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Championship leader Nico Rosberg's name is among hundreds implicated in an enormous global leak of documents known as the 'Panama Papers'. The 11.5 million confidential documents come from a law firm in Panama called Mossack Fonseca, exposing a web of secret offshore companies allegedly used to hide wealth, evade tax and launder money, according to the Financial Times.
NDR, a German public broadcaster, said Rosberg's name is among those like football star Lionel Messi mentioned in the massive data leak, relating to his latest F1 contract with Mercedes. The report said Rosberg's F1 deal is actually between Mercedes and a company called Ambitious Group Limited, based in the British Virgin Islands.
And Ambitious Group apparently belongs to two other alleged "front" companies headquartered in the Channel Islands. But ARD, another German broadcaster, made clear that the documents do not indicate that Mercedes or Rosberg did anything illegal. Mercedes would not comment, while a lawyer for Rosberg told the French sports daily L'Equipe that it is a private matter.
Another F1-connected name linked with the Panama Papers leak is Jarno Trulli, but the Italian told La Gazzetta dello Sport: "I have several companies in the world and all are run in a transparent manner." And when asked why his name is also connected with Mossack Fonseca, former Ferrari president Luca di Montezemolo told Italy's L'Espresso: "I do not know this law firm." (GMM)
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Replies (4)
Login to replycalle.itw
Posts: 8,527
Oh dear, not a very nice thing, but sadly quite common among F1 drivers to hide away money somewhere or move to tax paradise. Only a select number do not do this, as far as I know. Button doesnt, I've heard he is paying tax in britain, so no trouble with him at least. Very disappointed in Rosberg if this is true.
mcbhargav
Posts: 1,332
A good F1 driver, need not be a good tax payer ;)
khasmir
Posts: 893
I don't really get it, he lives in Monaco so he doesn't have to pay income tax, no? Why go through all this trouble then?
mclarenfan1968
Posts: 1,027
When you as a non-business managing individual have a lot of money the govt gestapo wants a larger % of your earnings, they want to tax the daylights out of you while if you are corporation then you get tax reliefs and all sorts of other benefits. It's no wonder they have to do shady things to protect that money. It isn't right but anyone would do exactly that in their position.