Court acquits defendants in Panama Papers scandal

In 2016, the Panama Papers exposed a global financial scandal. But the suspects will no longer be convicted: all 28 defendants were acquitted due to lack of evidence.

Eight years after the global financial scandal known as the Panama Papers was exposed, 28 defendants were unexpectedly acquitted, including German-born lawyer Jürgen Mossack, a Panama City court announced.

In addition, the presiding judge, Baloísa Marquinez, ordered the suspension of the criminal proceedings against the now deceased Ramón Fonseca Moura. The prosecutor’s office had requested twelve years’ imprisonment for Mossack and Fonseca Moura.

The judge ruled that the chain of evidence could not be traced when it was collected from the servers of the now-liquidated law firm Mossack Fonseca. In addition, the remaining evidence was not sufficient and conclusive.

11.5 million documents reveal fraud

The defendants were accused of money laundering by setting up 215,000 shell companies in tax havens where politicians, celebrities and athletes allegedly hid their assets. Non-reportingSüddeutsche Zeitung and the International Network of Investigative Journalists (ICIJ) revealed the operations of shell companies set up in Panama.

11.5 million documents were leaked to the media. Nearly 400 journalists from more than 80 countries participated in the research.