US senator warned that leak of documents disclosing offshore tax havens indicate rapid motion toward a group of billionaires controlling the global economy

Bernie Sanders has warned that the world is rapidly becoming an” international oligarchy” controlled by a tiny number of billionaires, highlighted by the revelations in the Paradise Papers.

Play Video

2:07
What are the Paradise Papers?- video

Sanders' intervention into the discussions triggered by the Paradise Papers celebrates the most prominent political response to the leak in their opening 24 hours. The investigation stems from the leak of some 13 m files obtained by Suddeutsche Zeitung in Germany and shared with virtually 100 news organisations around the world including the Guardian by the International Consortium of Investigative Journalists.

One of the most pointed disclosures in the Paradise Papers was that Wilbur Ross, Trump's commerce secretary, continue to remain do business with the son-in-law of the Russian president, Vladimir Putin, as well as a member of Putin's inner circle who is under US sanctions. Ross, himself a billionaire, has retained since joining the Trump administration his investment in a shipping company, Navigator, that has a partnership with the Russian gas monster Sibur.

In turn Sibur is part-owned by Kirill Shamalov, the husband of Putin's daughter.

The emergence of Ross's ongoing ties to business concerns so close to the Russian president at a time of intense scrutiny of the relationship between the Trump administration and the Kremlin has incensed prominent Democrats involved in Ross's confirmation to office. Richard Blumenthal, a Democrat who sits on the US Senate commerce committee, accused Ross of misleading the public as well as lawmakers who had allowed the confirmation to go through having heard Ross promise to divest himself of the best interest that carried potential conflict.

" If he fails to present a clear and obligating explain, he ought to resign ," Blumenthal told MSNBC in an interview.

Senator Tammy Baldwin, a Democrat from Wisconsin, said:" In February, I resisted Mr. Ross' nomination because there were a number of unanswered questions about his possession stake in the Bank of Cyprus and his a link with Russian President Vladimir Putin, as well as his refusal to divest from a$ 1 billion co-investment constructed with the state-owned Chinese Investment Corporation.

" Despite assurances from the Commerce Department and the White House on the eve of his nomination, these questions remain unanswered over eight months ago. These unanswered questions and recent revelations surely warrant a Commerce Committee hearing and I imagine an Inspector General investigation is in order. We should get to the bottom of this ."

On Monday, Ross denied that he had done anything wrong in his handling of his investment in Navigator. In the course of a visit to London, he told UK media that" there is nothing incorrect with it. The fact that it happens to be called a Russian company doesn't mean there is any evil in it ."

Further responses to the Paradise Papers came from the Democratic president in the US Senate Chuck Schumer, and the ranking Democratic is part of the Senate finance committee, Ron Wyden. In a joint statement they accused Republican in Congress producing the push towards a the process of reforming the tax code of failing to close egregious loopholes revealed by the leaks.

Quick Guide

Key revelations from the Paradise Papers

1) Millions of pounds from the Queen's private estate has been invested in a Cayman Islands money- and some of her fund went to a retailer accused of exploiting poor families.

2) Extensive offshore grapples by Donald Trump's cabinet members, advisers and donors, including substantial pays from a firm co-owned by Vladimir Putin's son-in-law to the shipping group of the US commerce secretary, Wilbur Ross.

3) Twitter and Facebook received hundreds of millions of dollars in investments that can be traced back to Russian nation financial institutions.

4) The tax-avoiding Cayman Islands trust managed by the Canadian "ministers " Justin Trudeau's chief moneyman.

5) The Formula One champion Lewis Hamilton avoided taxes on a PS17m airplane applying an Isle of Man scheme.

6) A previously unknown $450 m offshore trust that has sheltered the richness of Lord Ashcroft.

7) Apple secretly moved parts of its empire to Jersey after a row over its tax affairs.

8) How the sportswear giant Nike stays one step ahead of the taxman.

9) The billions in taxation rebates by the Isle of Man and Malta to the owners of private planes and luxury yachts.

10) Offshore cash helped money Steve Bannon's onslaughts on Hillary Clinton.

11) The secret loan and alliance used by the London-listed multinational Glencore in its efforts to secure lucrative mining rights in the Democratic Republic of the Congo.

12) The complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.

13) Stars of the BBC made sitcom Mrs Brown's Boys used a web of offshore companies to avoid taxation.

14) An ex-minister who defended tax avoidance has a Bahamas resources of the fund.

15) The Dukes of Westminster pumped millions into secretive offshore firms.

16) Tax haven lobby group boasted of 'superb penetration' at top of UK government before G8 summit expected to bring in greater offshore transparency

17) Law firm at centre of Paradise Papers leakage was criticized by 'persistent failures' on terrorist financing and money laundering rules

As a ensue Republicans were rewarding, the duo said," wealthy billionaires like secretary Wilbur Ross for dodging taxes, while punishing many in the middle class with new tax hikes. If you deduct medical expenditures or student loan interest from your taxable income, the Republican plan comes after your billfold. But if you stash your billions in secret bank account overseas, their program gives you the green light to hold doing what you've been doing ."

They added that the Paradise Papers were" proof positive that the Republican tax programme prefers the wealthy and betrays the middle class in this country, who are the ones left carrying the financial burden of massive corporate tax avoidance ".

Read more: https :// www.theguardian.com/ news/ 2017/ nov/ 06/ bernie-sanders-paradise-papers-leak-international-oligarchy