Pandora Papers Prove Serbian Minister's Link To Property Fraud - Investigative Journalists

The Pandora Papers have unveiled evidence of Serbian Finance Minister Sinisa Mali fraudulent acquisition of 24 luxurious apartments in Bulgaria worth $6.1 million, which he long denied, the Organized Crime and Corruption Reporting Project (OCCRP) said

MOSCOW (UrduPoint News / Sputnik - 04th October, 2021) The Pandora papers have unveiled evidence of Serbian Finance Minister Sinisa Mali fraudulent acquisition of 24 luxurious apartments in Bulgaria worth $6.1 million, which he long denied, the Organized Crime and Corruption Reporting Project (OCCRP) said.

In 2015, the minister, who then served as Belgrade's mayor, said that he owned only one such apartment in response to reports about his alleged involvement in a real estate fraud. Mali said that his name was in documents related to the other 23 properties because he assisted a client in a business deal. With his official annual income not exceeding 34,000 Euros ($39,000), the official could not have afforded such a large purchase. However, President Aleksandar Vucic rallied for Mali, denying any corruption claims.

"But now, six years later, KRIK (Crime and Corruption Reporting Network, based in Serbia) and OCCRP have uncovered definitive proof that Mali owned the apartments despite his protestations. The evidence was found in documents from the Pandora Papers, a massive leak of documents from 14 offshore service providers, including one used by Mali," a statement issued late on Sunday read.

The Serbian minister used "a notorious offshore haven used by the wealthy to shield their assets from public scrutiny" to carry out the acquisition. According to a two-stage scheme, as described by the OCCRP, the Trident Trust set up two companies for Mali in the British Virgin Islands, which, in turn, bought two Bulgarian companies owning most of the apartments.

The journalistic investigation concluded that Mali was the sole shareholder of the first two companies several years after the scandal emerged, according to the OCCRP.

The minister has not commented on the group's findings.

On Sunday, the International Consortium of Investigative Journalists published the so-called Pandora Papers, a dossier of more than 11.9 million leaked financial documents, exposing over 35 current and former world leaders, as well as more than 330 politicians and officials worldwide, who allegedly committed various kinds of financial wrongdoing through offshore companies.