At the centre of the revelations is an offshore entity in the Cayman Islands called the Kolber Trust. In 2007, for example, $3 million US was wired to Jonathan Kolber for "living expenses" and to help purchase a Manhattan apartment. (Fred Chartrand/Canadian Press)Chazan also kept a set of Kolber Trust books in Montreal, two former colleagues told the CBC. Tax experts consulted by the CBC and the Toronto Star say that admission could spell tax trouble for the Kolber Trust. (Andrew Vaughan/Canadian Press)In 2014, Israel also tightened its offshore trust laws, and by 2016, the Kolber Trust was shut down.

Source: CBC News November 05, 2017 17:59 UTC