One Number Explains the Devastating Impact of the Panama Papers on Regular People [View all]

[JEB]

http://www.attn.com/stories/7075/one-number-explains-impact-panama-papers?utm_source=facebook&utm_medium=post&utm_campaign=internal

By Alex Mierjeski

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Simply put, Heritage Oil and Gas Ltd Company (HOGL) didn't want to pay the $400 million in taxes associated with the sale of an oil field it owned in Uganda, according to a video by the International Consortium of Investigative Journalists, which played a key role in analyzing the Panama Papers.

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As the ICIJ video notes, $400 million is a significant amount in Uganda, where one in three people live on less than $1.25 per day.

Basically, that statistic contextualizes just how impactful the actions of shell companies can be; $400 million is more than the government's annual health budget, according to the video.

That means that while the company who sought the help of Mossack Fonseca to dodge taxes, the intended recipients — places like hospitals — were forced to operate on shoestring budgets. The video notes that patients slept on floors and were asked to provide basic medical supplies such as sterile cotton balls or protective gloves.
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More at the link including informative video.

http://www.attn.com/stories/7075/one-number-explains-impact-panama-papers?utm_source=facebook&utm_medium=post&utm_campaign=internal