:46 > 0:08:48Do you have an offshore trust with tens of millions that
0:08:48 > 0:08:53you secretly control?
0:08:53 > 0:09:00Why don't you just talk to me?
0:09:00 > 0:09:01It'd be great to hear your view.
0:09:01 > 0:09:02Dear, dear, dear.
0:09:02 > 0:09:03Is that your response.
0:09:03 > 0:09:06His lawyers later said that I had started shouting something at him,
0:09:06 > 0:09:16by which time he had walked away and heard nothing of what I said.
0:09:17 > 0:09:20We could have been sponsored, we've done about a mile and a half.
0:09:20 > 0:09:22Despite two minutes of questions, Lord Ashcroft
0:09:22 > 0:09:23would not give us his side.
0:09:23 > 0:09:25I will not follow you in there.
0:09:25 > 0:09:27Appleby told us that they do not specialise in tax.
0:09:27 > 0:09:29These are commercially sensitive documents relating
0:09:29 > 0:09:32to Appleby and its clients.
0:09:32 > 0:09:34These are the first names from the Paradise Papers,
0:09:34 > 0:09:43but there are more to come from this extraordinary link.
0:09:43 > 0:09:45A little earlier Richard Bilton told me more about some
0:09:45 > 0:09:49of the information revealed by the leak of the Paradise Papers.
0:09:49 > 0:09:55This is an enormous leak, Panorama has been working on this for the
0:09:55 > 0:09:59best part of a year, poring over the documents and there is an awful lot
0:09:59 > 0:10:04in there and reveals a lot about this world. The leak is from
0:10:04 > 0:10:09Appleby, a company based in tax havens who basically brokered deals
0:10:09 > 0:10:15for rich individuals and for big companies. In that offshore world,
0:10:15 > 0:10:21tax havens, people go there for simple reasons. They go there low
0:10:21 > 0:10:25tax rates, for lax regulation and secrecy. Most people go there for
0:10:25 > 0:10:29those reasons, but that environment creates a reason to go there if
0:10:29 > 0:10:33perhaps you wanted to dodge tax or worse. Through these documents, we
0:10:33 > 0:10:37get to see that world, we get to see the sort of deals that are talked
0:10:37 > 0:10:44about and brokered.You have been working on this radio, what has it
0:10:44 > 0:10:47been like carrying out this investigation that has taken you all
0:10:47 > 0:10:52around the world?It has been an enormous job, but it is a dramatic
0:10:52 > 0:11:00leak I think. If you think of other leaks, people are familiar with the
0:11:00 > 0:11:05Panama papers, I and Panorama worked on that last spring. That itself was
0:11:05 > 0:11:07pretty expos of an dramatic because it pulled back the curtain and
0:11:07 > 0:11:11showed what the offshore world was like. Why I think this is much
0:11:11 > 0:11:16bigger and more dramatic, particularly in Britain, is because
0:11:16 > 0:11:21Appleby work in UK tax havens. They have ten officers and are linked to
0:11:21 > 0:11:26the UK, a secret empire of offshore, a British empire of offshore. We can
0:11:26 > 0:11:31see the sort of things they are doing. Consequently, there are more
0:11:31 > 0:11:36British people and British companies in there. We're talking about
0:11:36 > 0:11:39politicians, pop stars, sports stars, multinational companies.
0:11:39 > 0:11:42These are big people, and more and more names will emerge in the coming
0:11:42 > 0:11:45days.
0:11:45 > 0:11:48And we will be showing Richard Bilton's special edition
0:11:48 > 0:11:50of Panorama here on the BBC News Channel in the UK
0:11:50 > 0:12:00and BBC World News in around 15 minutes' time.
0:12:04 > 0:12:11Less talk to our economics correspondent. This is a huge leak
0:12:11 > 0:12:21and it shows what the Duchy of Lancaster was doing in investing the
0:12:21 > 0:12:28Queen's private money.She has insight of the Duchy of Lancaster
0:12:28 > 0:12:32which has hundreds of millions of pounds on her behalf, she draws her
0:12:32 > 0:12:38private income from it, that doesn't necessarily take day-to-day interest
0:12:38 > 0:12:41in individual financial investments. That is important, because of those
0:12:41 > 0:12:50100s of millions, perhaps tens of millions went to the two offshore
0:12:50 > 0:12:54finds, in Cayman Islands and Bermuda. The one in the Cayman
0:12:54 > 0:13:01Islands invested about £350,000 in a private equity venture run by a UK
0:13:01 > 0:13:05company which purchased to retailers, one was Threshers which
0:13:05 > 0:13:13went bust, owing £70 million to the tax man, and the other was a company
0:13:13 > 0:13:17where people go to get a server or a washing machine, they paid by the
0:13:17 > 0:13:21week and can pay more than the initial purchase price. The
0:13:21 > 0:13:27Financial Conduct Authority says it needs to pay compensation to
0:13:27 > 0:13:29thousands of customers, although these are small investments by the
0:13:29 > 0:13:36Queen, they are controversial.
0:13:36 > 0:13:38Our royal correspondent Nicholas Witchell is also with me.
0:13:38 > 0:13:45Any reaction from the Palace?
