Businessman Ion Tiriac has allegedly moved his entire wealth of over EUR 1 billion in a private foundation in Panama. This information was unveiled in the context of the “Panama Papers” scandal, the greatest leak of information on the fortunes of world millionaires.
The wealth was allegedly moved through the services of law company Mossack Fonseca, the lead actor of the “Panama Papers” scandal.
Puma Foundation also includes Klaus Mangold, former CEO of the Daimler Chrysler group and one of Tiriac’s oldest friends – presently Germany’s honorary consul in the Russian Federation; the businessman’s sister, Rodica Tiriac, his son Ion Ion Tiriac and Nicolai Mindrila, the former tennis player’s lawyer and traditional partner. The president of the foundation is Ion Tiriac himself, journalists of Rise Project announced, who have received, for our country, the Panama Papers documents.
“I have visited Panama for the first time over 50 years ago. When tennis started gaining widespread attention, it was recommended to me to start organisations in Panama, as they are more advantageous both financially and legally. Everybody is now talking about Panama. But it is misunderstood. It may be Berlin or Bucharest just as well. But it is legal and even more beneficial. It is really interesting especially when you examine dividends on taxes”, Ion Tiriac explained on Wednesday evening for Realitatea TV.
The businessman mentioned that he had no accounts in Panama, just this foundation.
“I have no accounts in Panama. What am I supposed to do with them there? I have accounts all over Europe. I have a foundation there for 30 years and it is really convenient to me because nobody can attack it and I do what I please with my money, and there are seven people on the board of this foundation. Everyone pays taxes where they make money. You have a foundation, an account, a company in Panama – you make money and pay taxes there. Obviously, things are different if you make a tax evasion.
Probably you are not allowed to own any accounts outside your country in Iceland, but in Romania, you do. I declare the profit I earn and I pay 16 per cent of it to the state.
There are countries demanding you to report your worldwide profit, yet others only want to know your local profit. (…) I have paid my dues for being born a Romanian. At some point, you get enough, because things are not going anywhere. We misunderstood democracy completely”, Ion Tiriac further declared.
The businessman’s lawyer, Nicolai Mindrila, has declared for RISE Project that Puma Foundation is sort of a financial testament of the tennis player.
“Puma Foundation is created for a clause of death. The entire patrimony owned by Ion Tiriac will become the property of Puma Foundation. It means that, in the end, all of his transactions end up inside Puma Foundation. The sole founder of this foundation is Ion Tiriac. All of us who are mentioned there, I, Rodica Tiriac, Klaus Mangold, we have the same position, managing board members, and are attributions mostly start after Mr. Tiriac’s death. If he does not dissolve this foundation until that point. Everything will be shared there, depending on how the living beneficiary will order in his last letter. Ion Tiriac owns it all, including fundamental dispositions and vetoing rights”, he declared.
The lawyer also mentioned that Romanian authorities are aware of the existence of Puma Foundation, both at the level of the Tax Office and of the National Bank.
“All reports have been made. Under the circumstances that the “Ion Tiriac” Bank, while Ion Tiriac was its shareholder, closed through Puma Foundation, as well, it was obvious that they knew who the final beneficiary was, before the last transaction of 2015.
(…) All of Tiriac’s companies, from Cyprus, Romania and anywhere in the world, are closing there, in Puma Foundation. The relation is direct and the last shareholder – with the obvious quotation marks – is Puma Foundation. This is the structure. Puma Foundation owns everything created by Tiriac”.