Key Figure in Global Offshore Tax Evasion Scandal... Dies While Hospitalized
Ramon Fonseca (72), a key defendant in the secret document scandal 'Panama Papers' that caused a global uproar eight years ago over large-scale offshore tax evasion (tax avoidance) allegations, and co-founder of the law firm 'Mossack Fonseca,' has died.
On the 9th (local time), AFP reported that Fonseca's lawyer stated he died while hospitalized and that his absence from last month's trial was also due to health reasons.
Earlier, on the 8th of last month, Ramon Fonseca, who was indicted on money laundering charges, did not attend the trial held in Panama, citing illness.
The 'Panama Papers' are tax avoidance-related documents analyzed by the International Consortium of Investigative Journalists (ICIJ) in 2016, based on internal materials from Mossack Fonseca, Panama's largest law firm and notorious 'offshore secret wholesaler.'
The materials were first obtained by the German media outlet S?ddeutsche Zeitung. At that time, over 11 million documents were released, revealing that more than 100 individuals from over 90 countries worldwide, including South Korea, were involved in large-scale tax avoidance, causing a huge sensation.
Mossack Fonseca, at the center of the controversy due to the Panama Papers scandal, closed down in 2018 following the incident.
After this case, the Panamanian government introduced a system to prevent capital outflow through offshore companies, requiring law firms to identify and verify the actual owners of companies.
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