0:13:45 > 0:13:49No, other than to point out that the Queen does pay tax on her private
0:13:49 > 0:13:53income as we just heard that is through the Duchy of Lancaster. It
0:13:53 > 0:13:58is by association with this area of investment activity that many would
0:13:58 > 0:14:02regard as dubious, and that many people would feel is not an
0:14:02 > 0:14:06appropriate area for this particular investor. I don't suppose she knows
0:14:06 > 0:14:10anything about it, but it does seem extraordinary and puzzling that her
0:14:10 > 0:14:14advisers could have felt that it was appropriate for someone whose
0:14:14 > 0:14:19reputation is based so much and for so long on setting a good example,
0:14:19 > 0:14:22that they could have concluded that it was appropriate for her money to
0:14:22 > 0:14:26be put into these offshore funds. It is important again to say that there
0:14:26 > 0:14:32is no question of tax avoidance in her case, as I mentioned she pays
0:14:32 > 0:14:38voluntarily the equivalent of income tax on her private income. The Duchy
0:14:38 > 0:14:44of Lancaster has a Crown exemption, but she does pay tax. It is this
0:14:44 > 0:14:54association which is undoubtably embarrassing.
0:14:54 > 0:15:04The Labour leader Jeremy Corbyn has tweeted his response to the news,
0:15:07 > 0:15:12saying, Paradise Papers again prove what I said at PMQs: There's one
0:15:12 > 0:15:15rule for the super-rich and another for the rest when it comes
0:15:15 > 0:15:18to paying tax.
0:15:18 > 0:15:21In the last hour the Shadow Chancellor John McDonnell has put
0:15:21 > 0:15:31out a statement in reaction to the revelations in
0:15:31 > 0:15:38which he says:
0:15:58 > 0:16:00Let's delve a bit deeper now into what's been revealed
0:16:00 > 0:16:02about the finances of one of President Trump's key
0:16:02 > 0:16:04aides, the US Commerce Secretary Wilbur Ross.
0:16:04 > 0:16:07The Paradise Papers show that Mr Ross has an interest
0:16:07 > 0:16:10in Navigator Holdings, a shipping company which earns
0:16:10 > 0:16:14millions a year transporting oil and gas for the Russian energy firm
0:16:14 > 0:16:16Sibur.
0:16:16 > 0:16:18Two Russians, who are shareholders in Sibur, are currently subject
0:16:18 > 0:16:28to various forms of sanction by the United States.
0:16:29 > 0:16:31One of them is this man, Leonid Mikhelson...
0:16:31 > 0:16:34The other is Gennady Timchenko, who an old friend of President Putin.
0:16:34 > 0:16:36A separate connection between the Kremlin and Sibur
0:16:36 > 0:16:38is that another of the company's shareholders - Kirill Shamalov - is
0:16:38 > 0:16:42married to the President's daughter.
0:16:42 > 0:16:45The commerce department spokesman said Mr Ross had never met the three
0:16:45 > 0:16:48Russian shareholders.
0:16:48 > 0:16:52Our Washington Correspondent Barbara Plett-Usher spoke to me earlier
0:16:52 > 0:16:55and I asked if there had been any more reaction from President Trump's
0:16:55 > 0:17:02administration to these revelations.
0:17:02 > 0:17:07We have had that statement from the commerce Department and the tone was
0:17:07 > 0:17:11generally that Mr Ross hadn't done anything illegal, it did not deny
0:17:11 > 0:17:16that Mr Ross did have this financial stake in the navigator shipping
0:17:16 > 0:17:21company which does a lot of business with the ration energy company, but
0:17:21 > 0:17:24noted that the Russian company itself had never been sanctioned,
0:17:24 > 0:17:29even though we know is major shareholders have been. It confirmed
0:17:29 > 0:17:36that Mr Ross had been on the Board of Directors of the shipping company
0:17:36 > 0:17:39for two years, but it said he had never met the oligarchs in question
0:17:39 > 0:17:47or the son-in-law of President Uden. It also said that Mr Ross had
0:17:47 > 0:17:55reduced himself -- President Putin. And that he was working closely with
0:17:55 > 0:17:58ethics officials to uphold ethical standards. Having said that, I think
0:17:58 > 0:18:03there will still be questions about potential conflict of interest,
0:18:03 > 0:18:07because Mr Ross has a lot of influence on sanctions and trade. It
0:18:07 > 0:18:11also doesn't look very good in the current climate in Washington which
0:18:11 > 0:18:15is caught up in these potential links between the Trump
0:18:15 > 0:18:20administration and the Russians. This looks to be one of the first
0:18:20 > 0:18:23reported business links, even though an indirect one, between a member of
0:18:23 > 0:18:27the Trump administration and a member of President Putin 's inner
0:18:27 > 0:18:30circle.
0:18:30 > 0:18:32So what are offshore investment funds -
0:18:32 > 0:18:33and why are they so controversial?
0:18:33 > 0:18:43Well our economics editor Kamal Ahmed now explains.
0:18:49 > 0:18:51For centuries Britain has been a focus of finance.
0:18:51 > 0:18:54That is seen by many for the good of our economy and global trade.
0:18:54 > 0:18:57We allow companies set up in the UK and not be taxed here.
0:18:57 > 0:18:59Our imperial past is also important.
0:18:59 > 0:19:01Across the world are what are called Crown dependencies
0:19:01 > 0:19:04or overseas territories.
0:19:04 > 0:19:07Places like Jersey and Guernsey and the Isle of Man,
0:19:07 > 0:19:16which have an arm's length relationship with us and have
0:19:16 > 0:19:18based their economy on low tax offers to companies and individuals
0:19:19 > 0:19:26to hold some of their welfare.
0:19:26 > 0:19:28--Wealth there.
