Mossack Fonesca is a well-known law firm operating in Panama. Fonesca seems to specialize in helping wealthy and powerful people hide their money in assets in foreign countries. If you hold foreign bank accounts, there’s a good chance that you are not a criminal. The sad truth is that there are a small number of people around the world that seek to use lax tax laws, and really strict bank secrecy laws in certain jurisdictions around the world to launder and hide their money. A great example of this would be Vladimir Putin’s inner circle.
While Vladimir Putin may not be worth 2 Billion Dollars, his inner circle, certainly is. One prominent member of Vladimir Putin’s inner circle is Sergei Roldugin who is considered by many to be Vladimir Putin’s best friend.
Sergai Roldugin is a professional musician by trade. As we all know, artists, writers and musicians are not normally well paid. This makes Mr. Roldugin a rare exception as he has a net worth of over 100 Million Dollars. Apparently Sergei Roldugin made a bunch of well-informed investments and came out as a multi millionaire. All of these investments would have been completely impossible if he hadn’t been as close to Vladimir Putin as he is today. It appears that Putin chose Roldugin to help him manage his wealth since as musician he is supposed to have a low profile. It is kind of funny to see how this backfired, and it will be interesting to see which direction that this leads to.
In conclusion, what we see right here, is that President Putin of Russia seems to be having a wealth management problem right now. It looks like it is going to get more interesting.