NEWSWATCH Organized Crime and Corruption Reporting Project (OCCRP): “UKRAINE: THE PRESIDENT’S OFFSHORE TAX PLAN”
… actions by his financial advisers and Poroshenko himself … worth an estimated US$ 858 million, make it appear that the candy magnate was more concerned about his own welfare than his country’s – going so far as to arguably violate the law twice, misrepresent information and deprive his country of badly needed tax dollars during a time of war. … setting up an offshore holding company to move his business to the British Virgin Islands (BVI), a notorious offshore jurisdiction often used to hide ownership and evade taxes. … done through BVI to make Roshen more attractive to potential international buyers … it also means Poroshenko may save millions of dollars in Ukrainian taxes. … Poroshenko’s action might be illegal on two counts: he started a new company while president and he did not report the company on his disclosure statements. * * * Poroshenko registered his companies during one of Ukraine’s darkest periods … end of July and early August of 2014, Ukrainians worried and watched as Poroshenko called up reservists and warned of an invasion by Russian troops. …
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