0:19:28 > 0:19:30Others are more far-flung places like Gibraltar, as well as Bermuda,
0:19:30 > 0:19:32the British Virgin Islands, the Cayman Islands,
0:19:32 > 0:19:33and Turks and Caicos.
0:19:33 > 0:19:35Such places insist they are good for growth.
0:19:35 > 0:19:38They allow firms and individuals avoiding being taxed multiple times
0:19:38 > 0:19:43by different countries.
0:19:43 > 0:19:46There have been a lot of new rules on transparency as well.
0:19:46 > 0:19:55But, they are criticised for being too secret.
0:19:55 > 0:19:59too weak on regulation and too open to corruption.
0:19:59 > 0:20:02Critics say that the laws have also failed to keep up with global
0:20:02 > 0:20:10companies that can move vast amounts of money around the world
0:20:10 > 0:20:12at the touch of a computer key.
0:20:12 > 0:20:18We are not the only ones to lure companies to our shores.
0:20:18 > 0:20:21Other countries involves Singapore, Switzerland and America which have
0:20:21 > 0:20:26low tax systems in many states.
0:20:26 > 0:20:36It is also important to note that tax evasion is illegal but tax
0:20:43 > 0:20:45avoidance is using legal structure to reduce tax levels.
0:20:45 > 0:20:50How much can this be worth to national exchequer
0:20:50 > 0:20:51is Treasury?
0:20:51 > 0:20:53Globally, anything between £75 billion and £180 billion.
0:20:53 > 0:20:57Many now believe that avoidance has become so controversial that needs
0:20:57 > 0:21:00to be a complete change to global tax laws so that taxes are paid
0:21:00 > 0:21:08in the country where the firm or company is based.
0:21:08 > 0:21:10That might mean tax going up which some disagree with,
0:21:10 > 0:21:19but controversy would probably die down.
0:21:19 > 0:21:22With me now is Murray Worthy, Senior Campaigner on Banks
0:21:22 > 0:21:24and Corruption at Global Witness, which has campaigned for greater
0:21:24 > 0:21:28transparency in offshore finance.
0:21:28 > 0:21:37How significant do you think they are?They are hugely significant
0:21:37 > 0:21:40because they given unprecedented insight into the role the UK tax
0:21:40 > 0:21:47havens play in a shadowy offshore world that allows tax avoidance, tax
0:21:47 > 0:21:49evasion, correction, money-laundering from all around the
0:21:49 > 0:21:59world.We have heard from Appleby, the main firm whose documents have
0:21:59 > 0:22:06come to light, saying it is a hack? The question is what happens next.
0:22:06 > 0:22:15UK tax havens were at the heart of this, after the pan and -- Panama
0:22:15 > 0:22:18papers, they said there would be reformed. This is a reminder that
0:22:18 > 0:22:22the UK Government must take action to reveal the true owners of these
0:22:22 > 0:22:32secretive offshore companies.Tax avoidance is not a legal, tax
0:22:32 > 0:22:40evasion is, but not tax avoidance -- not illegal. They are not doing
0:22:40 > 0:22:44anything wrong, they are doing things within the law?As your
0:22:44 > 0:22:49earlier presenter was saying, many people are shocked at the small
0:22:49 > 0:22:55amounts of tax that these companies pay. And a call to change the law
0:22:55 > 0:23:00for what is not illegal now will be illegal in the future. This system
0:23:00 > 0:23:04allows broader crimes as well like money-laundering and corruption,
0:23:04 > 0:23:06they have a devastating impact. Solving that might have a wider
0:23:06 > 0:23:13benefit around tax.The point I am making is that it is not the fault
0:23:13 > 0:23:16of the individuals, they are obeying the law and pushing it as far as it
0:23:16 > 0:23:22can go, it is up to governments to change the way the way these places
0:23:22 > 0:23:25operate?Absolutely, the solutions have to come from Government. These
0:23:25 > 0:23:33leaks are what is happening about in UK tax havens, and Theresa May's
0:23:33 > 0:23:36Government is ultimately responsible and must take action. It reveals the
0:23:36 > 0:23:39true owners of the company is based there and tackle this tax havens it
0:23:39 > 0:23:44received.One of the questions is that if you are going to keep having
0:23:44 > 0:23:48data leaks like this, the Panama papers and now the Paradise Papers,
0:23:48 > 0:23:54you wonder if some of these clients of these offshore funds are going to
0:23:54 > 0:23:57lose confidence?I think we are starting to see the beginning of the
0:23:57 > 0:24:04end for tax havens. If you are at the point where secrecy within is
0:24:04 > 0:24:08not holding up, people are leaking from inside, and at the same time
0:24:08 > 0:24:12there is pressure from people at home who are seen these revelations
0:24:12 > 0:24:15and wanting to know more about what is happening there and thinking this
0:24:15 > 0:24:20needs to end. It is only a matter of time before these places have to
0:24:20 > 0:24:30open up before we see the secrecy come to an end.Thank you. Now for
0:24:30 > 0:24:34some breaking news coming into it in the last few minutes. There has been
0:24:34 > 0:24:38a shooting in the Baptist Church in the US state of Texas. It has
0:24:38 > 0:24:43resulted in multiple casualties we're hearing from the media in the
0:24:43 > 0:24:47United States. The gunmen is reportedly killed, the shooting took
0:24:47 > 0:24:55place at the first Baptist Church in Sutherland Springs, south-east of
0:24:55 > 0:24:58Antonio. They are saying that the gunmen walked into the church
0:24:58 > 0:25:06shortly before noon local time, a two -year-old we're hearing among
0:25:06 > 0:25:11the wounded. These are initial reports, that is from the Dallas
0:25:11 > 0:25:16morning news website. Unconfirmed reports that there has been a
0:25:16 > 0:25:21shooting at a Baptist church in the American state of Texas resulting in
0:25:21 > 0:25:26multiple casualties. Just to repeat where that has taken place. We
0:25:26 > 0:25:31understand that the first artist church in Sutherland Springs,
0:25:31 > 0:25:37south-east of San Antonio in Texas. Reports, unconfirmed reports, that
0:25:37 > 0:25:42the gunmen walked into the church and opened fire, a two -year-old
0:25:42 > 0:25:50among the wounded according to reports. Much more on that coming up
0:25:50 > 0:25:53on BBC news. Let's also tell you that we can now bring you
0:25:53 > 0:25:56Now let's bring you that special BBC Panorama programme that reveals
0:25:56 > 0:25:57programme that reveals
0:25:57 > 0:26:00the contents of some of 13 million documents, which come mostly
0:26:00 > 0:26:03from an offshore law firm called Appleby and reveal the tax affairs
0:26:03 > 0:26:04of rich and powerful people around the world.
