Panama Papers: Afoko linked to West African Petroleum Co.

Panama Papers: Afoko linked to West African Petroleum Co.

Paul Afoko, the suspended chairman of the opposition New Patriotic Party (NPP), has had his name pop up in the controversial Panama papers.

Panama Papers: Afoko linked to West African Petroleum Co.

Paul Afoko

Ghanabusinessnews.com reported that documents released on Monday listed Afoko as a shareholder in a company known as West African Petroleum Company.

The company, registered in the jurisdiction of the British Virgins Island, one of the very popular tax havens, was incorporated on January 13, 2005 with an address in Amman, Jordan, according to the report.

The documents indicate that the company is still active and also has a Thailand address - 159/75 Moo 2; Bo Phut; Chaweng Beach; Koh Samui; Suratthani 84320, Thailand - linked to Afoko.

The Panama Papers are 11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities.

The leaked documents were created by Panamanian law firm and corporate service provider Mossack Fonseca; some dated back to the 1970s.

The leaked documents illustrate how wealthy individuals, including public officials, are able to keep personal financial information private.

READ ALSO: Forget Panama, here are the top ten tax havens in the world

While the use of offshore business entities is often not illegal, reporters found that some of the shell corporations were used for illegal purposes, including fraud, kleptocracy, tax evasion, and evading international sanctions.

Related news

Ayariga believes Mahama is going to win as NPP's lead is in the wrong direction

Ayariga believes Mahama is going to win as NPP's lead is in the wrong direction

Ayariga believes Mahama is going to win as NPP's lead is in the wrong direction