Elizabeth II has transferred about $ 13 million. offshore

08 November 2017, 12:20 | Isaac Mcdaniel

Elizabeth II has transferred about $ 13 million. offshore

Substantial amounts of money from The Duchy Of Lancaster have been invested through funds in companies such as BrightHouse which has come under fire for exploitation of vulnerable customers

The investigation, undertaken by the International Consortium of Investigative Journalists (ICIJ) and called the "Paradise Papers", was performed by 382 reporters at nearly 100 media outlets who analyzed more than 13 million tax haven documents covering the period 1950-2016, Efe news reported.

Elsewhere, the Duchy has investments in a number of overseas funds, including one in Ireland.

The documents about Elizabeth's financial holdings are part of a tranche of some 13.4 million records of offshore accounts dubbed the "Paradise Papera", leaked to German newspaper Süddeutsche Zeitung and shared with the International Consortium of Journalists and a network of more than 380 journalists in 67 countries.

"The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants".

Asked if the Queen should apologise for the offshore investments, Labour's Jeremy Corbyn told the CBI's annual conference in London: "Well anyone that is putting money into tax havens in order to avoid taxation in Britain, and obviously investigations have to take place, should do two things - not just apologise for it but also recognise what it does to our society".

The documents also made it possible to establish the Queen, through her Duchy holdings, came to acquire in 2007 an indirect stake in a now-defunct British chain of alcohol stores and that rent-to-own company, called BrightHouse.

The Paradise Papers also name many other wealthy individuals, including members of Donald Trump's cabinet, who may have ties to offshore dealings. All of our investments are fully audited and legitimate.

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"We all have the responsibility to pay for it".

A document outlining a limited partnership agreement with Dover Street VI Cayman Fund LP naming the Duchy of Lancaster.

According to its website, the Duchy's gross income from its investment portfolio was 2.73 million pounds for the year ending March 2017.

Graham Smith, the CEO of Republic, said: "The Queen's personal wealth and investments mean she has a direct interest in government decisions about tax".

"The Dover Street investment was bought in 2005 and forms only 0.3% of the total value of the Duchy".

The Queen doesn't directly oversee the Duchy's investments, and most of its income, while private, goes toward covering the expenses for her and other royals that aren't covered by public funds through the sovereign grant.

But the revelations will no doubt raise questions about whether the monarch should be investing in offshore finance.



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