0:26:04 > 0:26:13But for now, goodbye.
0:26:13 > 0:26:16Tonight on Panorama: The offshore secrets of the rich and powerful out
0:26:16 > 0:26:18in the open.
0:26:18 > 0:26:21Did you, sir, have tens of millions in an offshore trust
0:26:21 > 0:26:27that you secretly controlled - yes or no, sir?
0:26:27 > 0:26:30A huge leak of documents reveals the stories they wanted to
0:26:30 > 0:26:33keep hidden.
0:26:33 > 0:26:37It is a major political explosion.
0:26:37 > 0:26:40There is the senior Trump official who does business with the
0:26:40 > 0:26:42Russians.
0:26:42 > 0:26:45Under the current system, it's easy to get greedy.
0:26:45 > 0:26:46Don't go there, man.
0:26:46 > 0:26:50Don't go there.
0:26:50 > 0:26:55Questions at the heart of the national game.
0:26:55 > 0:26:57Is he the real owner of Everton?
0:26:57 > 0:26:59Are you crazy?
0:26:59 > 0:27:03Have you seen a psychiatrist?
0:27:03 > 0:27:09And we discover that even the Queen has offshore
0:27:09 > 0:27:11secrets.
0:27:11 > 0:27:13We expect higher standards of the Queen than
0:27:13 > 0:27:15investing in tax havens overseas.
0:27:30 > 0:27:33It's an island paradise, sunshine
0:27:33 > 0:27:39It's an island paradise, sunshine and fun. Welcome to Bermuda. This is
0:27:39 > 0:27:45a beautiful island in the Atlantic, but it's a lot more than just a few
0:27:45 > 0:27:50pretty beaches. This place attracts billions of dollars from all across
0:27:50 > 0:27:57the globe from the super rich and big business. Bermuda is a tax
0:27:57 > 0:28:09haven. It offers to the rich and powerful: 0% tax rate and secrecy.
0:28:09 > 0:28:13These places are selling secrecy, selling facilities for handling
0:28:13 > 0:28:26dirty money, and a big part of the game is hiding it.But now, that
0:28:26 > 0:28:30secrecy has been breached. Appleby is a legal firm that sells offshore
0:28:30 > 0:28:41services. 7 million of their documents have been leaked. That's
0:28:41 > 0:28:46the head office. We have to be very careful at this stage of the
0:28:46 > 0:28:57investigation. Because Appleby don't know that we have their data.
0:29:11 > 0:29:18We have been working on the documents for the past year. This
0:29:18 > 0:29:25March, we were invited to a secret meeting in Munich.We don't talk
0:29:25 > 0:29:31about what we're doing.The documents were leaked to a German
0:29:31 > 0:29:36newspaper.We don't talk to our friends, our families, our
0:29:36 > 0:29:43colleagues.They are sharing the documents with the international
0:29:43 > 0:29:48Consortium of investigative journalists will stop in the UK,
0:29:48 > 0:29:53that's Panorama and the Guardian. -- consortium of investigative
0:29:53 > 0:29:57journalists. .It will be very interesting to the public, because
0:29:57 > 0:30:08this is information that has never come out before.The leak has been
0:30:08 > 0:30:15called the Paradise Papers. Secret contracts, agreements and deals that
0:30:15 > 0:30:24we were never supposed to see. Over the next two nights, Panorama will
0:30:24 > 0:30:35show you the hidden stories.
0:30:39 > 0:30:46The Paradise Papers contain some of the biggest names in Britain. Some
0:30:46 > 0:30:49at the very heart of the establishment. Including one who
0:30:49 > 0:31:01lives here. Our very own Queen is investing offshore. The Queen's
0:31:01 > 0:31:05investments are handled by the Duchy of Lancaster. Now, because of the
0:31:05 > 0:31:10files, we can see exactly where some of that money was going. They reveal
0:31:10 > 0:31:19millions of pounds of secret offshore investments. Its £10
0:31:19 > 0:31:26million in tax havens - perfectly legal, and no suggestion that the
0:31:26 > 0:31:31Duchy is avoiding tax. But should the monarch's tax really be
0:31:31 > 0:31:38offshore, a place of lax regulation, low tax and secrecy?If the money
0:31:38 > 0:31:41has been invested in a tax haven, I would have thought it would be
0:31:41 > 0:31:46extremely embarrassing for the Queen and the Royal family. We expect
0:31:46 > 0:31:50higher standards of the Queen in terms of where the investments are
0:31:50 > 0:31:57located.Half of the 10 million was invested in the Cayman Islands come
0:31:57 > 0:32:02at a tax haven where the Queen is head of state. Now, we can't see
0:32:02 > 0:32:07where all the money went, but the documents show the Duchy invested in
0:32:07 > 0:32:13medical and technology companies, and two British high street
0:32:13 > 0:32:22retailers. One was the off-licence chain Thresher, which went bust,
0:32:22 > 0:32:29owing millions to the taxman. Another was the rent to buy retailer
0:32:29 > 0:32:37Brighthouse. It was fined £50 million for irresponsible lending.
