PA Funds of Mahmoud Abbas’ Son in Foreign Tax Haven
by Stephen Lendman
Leaked Panama Papers’ documents show Tareq Abbas has shares in a British Virgin Islands registered Arab Palestinian Investment Company (APIC) worth nearly $1 million.
The company is registered on the Palestinian stock exchange, PA involvement considerable, holding 18% of the firm’s shares.
Its stated/dubious objective is “strengthen(ing) the local economy through strategic investments, while maximizing long-run returns for its ultimate shareholder, the people of Palestine” - without any achievements throughout its existence benefitting them.
As president, Abbas issued a decree, usurping control over the Palestine Investment Fund (PIF), established in 2003. WikiLeaks exposed a classified 2006 cable, saying its “billion dollar-plus investment portfolio…is now more securely in the hands of president Abbas with a board…of his choosing…”
In 2011, he appointed his son Tareq a board member. He and older brother Yasser amassed considerable wealth along with their father, suspected of being ill-gotten.
An earlier article discussed it. Since Israel installed him as president in January 2005 by rigging the electoral process, he reportedly earned (sic) $1 million a month.
His expenses (sic) way exceeded a billion dollars. Reportedly he has extensive property holdings, his personal wealth possibly hundreds of millions of dollars.
Sons Tarek and Yasser profit handsomely from PA projects, both men multi-millionaires. Abbas was accused of enriching himself throughout his tenure, stashing huge sums abroad in tax havens, hidden investments and secret land deals.
PA financial operations are opaque, longstanding corruption involving Arafat, Abbas, his sons and cronies notorious.
PA officials enrich themselves at the expense of their own people. Washington and Israel ignore their corruption as long as they’re obedient servants.
Stephen Lendman lives in Chicago. He can be reached at email@example.com.
His new book as editor and contributor is titled "Flashpoint in Ukraine: US Drive for Hegemony Risks WW III."
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