The Panama Papers leak has revealed two companies that have Muskoka in their name.
They are Muskoka Lakes Capital Investment Ltd. and Muskoka Trading Corp.
The first has a registered address in Toronto and the second has its address registered in Port Carling. The status for both companies was listed as “dead” (as opposed to being active).
Offshore companies are not illegal and there are legitimate uses for such companies and trusts, but they are sometimes used to hide both the origin and the owners of money, and to avoid paying tax. A disclaimer that is connected to the database that was made public today and was repeated on CBC.ca reads:
“We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.”
The searchable information includes the name of anyone listed as a director or shareholder of an offshore company in the huge Panama Papers leak. Of those 200,000 named, 625 are Canadian.
The International Consortium of Investigative Journalists (ICIJ) made the database public this afternoon. Anyone can search it.