0:32:37 > 0:32:46She's in. Now, the Duchy didn't give us a figure for Thresher, but said
0:32:46 > 0:33:00its investment in Brighthouse currently adds up to... It said:
0:33:04 > 0:33:07It's so obvious that if you're looking after the money of the
0:33:07 > 0:33:14monarchy, you've got to be cleaner than clean, and you must never go
0:33:14 > 0:33:17near the dirty world of money-laundering, tax avoidance, tax
0:33:17 > 0:33:30evasion.There's a lot more about the British establishment in the
0:33:30 > 0:33:37Paradise Papers.I, Michael, Lord Ashcroft, do swear by Almighty God
0:33:37 > 0:33:41that I will be faithful...Lord Ashcroft has given more than £10
0:33:41 > 0:33:48million to the Conservative Party. And the billionaire was also the
0:33:48 > 0:33:53party's treasurer and deputy chairman.For the last 20 years,
0:33:53 > 0:33:57Lord Ashcroft has been one of the most significant donors to the
0:33:57 > 0:34:04Conservative Party. He's also been very important organisationally,
0:34:04 > 0:34:11hugely significant.But our documents reveal the scale of Lord
0:34:11 > 0:34:15Ashcroft's tax avoidance, how he ignored financial rules and
0:34:15 > 0:34:19repeatedly misled the public. Evidence from the papers could leave
0:34:19 > 0:34:27him facing a tax bill of tens of millions. Lord Ashcroft's tax status
0:34:27 > 0:34:35became a political scandal in 2010. Archive: Lord Ashcroft, deputy
0:34:35 > 0:34:39chairman of the Conservative Party, he has confirmed that he doesn't pay
0:34:39 > 0:34:45tax in the UK on most of his foreign earnings. It went on for ten years
0:34:45 > 0:34:48while he was sitting in the House of Lords. Our documents show that for
0:34:48 > 0:34:53the first time -- show for the first time how much cash Lord Ashcroft was
0:34:53 > 0:35:00receiving in those years. Look at the payments - the money kept
0:35:00 > 0:35:08coming. They total around $200 million. And Lord Ashcroft didn't
0:35:08 > 0:35:17have to pay a penny in tax.You can be an offshore financier and live a
0:35:17 > 0:35:20meaningless life in some ghastly tax haven and have nothing to do with
0:35:20 > 0:35:24Britain, but what he appears to be doing is having the best of both
0:35:24 > 0:35:30worlds, being the offshore person not paying British tax and dabbling
0:35:30 > 0:35:40mischievously and having great influence in British politics.All
0:35:40 > 0:35:50those payments came from something Lord Ashcroft set up as a trust,
0:35:50 > 0:35:55with assets of over a quarter of a billion.Trusts become a way for
0:35:55 > 0:35:57people to put their assets in a legal fortress and still benefit
0:35:57 > 0:36:07from them and control them.The trust was run from Appleby's office
0:36:07 > 0:36:14here in Bermuda. Lord Ashcroft could legally avoid tax on payments from
0:36:14 > 0:36:18the trust so long as he followed the rules. And the most important rule
0:36:18 > 0:36:29is that independent trustees oversee the trust. The documents show, the
0:36:29 > 0:36:33trustees were worried about how Lord Ashcroft was behaving. As you go
0:36:33 > 0:36:38through the e-mails, you get this rising sense of frustration that
0:36:38 > 0:36:44Lord Ashcroft is not playing by the rules. This one puts it pretty
0:36:44 > 0:36:57simply: The trustees even issued a warning for Lord Ashcroft. It says,
0:36:57 > 0:37:01it's imperative at all times that the trustees are aware of any and
0:37:01 > 0:37:07all transactions to be entered into prior to transactions occurring.
0:37:07 > 0:37:13That looks like Lord Ashcroft controlling the trust and expecting
0:37:13 > 0:37:18the trustees to rubber-stamp his decisions.The trustees are worried
0:37:18 > 0:37:22and expressing alarm about that. That's clear. On the evidence I've
0:37:22 > 0:37:29seen, it looks like abusive behaviour and an abuse of structure.
