Published: Wed, November 08, 2017
Global Media | By Abel Hampton

How Queen Elizabeth Invested in Firm That Targeted Mentally Ill

How Queen Elizabeth Invested in Firm That Targeted Mentally Ill

A spokesperson for Jeremy Corbyn said: "Jeremy did not call for the Queen to apologise but said anyone who puts money into a tax haven to avoid paying tax should, and that they should recognise the damage done by avoidance to society".

They've all been named in the Paradise Papers, a massive trove of documents detailing how some of the world wealthiest and most powerful people use offshore tax havens to reduce their taxes or hide ownership of assets.

The investments by the Duchy of Lancaster emerged after the leak of a massive cache of documents being dubbed the Paradise Papers. While there is nothing unlawful about holding money offshore, in many cases the disclosures may be embarrassing. The queen does not personally manage the portfolio and voluntarily pays taxes on income she earns from the estate.

A small amount from the funds ended up in the company behind BrightHouse, a chain accused of irresponsible lending, and retail chain Threshers, which went bust owing 17.5 million pounds in United Kingdom tax.

"We operate a number of investments and a few of these are with overseas funds".

The fund invested in and profited from a company that developed fingerprint technologies for mobile phones and made investments in other high-tech and pharmaceutical companies.

Just last week, it emerged BrightHouse had agreed to reimburse customers to the value of almost £15m after agreeing a compensation package with the Financial Conduct Authority, following a two-year investigation.

He is an investigative reporter at Germany's leading newspaper, Süddeutsche Zeitung.

In the most recent fiscal year, the Duchy generated £19.2 million ($25 million) in net income according to its website.

Documents show that in 2005, the Duchy committed to an investment of 7.5 million pounds ($12.7 million Cdn in today's dollars) in the Dover Street fund, payable over time. "The duchy investment in Brighthouse is through a third party and equates to £3,208", said the Duchy, which added it was unaware of investment in the retailers through its offshore funds. "All of our investments are fully audited and legitimate", the Duchy of Lancaster said in a statement.

"The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants", he said.

Queen Elizabeth's estate reportedly invested at least $13.1 million into offshore tax-sheltered funds located in the Cayman Islands and Bermuda, prompting Labour party leaders and anti-monarchists to demand an investigation into Her Royal Highness's finances.

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