| Author (Person) | Garside, Juliette |
|---|---|
| Series Title | The Guardian |
| Series Details | 21.09.16 |
| Publication Date | 21/09/2016 |
| Content Type | News |
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A cache of leaked documents in the possession of the International Consortium of Investigative Journalists (ICIJ) showed names of politicians and others linked to more than 175,000 Bahamian companies registered between 1990 and 2016. The first details on this were published on 21 September 2016. Unlike the Panama Papers, the information listed in the new Bahamian documents is plainer in content. The new data does not make it clear, for example, whether directors named in connection with a Bahamian firm truly control the company or act as nominees, employees-for-hire who serve as the face of the company but have no involvement in its operations. Former European Commissioner for Competition Neelie Kroes was among those named the documents about offshore companies in the Bahamas, exposing a company directorship she had failed to disclose as required by European Union ethics rules. The European Commission made it clear it planned to investigate the affair. Commentators noted that the disclosure further damaged the EU's image, although there was no proof of any abuse of power. Corporate Europe Observatory's Vicky Cann said: 'ICIJ revelations about Neelie Kroes' involvement with an off-shore company looking to buy Enron assets, place further pressure on a Commission already under fire from its failure to tackle the revolving door in relation to Kroes and other Barroso II Commissioners'. On the 21 December 2016 the European Commission announced that following an investigation it had concluded that former Commissioner Neelie Kroes 'had violated the Code of Conduct of Commissioners because she had not included in her Declaration of Interests of 2004 the fact that she held a post as Director of Mint Holdings Limited since July 2000 – even if this activity was not effectively exercised nor paid for. Taking note of the opinion of the Ad Hoc Ethical Committee of 16 November 2016 concerning the fact of continuing to feature in the Register as a Director, the Commission however also concluded that Ms Kroes cannot be blamed for violating Article 245 TFEU, if she has not been and could not reasonably have been aware of still holding the post. The Commission took note of Ms Kroes' apologies expressed in her letters of 16 September and 26 September 2016. Second, the Commission concluded that Ms Kroes was in breach of Article 7(4) of Regulation 422/67 in conjunction with Article 245 TFEU because she omitted to declare her income for the year 2015 whilst having accepted the transitional allowance. She therefore did not act with the necessary diligence. The Commission further concluded that, while it did not have sufficient elements nor legal grounds to seize the Court of Justice of the EU regarding these breaches and to seek a financial sanction – notably in view of the fact that the Commission has immediately recovered the money and thus prevented any loss for the budget of the Union following the information later provided by Ms Kroes –, Ms Kroes deserved a reprimand which the Commission expressed. Ms Kroes has been informed of the Commission's decision by a letter of the Secretary-General of the European Commission' |
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| Source Link | https://www.theguardian.com/business/2016/sep/21/leaked-bahamas-files-expose-politicians-offshore-links |
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| Subject Categories | Justice and Home Affairs, Politics and International Relations, Taxation |
| Countries / Regions | Europe |