0:37:29 > 0:37:36If Lord Ashcroft was making decisions, he could face a huge tax
0:37:36 > 0:37:43bill. -- abusive structure.He is putting himself on the hook for
0:37:43 > 0:37:46penalties in back taxes and what have you by meddling with the trust
0:37:46 > 0:37:51assets without, you know, having the trustees sign of the way they are
0:37:51 > 0:38:04supposed to.I've come to the Conservative Party conference. We
0:38:04 > 0:38:10sent letters to Lord Ashcroft's home and office, but they were sent back
0:38:10 > 0:38:13to us, unread and unopened, as you can see. He did get an e-mail from
0:38:13 > 0:38:18his public relations man. It's an extraordinary message, in which he
0:38:18 > 0:38:23says, Lord Ashcroft has access to the letter and could read it at any
0:38:23 > 0:38:27time but he makes it clear that this will never happen. Lord Ashcroft
0:38:27 > 0:38:31said he wouldn't respond because of the unfair way Panorama had treated
0:38:31 > 0:38:38him in the past. So, I tracked him down. Lord Ashcroft, hi. I'm Richard
0:38:38 > 0:38:43Bilton, I work for Panorama. Can I have a quick word? I have tried to
0:38:43 > 0:38:45send you these letters but you didn't take them. Did you have tens
0:38:45 > 0:38:50of millions in an offshore trust that you secretly control, Sir? Did
0:38:50 > 0:38:54that mean you can avoid millions in tax through that trust? Why don't
0:38:54 > 0:39:02you just talk to me? It would be great to hear your view. The
0:39:02 > 0:39:11trust...Dear, dear, dear.You made some decisions, and the trustees.
0:39:11 > 0:39:16Dear, dear, dear.That is a lot of dears. I am keen to get your view.
0:39:16 > 0:39:23Really keen to get your view. You can't hold the microphone. Let me
0:39:23 > 0:39:27get your view. Do you think if you did have money in that trust, you
0:39:27 > 0:39:32could, sir, face a big tax bill. We are going for a while, holding hands
0:39:32 > 0:39:37- this is what I will hope for. Just the chance to talk to you. Why don't
0:39:37 > 0:39:41you just stop and answer my questions? It will take one minute,
0:39:41 > 0:39:46sir. Did you, sir, have tens of millions in an offshore trust that
0:39:46 > 0:39:51you secretly controlled - yes or no? Is that yes or no, Sir? And
0:39:51 > 0:39:56therefore, did you avoid millions by having your money in that trust, did
0:39:56 > 0:40:01you, sir? Because if you did, you could face a big tax bill. Where are
0:40:01 > 0:40:05we going? This is amazing, we have been walking for about two minutes.
0:40:05 > 0:40:09Why don't you just give me your view, Sir? We could have been
0:40:09 > 0:40:12sponsored, we've done about a mile and a half. Why don't you just tell
0:40:12 > 0:40:17me your view. It would be really nice to get it. Sir... Sir, just
0:40:17 > 0:40:22give me your view. Did you, sir, secretly control trust in which you
0:40:22 > 0:40:30had tens of millions? Therefore avoiding tax. Did you do that? Did
0:40:30 > 0:40:34you do that, Sir? Where are we going? This is brilliant. I don't
0:40:34 > 0:40:40know where we're going. I'm not going to follow you in there, sir.
0:40:40 > 0:40:47I've never quite had a chat quite like that. We just want to have
0:40:47 > 0:40:55worked with Mr Ashcroft, who dear, dear, dear about, I don't know, 200
0:40:55 > 0:40:59times. Lord Ashcroft's lawyers later said that I had started shouting
0:40:59 > 0:41:04something at him, by which time, Lord Ashcroft had walked away and
0:41:04 > 0:41:08heard nothing. Lord Ashcroft did not have a clue as to what was being
0:41:08 > 0:41:20said to him. There's one last Lord Ashcroft revelation: After the
0:41:20 > 0:41:25scandal of 2010, he continued to sit in the House of Lords. It seemed
0:41:25 > 0:41:31he'd finally become an ordinary taxpayer for good. But this document
0:41:31 > 0:41:39about his tax status reveals he didn't. It says: -- it said that his
0:41:39 > 0:41:45true domicile is Belize. Once again, we had all been misled.I think it's
0:41:45 > 0:41:52very important that people who play a role in our public life is our
0:41:52 > 0:41:59straightforward about their dealings. I think it's a major
0:41:59 > 0:42:05political explosion. It will raise huge questions about not just the
0:42:05 > 0:42:12Conservatives but also the House of Lords.So, what about Appleby, the
0:42:12 > 0:42:18company that oversaw Lord Ashcroft's trust? They say Appleby does not
0:42:18 > 0:42:25specialise in tax and would play no role in advising on the tax
0:42:25 > 0:42:30advantages or disadvantages of any particular structure. These are
0:42:30 > 0:42:32confidential and commercially sensitive documents relating to
0:42:32 > 0:42:47Appleby and its clients. It isn't just the British establishment. The
0:42:47 > 0:42:50Paradise Papers also reveal new details about America's biggest
0:42:50 > 0:42:59political scandal.This president conspired with the Russian
0:42:59 > 0:43:03Government to steal an election. Siam and it was all fake news. I
0:43:03 > 0:43:10will tell you right now, zero. I had nothing to do with Russia.We
0:43:10 > 0:43:13discovered that a senior member of Trump's cabinet has been quietly
0:43:13 > 0:43:18trading with the Russians.You know who that is, right?He is a
0:43:18 > 0:43:26billionaire called Wilbur Ross. They became close after Donald Trump
0:43:26 > 0:43:37bought a casino in Atlantic City. Donald Trump gave Michael Jackson a
0:43:37 > 0:43:41personal tour of his $1.2 billion extravaganza.The deal pushed Trump
0:43:41 > 0:43:52to the brink of bankruptcy. Wilbur Ross stepped in to save him.Wilbur
0:43:52 > 0:43:55Ross was a key negotiator in Donald Trump not having to go through
0:43:55 > 0:44:00bankruptcy and be swept into the dustbin of history. If it were not
0:44:00 > 0:44:06the Wilbur Ross, Donald Trump would not be in the White House. -- if it
0:44:06 > 0:44:12were not for Wilbur Ross.Trump nominated Wilbur Ross to be his
0:44:12 > 0:44:17commerce secretary, but our documents show a different side to
0:44:17 > 0:44:21Mr Ross. The man in charge of US trade policy had dozens of company
0:44:21 > 0:44:28in -- companies in tax havens.It turns out Appleby helped create and
0:44:28 > 0:44:32manage some 50 companies and partnerships connected to Mr Ross's
0:44:32 > 0:44:39investment firm.Wilbur Ross said he cut ties with businesses that could
0:44:39 > 0:44:46compromise his new role in the US Government.Your service has
0:44:46 > 0:44:51resulted in your dad vesting yourself of literally hundreds of
0:44:51 > 0:45:03millions of dollars. Given vesting -- Divesting.We don't think it is
0:45:03 > 0:45:10correct. We think he has a stake in a shipping company called Navigator
0:45:10 > 0:45:20Holdings. One of its partners is a Russian company with close links to
0:45:20 > 0:45:32the Kremlin. Gennady Kim Genco is a shareholder, one of Putin's friends.
