Billionaires Flee Havens as Trillions Pursued Offshore

[marmar]

(Bloomberg) Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune.

In a divorce complaint originated in Geneva in 2008, Rybolovleva accused her husband of using a “multitude of third- parties” to create a network of offshore holding companies and trusts to place assets -- including about $500 million in art, $36 million in jewelry and an $80 million yacht -- beyond her reach.

She has brought legal action against the 48-year-old Rybolovlev in the British Virgin Islands, England, Wales, the U.S., Cyprus, Singapore and Switzerland, and is seeking $6 billion.

The suits provide a window into the offshore structures and secrecy jurisdictions the world’s richest people use to manage, preserve and conceal their assets. According to Tax Justice Network, a U.K.-based organization that campaigns for transparency in the financial system, wealthy individuals were hiding as much as $32 trillion offshore at the end of 2010. Fewer than 100,000 people own $9.8 trillion of offshore assets, according to research compiled by former McKinsey & Co. economist James Henry. ....................(more)

The complete piece is at: http://www.bloomberg.com/news/2013-04-29/billionaires-flee-havens-as-trillions-pursued-offshore.html

[PDJane]

1. Cry me a river. They've been stealing so much for so long, it's hard to care..

[leftstreet]

2. Seize their assets - redistribute them n/t

[Initech]

3. Time to make the billionaire criminal class pay for their crimes.

They've stolen so much from us and they give nothing back. Make them pay.