How Queen Elizabeth Invested in Firm That Targeted Mentally Ill

How Queen Elizabeth Invested in Firm That Targeted Mentally Ill

The leader of the UK's opposition Labour party has suggested Queen Elizabeth II should apologise if her private estate invested roughly 11 million euros (10 million pounds) in offshore portfolios in the Cayman Islands and Bermuda to avoid paying tax in Britain, stated British media reports.

Hundreds of individuals and companies reportedly have had their overseas investments exposed by the files, which are also said to reveal that major global companies have exploited offshore schemes to avoid tax.

"We operate a number of investments and a few of these are with overseas funds".

The documents are part of a massive offshore leak released today dubbed the Paradise Papers - a trove obtained by the German newspaper Sueddeutsche Zeitung and shared with the International Consortium of Investigative Journalists, including the CBC. "All of our investments are fully audited and legitimate", the Duchy of Lancaster said in a statement.

David Pitt Watson, an executive fellow at the London Business School who focuses on responsible investments, said he "very much" doubts that the Queen knew where her money was invested. She is also the legal owner of numerous swans on the River Thames.

The investments were made in 2004 and 2005 by the Duchy of Lancaster, the queen's private financial manager.

Last week the Financial Conduct Authority said BrightHouse had not been a "responsible lender" and ordered the firm to pay £14.8 million back to almost 250,000 customers. Her assets are worth £519million according to the latest accounts.

The Duchy does not use taxpayer funds, nor does it pay taxes.

The Dover Street VI fund closed December 2014 and has sold off its holdings and remunerated investors since, although based on available data it's unclear what the Duchy has received - although a June 2008 letter included in the leak shows the Duchy was entitled to US$361,367, on which it paid - 0.4 percent (US$1,505) tax.

One of the Duchy's offshore investments has generated some controversy.

The Queen doesn't directly oversee the Duchy's investments, and most of its income, while private, goes toward covering the expenses for her and other royals that aren't covered by public funds through the sovereign grant. However, the question may arise whether the monarch to invest offshore. Per the documents, some of the money was invested in a fund that ended up contributing to BrightHouse, a chain with an alleged history of irresponsible lending, and liquor store chain Threshers, which went belly-up in 2010 after owing £17.5 million in United Kingdom taxes.

Related:

  • Outdated technology makes flu vaccine only 20 percent effective

    It was suggested that the A H3N2 virus possessed an adaptive mutation that affected egg-grown vaccines. Interestingly, the sugar-adorned viruses are not found in vaccines made using other methods.
    Deepika Padukone and Ranveer Singh call it quits? Here's the latest

    Deepika Padukone and Ranveer Singh call it quits? Here's the latest

    Before you jump the gun, let us tell you why Sanjay Leela Bhansali and Shahid couldn't make it to Deepika's party. She said in her letter that Khilji, who was a barbarian, desired Padmavati and that is why he destroyed Chittor.
    The Most Powerful DDoS Attack on the Internet Has Affected Russian Web Resources

    The Most Powerful DDoS Attack on the Internet Has Affected Russian Web Resources

    Unknown attackers are trying to paralyze the operation of protection services with the most powerful DDoS attacks ever. DDoS-GUARD protects against packet attacks reaching and exceeding 360 Mpps.
  • Qatar Airways investments equal almost 10 percent of Cathay Pacific ownership

    Cathay did not put out a statement, but tweeted that the Swire Group and Air China continue to hold 74.9% of the airline. Since June, Qatar has been isolated by neighbouring countries including Saudi Arabia and the United Arab Emirates.
    Michael Emenalo quits Chelsea in blow to Roman Abramovich

    Michael Emenalo quits Chelsea in blow to Roman Abramovich

    Arguably owner Roman Abramovich's most trusted lieutenant, Emenalo has often been viewed as a controversial figure at the club. The former Notts County defender joined Chelsea in October 2007 and has been technical director since July 2011.
    Wise casino advices

    Wise casino advices

    Tips casino players online You need to understand the difference between traditional casinos and online casinos. Still, the main goal, anyway, is to get a prize and the opportunity to become rich without putting an effort.
  • Video shows Florida police officer punch woman in face at football game

    The incident happened during the University of Miami's victory over Virginia Tech at the Hard Rock stadium on Saturday night. It remains unclear what led to the woman being removed, or whether or not she was arrested.
    Bachelor party in Kiev — unforgettable impressions are guaranteed

    Bachelor party in Kiev — unforgettable impressions are guaranteed

    Spectacular dancers will complement the spectacular dance of any composition, leaving an unforgettable impression in your memory. A special chic to the club is given by colorful and incendiary performances, over which a professional choreographer works.
    Weekend that could determine the destination of the Premier League title

    Weekend that could determine the destination of the Premier League title

    Many neutrals are hoping to see a fitting ending to what has been a fairytale story that may even be turned into a box office film, such has been the feat of their achievements.
  • United States  sets end for temporary residency program for Nicaraguans

    United States sets end for temporary residency program for Nicaraguans

    TPS is granted to immigrants from a handful of countries that have been beset by crises like war or natural disaster. The program was extended to both countries after Hurricane Mitch hit Central America in 1998.
    Netflix Cuts All Ties with Kevin Spacey

    Netflix Cuts All Ties with Kevin Spacey

    Spacey apologized to actor Anthony Rapp last week who accused Spacey of seducing him when he was only 14. Since the allegations against Spacey came to light, " House of Cards " was indefinitely suspended.
    What Got Mark Hamill to Return to the Star Wars Galaxy?

    What Got Mark Hamill to Return to the Star Wars Galaxy?

    While Luke will probably have a key role to play in the new movies, it’s certain the new actors will dominate the storyline. He felt he needed to know what all those years have done to Luke even if the material doesn’t get told in the actual movie.

Comments

Other news