0:45:32 > 0:45:36When you see a company controlled by oligarchs, as this one is, with such
0:45:36 > 0:45:38close connections to the Russian state, you have to realise you are
0:45:38 > 0:45:42doing business not just a private company but in some sense with the
0:45:42 > 0:45:53Government of Russia.In 2014, Mr Tim Genco was sanctioned by the US
0:45:53 > 0:45:56Government, who said his activities in the energy sector have been
0:45:56 > 0:46:09directly linked to Putin. But Mr Ross kept his ties with the company.
0:46:09 > 0:46:13If I were in the business of consulting, I would advise any
0:46:13 > 0:46:21client to stay well away from Sibur. You don't want to be associated with
0:46:21 > 0:46:25someone who walks right up the low-lying sanctions. If you know
0:46:25 > 0:46:28anything about the Russians it's that under the current system it's
0:46:28 > 0:46:37easy to get dirty. Don't go there, man. Go there.Great job. Thank you,
0:46:37 > 0:46:44everybody.Mr Ross says he never owned a majority of Navigator stairs
0:46:44 > 0:46:48or has never met Gennady Kim Genco or Putin's son-in-law. He points out
0:46:48 > 0:46:51that Sibur is not subject to sanctions and says he has taken
0:46:51 > 0:46:56steps to ensure the highest ethical standards.When you are in a
0:46:56 > 0:47:01position to profit even indirectly, in this case from a very
0:47:01 > 0:47:06well-connected Russian firm, and you as the investor are in charge of US
0:47:06 > 0:47:11trade policy and have a voice on sanctions, anyone looking at it
0:47:11 > 0:47:25might imagine a potential conflict of interests.It's Wayne Rooney...
0:47:25 > 0:47:32Everton versus Arsenal from a couple of weeks ago. A thrilling advert for
0:47:32 > 0:47:40British football. But what we found in the Paradise Papers raises
0:47:40 > 0:47:46serious questions about our national game. What if one man and his money
0:47:46 > 0:47:59was secretly linked to both of these clubs? This is Alicia Osman, another
0:47:59 > 0:48:06billionaire who is to Vladimir Putin. He is one of Britain's
0:48:06 > 0:48:14richest men and owns one of London's most expensive houses, and 30% of
0:48:14 > 0:48:18Arsenal, one of Britain's most valuable clubs. -- Alicia Usmanov.
0:48:18 > 0:48:26It is a new period of us. We will win trophies. This is most important
0:48:26 > 0:48:30football, winning trophy.But we think that some of his money may
0:48:30 > 0:48:38have also ended in Everton. Both sets of fans are desperate for their
0:48:38 > 0:48:51team to win. The story centres on this man and begins a decade ago.
0:48:51 > 0:48:56Farhad Moshiri used to work for Mr Usmanov as an accountant. Now, he's
0:48:56 > 0:49:00a tycoon who has just bought Everton. So, where did his wealth
0:49:00 > 0:49:08come from? Well, the story starts with Mr Usmanov and Farhad Moshiri
0:49:08 > 0:49:15buying a joint stake in Arsenal back in 2007, but the documents suggest
0:49:15 > 0:49:21Mr Usmanov paid for the whole stake. This one shows his campaigning is
0:49:21 > 0:49:27providing the funds. Farhad Moshiri's lawyers eventually
0:49:27 > 0:49:31admitted that was true but say he put his own money into Arsenal
0:49:31 > 0:49:39later. The documents go further. They record a gift from Usmanov to
0:49:39 > 0:49:46Farhad Moshiri for the Arsenal deal. That matters, because nearly a
0:49:46 > 0:49:54decade later, Farhad Moshiri sold his interest in Arsenal to raise
0:49:54 > 0:49:58capital to purchase Everton. It looks like that capital originally
0:49:58 > 0:50:06came from Mr Usmanov. So, this document shows... We showed our
0:50:06 > 0:50:12evidence to the former head of the FA.Who will then give the money to
0:50:12 > 0:50:16Farhad Moshiri, who will in turn invest in the company. It will be
0:50:16 > 0:50:22interesting to see whether that breaks the Premier League rules. My
0:50:22 > 0:50:28instinct is that if the Premier League knew this, they either have
0:50:28 > 0:50:33done would do an investigation. They would need to be convinced that this
0:50:33 > 0:50:38was an above the board transaction. And it wasn't all Mr Usmanov's
0:50:38 > 0:50:43money. Then need to be some questions asked. I suspect as a
0:50:43 > 0:50:47result of this, the Premier League will want to look at the whole
0:50:47 > 0:50:57relationship between the two men and the two clubs.At the Everton-
0:50:57 > 0:51:03Arsenal game, the great goals keep coming.Sanchez going all the way.
