Paradise Papers reveal Dukes of Westminster pumped millions into secretive offshore firms while Tory ex-minister Lord Sassoon has Bahamas trust fund which has sheltered family fortune for 60 years

Mail Online | 11/8/2017 | Richard Spillett for MailOnline
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One of Britain's richest families and a Tory peer are among the latest people named in the so-called Paradise Papers revealing details of offshore wealth funds.

The disclosure of 13.4 million documents dramatically revealed the ties of major companies and political figures to secretive overseas arrangements.

Today - Duke - Westminster - £9 - Estate

It emerged today that the Duke of Westminster's estimated £9.35 billion estate, which has been passed on between the generations, has included holdings in Bermuda and Panama.

The finances of James Sassoon, a Tory member of the House of Lords who is related to a famous war poet, have also come under scrutiny.

Duke - Westminster - Grosvenor - International - Holdings

Until around 1999, the Duke of Westminster's Grosvenor International Holdings Ltd had assets worth more than £600m with 42% of its shares held by screen companies in the tax havens, The Guardian reported today.

Two offshore companies, incorporated in 1964 and 1977 respectively, held shares in GIHL, the paper reported, before Grosvenor bought them both out for £40million in 2007.

Questions - Gerald - Grosvenor - Heart - Attack

Questions were asked when it emerged Gerald Grosvenor, who died from a heart attack aged 64 in August last year, left a personal estate of £743.4 million, reduced to £616.4 million after debts and liabilities.

The rest of his estimated £9billion estate appears to have been in family trusts which were passed on to his only son Hugh, 26, now the 7th Duke of Westminster.

Paradise - Papers - Suggestion - Rules

As with nearly all of those highlighted in the Paradise Papers, there is no suggestion that any rules were broken.

Responding to the Guardian report, a spokesman for the Grosvenor estate said: 'Two small overseas trusts were established over 50 years ago, when it was...
(Excerpt) Read more at: Mail Online
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