'Pandora's Papers' exhibit 'hidden' accounts of four Coahuilenses

More than 3,000 Mexicans, including four from Coahuila, appear in Los Papeles de Pandora, the most recent joint investigation of 149 media outlets, which reveals financial structures in tax havens.

This investigation recounts how some of the richest and most powerful figures in the world turn to paper companies, opaque trusts and financial maneuvers to transfer their fortunes to offshore jurisdictions, far from the reach of the tax authorities.

Among the people of Coahuila on this list are: the entity’s Secretary of Government, Fernando de las Fuentes; the senator for Morena, Armando Guadiana; the former governor of Coahuila, Enrique Martínez y Martínez; as well as the businessman Antonio Madero Bracho, founder of Rassini.

Martínez and Martínez, Guadiana and de las Fuentes appear as clients of Stanford, a group of the American financier Robert Allen Stanford, who defrauded about 30 thousand clients through Ponzi-type pyramid schemes.

In the case of Madero Bracho, he created the Cugnot Trust in the Netherlands in 2007 that controlled shares in his group Corporación San Luis (now Rassini).

In the investigation, Martínez and Martínez responded in a letter that they sought to have a “safe investment in dollars” and a “competitive return.”

The politician assured that he did not include these assets in his latest equity declarations because the Stanford fraud represented a “severe loss” for his estate.

Guadiana said yesterday that this is part of an investment he made more than a decade ago.

“Because it is a matter of private investment for more than fourteen years old, all the corresponding technical information will be analyzed with the legal and accounting team,” he added in a statement.

According to the investigation, de las Fuentes limited himself to pointing out “that his entire public and private life has been attached to the law.”

MORE THAN 3 THOUSAND MEXICANS

Officials and former officials of the federal government, as well as businessmen, are also mentioned in this investigation.

Investing and creating companies in tax havens is not a crime, reports the investigation. However, in the menu of offshore financial services, anonymity and legal mechanisms that allow avoiding the payment of taxes in the countries of origin prevail.

“As long as the money comes in, they don’t ask questions,” says the Tax Justice Project. That’s when the line between legal and illegal becomes blurred.

These are the people of Coahuila and some Mexicans who are in Los Papeles de Pandora, the largest
Filtering documents on offshore structures in the world:

ARMING GUADIANA

Senator for Coahuila

He created the Hawaii Trust, an offshore trust that controlled 50,000 shares of Atlantic Industries International, a paper firm in the Virgin Islands.

FERNANDO DE LAS FUENTES

Secretary of Government of Coahuila

He engaged the services of the Stanford Trust Company to create the Gugui Trust in the British Virgin Islands.

ENRIQUE MARTÍNEZ AND MARTÍNEZ

Former governor of Coahuila

He established two trusts in the British Virgin Islands: MyM Generaciones Trust and Jardines del Santo Cristo de Saltillo Trust; both through Stanford.

ANTONIO MADERO BRACHO

Founding businessman of Rassini

He created the Cugnot Trust in the Netherlands in 2007 that controlled shares in his group Corporación San Luis (now Rassini).

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