0:51:03 > 0:51:06Everton are being taught a footballing lesson here by Arsenal.
0:51:06 > 0:51:15But what is going on off the pitch? Farhad Moshiri's lawyers insist he
0:51:15 > 0:51:19is independently wealthy, but he hadn't answered our questions about
0:51:19 > 0:51:27whether his source of wealth was a gift from Mr Usmanov. Mr Moshiri? Is
0:51:27 > 0:51:34Mr Usmanov the owner of Everton? And from the BBC.Are you crazy? Have
0:51:34 > 0:51:40you seen a psychiatrist?The money came from Mr Usmanov, it was a gift
0:51:40 > 0:51:45initially.Where did you get this idea?Is it true or not?It's
0:51:45 > 0:51:51untrue.It's untrue?It's not a gift.Say Mr Usmanov gifted you the
0:51:51 > 0:52:00money which you invested in Arsenal, then soldier shares in Arsenal.The
0:52:00 > 0:52:08gift makes it yours. You are asking if he loaned 100 million to you?He
0:52:08 > 0:52:13never loaned me anything. It is you. If it is a loan, you owe the money
0:52:13 > 0:52:19back, if it is a gift, it was yours. Which is a?Neither, because I pay
0:52:19 > 0:52:23for it. If it is a gift, it is a gift. If I give you a fiver, whose
0:52:23 > 0:52:29five is it? If I give my friend a fiver, it is, right?If the Premier
0:52:29 > 0:52:32League were able to see the money that went through?They have all
0:52:32 > 0:52:40that. They have every piece of information.Thank you, sir. His
0:52:40 > 0:52:46club, Everton, say details of Farhad Moshiri's perches were approved by
0:52:46 > 0:52:50the Premier League. But we don't think they've seen our documents
0:52:50 > 0:52:57about where the money came from in the first place. Mr Moshiri lawyers
0:52:57 > 0:53:02later strongly denied he'd received a gift from Mr Usmanov, who also
0:53:02 > 0:53:05denies giving it. Farhad Moshiri says that all the documents that
0:53:05 > 0:53:12mention a gift IRA mistake. But this document describes how Mr Usmanov
0:53:12 > 0:53:21will gift to him. And these public documents seem to show it happening.
0:53:21 > 0:53:2954 million Cypriot pounds, that's £63 million Sterling, went from Mr
0:53:29 > 0:53:34Usmanov to Farhad Moshiri's company in March 2000 and eight. Mr Moshiri
0:53:34 > 0:53:37said it had nothing to do with the Arsenal deal and was part of an
0:53:37 > 0:53:51employee incentive scheme, a loan he had later paid back. There's more in
0:53:51 > 0:53:59the papers that suggests Mr Usmanov could be involved with Everton. This
0:53:59 > 0:54:05is the Isle of Man, home to the financial company that administered
0:54:05 > 0:54:13the Everton deal, Bridgwaters. One of their responsibilities is to
0:54:13 > 0:54:25carry out checks, due diligence, on clients and their companies. But one
0:54:25 > 0:54:32document from 2011 says Bridgwaters is actually owned by Mr Farhad -- by
0:54:32 > 0:54:38Mr Usmanov. Here is a letter, and it says that the client, Mr Usmanov,
0:54:38 > 0:54:43has bought a trust company in the Isle of Man called Bridgwaters.If
0:54:43 > 0:54:48this is true, if Usmanov actually owns the company, then it's an
0:54:48 > 0:54:54outrageous conflict of interest. It's like owning the police that is
0:54:54 > 0:55:02supposed to police you.Both Bridgwaters and Mr Usmanov strongly
0:55:02 > 0:55:07deny its secretly controlled by the billionaire. Mr Usmanov's lawyers
0:55:07 > 0:55:12say he has no say, control or influence in the running of Everton
0:55:12 > 0:55:15Football Club. Our client does not and never has owned or controlled
0:55:15 > 0:55:24Everton. But the more we looked for connections between Mr Usmanov and
0:55:24 > 0:55:33Everton, the more we found. The company that owns Everton Football
0:55:33 > 0:55:38Club, Blue Heaven Holdings,, was set up by Bridgwaters and its registered
0:55:38 > 0:55:46agent, Bridgwater 2. And one of its directors is an employee of... You
0:55:46 > 0:55:57guessed it, Bridgwaters. And the other director? Well, he works for
0:55:57 > 0:56:07Mr Usmanov. Tomorrow night: More revelations from the Paradise
0:56:07 > 0:56:13Papers. The island that changed the law to help tax dodgers. What would
0:56:13 > 0:56:19you say to our viewers who pay their tax? The millionaires who can live
0:56:19 > 0:56:23the high life because they don't pay tax. Why don't you just tell us your
0:56:23 > 0:56:31side of the story? So, why did you do that? Were you dodging tax? Hey!
0:56:31 > 0:56:40And TV stars on the tax fiddle. Can you tell me about your tax dodgers?
0:56:40 > 0:56:42What's that about?