Panama Papers The Power Players
Mohd Nazifuddin bin Mohd Najib is a son of Malaysia’s Prime Minister Najib Abdul Razak. He has invested in a vast range of Malaysian businesses in such sectors as technology, energy, finance, mass transit and paints and coatings. In 2015, Nazifuddin became vice president of the Olympic Council of Malaysia. The same year, he denied allegations that he had been involved in a Ponzi scheme relating to a digital currency in Thailand. Nazifuddin has publicly defended his father, who in January 2016 was cleared of wrongdoing in relation to the transfer of nearly $700 million into Razak’s personal accounts.
Inside the Mossack Fonseca data Two offshore companies created while his father was in power.
In 2009 Nazifuddin became one of the two directors of Jay Marriot International Ltd., which Mossack Fonseca registered in the British Virgin Islands. The other director was Ch'ng Soon Sen, then executive director of Malaysia Pacific Corp., a major property developer, and now its CEO. In 2012, together with Megat Daniff Shahriman bin Zaharudin, a business developer, Nazifuddin became a director of PCJ International Venture Limited, also registered by Mossack Fonseca in the BVI. Megat is the financial adviser of a nongovernmental organization headed by Nazifuddin, Youth on Unity, that aims to help Malaysia's underprivileged children. PCJ International Venture Limited was inactivated in 2013 .
- Ultimate beneficial owner, beneficial owner, beneficiary
- The person who is the true owner of a company and/or a bank account. In the offshore world, the identity of beneficial owners is often kept secret.
- Nominee directors
- Stand-ins who control a company on paper but exercise no real authority over its activities.
- Nominee shareholder
- A person who is listed as a shareholder on a company’s documents but has no real power over the company or claim to its assets. This is common practice in offshore financial structures to hide the identity of the real owner.
- A go-between for someone seeking an offshore corporation and an offshore service provider -- usually a law-firm or a middleman that asks an offshore service provider to create an offshore firm for a client.
- Power of attorney
- Authorization given to a person to represent the offshore company. It can confer rights that include managing the company without any limitation, carrying out contracts, purchasing products and borrowing or lending money. Each authorization notes which powers are granted to the person who will act on behalf of the company and whether they are general or specific.
- Bearer shares
- Whoever physically holds a certificate of shares is considered the owner of the shares. Bearer shares provide one of the deepest levels of secrecy. Many countries have banned bearer shares because they are considered a facilitator of tax evasion and money laundering.
Nazifuddin said that he used PCJ International Venture Limited "for international business" but that there were "no business transactions," and the company was shut down. Ch'ng confirmed that he and Nazifuddin acquired Jay Marriot in 2009 but said there had been no business activity "since formation." He said that in 2011 Nazifuddin transferred his share to Ch'ng's sister and resigned as director.There are legitimate uses for offshore companies.