The Panama Papers show that Banks is a shareholder of PRI Holdings Limited, which Panamanian-based Mossack Fonseca set up as an offshore company in 2013. PRI Holdings is based in the British Virgin Islands (BVI), a UK offshore territory and international tax haven. On the form, Banks says that the money entering his offshore firm comes from “business trade”. The firm shares an address with another firm, STM Fidecs Management Ltd, which acts as secretary to Banks’s PRI Holdings Limited. His latest cheque to the Inland Revenue came to £1.8m, Wigmore said, adding that PRI was an “international company” with “international clients”.

Source: The Guardian October 15, 2016 23:05 UTC