KUALA LUMPUR - Umno veteran Tengku Razaleigh Hamzah reasoned that there shouldn’t be a problem with leaders keeping their money in offshore accounts to save on tax payments.
He said the Panama Papers leak just highlighted something which has been a norm among businessmen and politicians alike to avoid paying excess taxes even though it might be illegal.
“This has been going on for a long time. Everybody knows of the existence of all these facilities and they took advantage of it and kept their money abroad in order to be shielded from tax.
“It’s not only politicians but anyone who feel they need to keep money in a foreign country in places that can save them from paying tax, why not? I’m not saying it’s not wrong but if that can help them save money, then they save la,” Tengku Razaleigh told reporters outside the Dewan Rakyat today.
“It is not a concern whether it’s legal or not legal. It’s whether it’s proper. Some people do avail themselves to the facility, so why not?,” he further questioned.
The Gua Musang MP also said for the sake of “transparency and good governance” Putrajaya should look into the documents exposed.
Tengku Razaleigh, or better known by his moniker Ku Li, also refused to comment if action should be taken against Prime Minister Datuk Seri Najib Razak whose son was among those named in the leaks.
“Why are you going to Najib? Not anybody I think (is above the law). I am not defending anyone. You break the law, you face the music, including me [sic],” he said before leaving.
The Panama Papers information leak involves over 11.5 million confidential documents created by Panamanian corporate service provider Mossack Fonseca.
The documents provide detailed information on more than 214,000 offshore companies, the names of their shareholders as well as their directors, which include among them government leaders, their close associates and even close relatives.
Among the countries involved are Malaysia, Brazil, China, France, India, Pakistan, the UK, South Africa, Spain, Syria, Russia, Mexico, Argentina and Ukraine. - Malay Mail
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