Free Press Journal

Cameron under pressure over family wealth fund


London: British Prime Minister David Cameron came under intense pressure on Tuesday over the Panama Papers leak that said his late father ran an offshore fund which avoided paying tax in Britain for 30 years, but kept mum if some of his family’s money is still held offshore.

A major leak of tax documents – come to be known as the Panama Papers – have claimed that Cameron’s late father Ian ran an offshore fund which avoided paying tax in Britain by hiring Bahamanian residents. Ian Cameron’s name is allegedly in the over 11 million leaked documents from the Panama-based law firm Mossack Fonseca that were passed to German newspaper ‘Suddeutsche Zeitung’ and shared by the International Consortium of Investigative Journalists with 107 media organisations.

According to the Consortium, Ian Cameron used Mossack Fonseca’s services to shield profits from his investment fund, Blairmore Holdings Inc, with a series of expensive and complicated arrangements.

Ian Cameron, who died in 2010, was a director of Blairmore, an investment fund run from the Bahamas but named after the family’s ancestral home in Aberdeenshire. The fund reportedly managed tens of millions of pounds for the wealthy. The fund, which was established in the 1980s, continues today and “has never paid a penny of tax in the UK on its profits” in 30 years, according to ‘The Guardian.’ Blairmore Holdings was incorporated in Panama but based in the Bahamas, where the fund retained up to 50 Caribbean officers each year.

“Their job was to sign paperwork and fill roles such as treasurer and secretary. They included the late Solomon Humes, a lay bishop with the non-denominational Church of God of Prophecy. He acted in various roles including vice-president over a number of years from the mid-1990s,” the newspaper said.