Indonesia & Panama Papers: What & Who Are the Involved Companies & People?
There are plenty of Indonesian names mentioned in the Panama Papers, the massive leak of about 11.5 million confidential documents from the database of Panama-based law firm Mossack Fonseca. Here we present the top 20 of largest Indonesian companies mentioned in the leaked documents. Although it is widely known that offshore firms (special purpose vehicles) in tax havens are set up to engage in tax evasion, it needs to be emphasized that not all people and companies named in the documents are in fact involved in violations of the law.
In fact - in the words of US President Barack Obama - the problem is that many of the structures revealed in the Panama Papers are actually legal structures because the laws are so poorly designed, giving opportunity to rampant tax evasion around the globe.
At the start of this week the International Consortium of Investigative Journalists (ICIJ) published a database consisting of nearly 214,000 offshore entities (including names of the owners) created in 21 jurisdictions. This database comes in addition to the 100,000 offshore entities that had been disclosed in the ICIJ's 2013 offshore leaks investigation.
At least 71 Indonesian shell companies (a corporation without active business operations or significant assets), 3,544 Indonesian individuals who own a shell company, 530 intermediary companies, and 3,223 Indonesian addresses are mentioned in the leaked documents. Some specific names include Garibaldi Thohir, Anthony Salim, Hilmi Panigoro, Chairul Tanjung, James T. Riady and Sandiaga Uno.
20 Largest Indonesian Companies Mentioned in ICIJ Documents:
| Company | Established |
Jurisdiction | Source |
| Misool Holdings Ltd | 14/06/2010 | Seychelles | Panama Papers |
| Stallion Company Ltd | 13/05/1992 | British Virgin Islands | Panama Papers |
| The R.I.O Property Group Ltd | 03/07/1997 | British Virgin Islands | Panama Papers |
| Sherwood Holdings Group Ltd | 18/03/1997 | British Virgin Islands | Panama Papers |
| Asian Resources Ltd | 08/05/1991 | British Virgin Islands | Panama Papers |
| Asia Top Enterprises Ltd | 27/06/2001 | British Virgin Islands | Panama Papers |
| Jane Lloyd Ltd | 25/02/2003 | British Virgin Islands | Panama Papers |
| Peter J. Jackson Ltd | 21/03/2005 | British Virgin Islands | Panama Papers |
| Times Investment Group Ltd | 21/05/2003 | British Virgin Islands | Offshore Leaks |
| Energi Mega Pratama | 15/10/2003 | British Virgin Islands | Offshore Leaks |
| Northern Star Capital Pte Ltd | 05/03/2008 | British Virgin Islands | Offshore Leaks |
| Indoprop Ltd | 01/04/1998 | Cook Islands | Offshore Leaks |
| Asia Pacific Leisure Ltd | 19/06/1991 | unknown | Offshore Leaks |
| Asanusa Capital Partners Pte Ltd | 28/01/2003 | unknown | Offshore Leaks |
| Uni Enlarge Industry Indonesia | 27/07/2001 | Singapore | Offshore Leaks |
| Topas Multi Securities | unknown | unknown | Offshore Leaks |
| Jenshiang Nusantara Textile Chemical Industry |
unknown | unknown | Offshore Leaks |
| Mega International Corporation Enterprises Ltd |
11/03/2005 | British Virgin Islands | Offshore Leaks |
| Indo Buana Makmur Textile | 26/07/2001 | Singapore | Offshore Leaks |
| Wanamurti & Associates | unknown | unknown | Offshore Leaks |
Source: Bisnis Indonesia