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Pandora documents: The tax havens of the Ofer family, Teddy Sagi and Moshe Hogg are exposed
According to an investigation by the "Guards" website, the leak of the giant revealed the details of the holding of 565 rich Israelis in tax havens around the world.
Today, the site published information on a variety of real estate holdings, private jets, yachts and more, by some of the richest businessmen in the country.
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Eyal Ofer
Moshe is celebrating
Teddy Sagi
Tax havens
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Wednesday, October 13, 2021, 21:50 Updated: 21:59
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In the video: Bennett and Lapid address threats against Teddy Sagi (Photo: Knesset Spokesman)
"Pandora's Documents", the huge leak of financial documents that allegedly reveal secret assets of the world's rich, including country leaders, raises the names of 565 Israelis, who have a variety of holdings in tax havens around the world. An investigation by the "Shomerim" website revealed today (Wednesday) that among the Israeli businessmen appearing in the documents are billionaire Teddy Sagi, the Ofer brothers, Moshe Hogg, the owner of Betar Jerusalem, astronaut Eitan Steve, former chairman of the Bar Association Dror Hoter Yishai and more .
Teddy Sagi, whose fortune is estimated at $ 5.4 billion and whose name was recently linked in an assassination attempt in Cyprus, is mentioned hundreds of times in Pandora's documents. According to the investigation, conducted by journalists Daniel Dolev and Uri Blau, the documents mention about 60 companies in tax havens that are related to Sagi. Some are their ultimate beneficiary, and others are directly owned or owned by affiliates.
Three of the companies, registered in the Virgin Islands, owned three apartments in London.
Another company owned shares in Safecharge that dealt with clearing, and that Sagi was one of its owners until 2019, when he sold his holdings in the company for about $ 600 million.
Another company was established with the aim of "investing in high-tech companies" and another company to "develop and distribute gaming software related to Playtech in the Far East," which is a company owned by Sagi.
More on Walla!
"Pandora's Documents": Arnon Milchen Holds $ 1 Billion in the Virgin Islands
To the full article
Mentioned hundreds of times.
Teddy Sagi (Photo: Reuven Castro)
One of the findings from the documents is that Eyal Ofer, whose fortune is estimated at $ 11.5 billion, is the final beneficiary of a fund established in the Cayman Islands in 2006 by his father, Sami, and transferred to him after his death in 2011. The existence of the mutual fund has never been announced. According to a tax expert who spoke with the "Guardians" website, the use of funds for inheritance purposes is common among capitalists in order to prevent inheritance battles and to reduce the inheritance tax liability in the countries where it exists.
The Ofer family, one of the richest Israeli families in the world, is mentioned hundreds of times in documents. Idan Ofer, Eyal's brother, whose fortune is estimated at $ 6.5 billion, is also mentioned in the documents due to his control of a company called Vardom Holdings from the Virgin Islands. The company owned a yacht about 50 meters long that was named Better Place, the name of Ofer's electric car venture. The yacht, according to a publication in Globes, included 300 sq.m., balconies, a kitchen living room, and a luxurious 60 sq.m. suite.
According to the documents, in 2015, Ofer received a loan of 15 million euros from Credit Suisse Bank, with the yacht as collateral for the loan.
A tax expert in the field explained to the guards that in the past, many capitalists chose a structure similar to the one described - an offshore company that owns a certain property - among other things so that they could take out non-recourse loans.
A yacht and a loan of 15 million euros.
Idan and Eyal Ofer (Photo: Shai Oknin)
Businessman Moshe Hogg is also mentioned in Pandora's documents, among other things due to a connection to the company registered in Belize.
According to company documents, the person who was its final beneficiary is Roi Baruchiel, and Celebrate appears as a recommender alongside one of his fund partners.
About six months ago, Bruchiel filed a $ 16 million lawsuit against Hogg and the other partners in the fund.
Bruchiel introduced himself as a childhood friend of a celebrant and as one who served as his personal assistant.
According to the lawsuit, the fund's partners committed "serious acts of fraud and deception that have never been seen in Israel to date, amounting to hundreds of millions of dollars."
No defense briefs have yet been filed in the case.
Another mention of Celebrate in the documents comes from a deal made in 2014 with a company from Singapore called Dragon Fortune, in which the latter bought about a million shares in Mobley's Mobley company for about $ 20 million.
The documents reveal that the one who actually stood behind Dragon Fortune was a Kazakh multi-millionaire named Dinmohamt Idrisov.
Comments
A spokesman for Teddy Sagi said that "contrary to what is implied by the article, Teddy Sagi and the companies under his control pay the full taxes applicable in their countries of activity, and legally report their activities and holdings.
Idan Ofer's representative stated that "without confirming the details or referring to their correctness, all companies associated with Idan Ofer operate for legitimate purposes, in accordance with all laws and according to the required reporting rules. Idan Ofer's affairs are conducted with full observance of the law."
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