Posted: December 7th, 2017
In November 2017, the International Consortium of Investigative Journalists (ICIJ) launched its latest project—The Paradise Papers.
The Paradise Papers are a set of 13.4 million confidential electronic documents relating to offshore investments. The documents originate from the offshore law firm Appleby, related corporate services providers, and business registries in 19 tax jurisdictions. According to the New York Times, Appleby caters to blue chip corporations and very wealthy people. Appleby helps clients reduce their tax burden; obscure their ownership of assets like companies, private aircraft, real estate and yachts; and set up huge offshore trusts that in some cases hold billions of dollars.
The Paradise Papers contain the names of more than 120,000 people and companies. Among those whose financial affairs are mentioned are, separately, Prince Charles and Queen Elizabeth II, President of Colombia Juan Manuel Santos, and U.S. Secretary of Commerce Wilbur Ross, who is now the subject of an investigation by Congress’s primary ethics watchdog.
The Paradise Papers also contain new revelations about Qatar’s royal Al Thani family. The ICIJ has begun incorporating the Paradise Papers data into its massive Offshore Leaks database. As the ICIJ does so, DE-Tenants.org will search the data for new research avenues. For now, we will note the new Al Thani corporate entities revealed in the first tranche of Paradise Papers data.
The new data indicate four primary revelations:
- A series of five Al Thani siblings are beneficial owners in FlowStream Commodities Ltd
- Two Al Thani royals are shareholders in Chipstead Holdings Limited
- The seventh Emir of Qatar Hamad bin Khalifa Al Thani is revealed as a shareholder in Coller International Partners IV-D, L.P.
- Jassim bin Hamad bin Jassim bin Jaber Al Thani, the son of the former Qatari Prime Minister and CEO of the Qatar Investment Authority, is linked to five more firms in the Paradise Papers
FlowStream Commodities Ltd
A series of five Al Thani siblings are beneficial owners in FlowStream Commodities Ltd. The siblings are Fahad, Tamim, Suhaim, Hamad and Khalifa. All five are the children of HE Sheikh Abdullah Bin Khalifa Bin Hamad Al Thani. Abdullah Bin Khalifa is the younger brother of the seventh Emir Hamad Bin Khalifa (reigned 1995-2013). Abdullah Bin Khalifa was also Minister for the Interior 1989-2001, Deputy Prime Minister 1995-1996, Prime inister 1996-2007, and Special Adviser to the Emir since 2007 (SOURCE). Abdullah Bin Khalifa is believed to have at least three wives, ten sons and nine daughters (SOURCE).
FlowStream Commodities Ltd. is incorporated in the British Isle of Jersey, a tax haven with a “propensity for hiding billions.” Its subsidiaries include FlowStream Commodities UK Limited and FlowStream Commodities Luxembourg S.à r.l. These firms were founded as part of an oil and gas royalty streaming venture called the FlowStream Commodities Group, led by private equity giant KKR (Kohlberg Kravis Roberts) in addition to Global Gate Capital and Anglo-Pacific Group (SOURCE).
Based on the ICIJ, the Qatari royals are linked to the private equity venture. FlowStream profits by acquiring oil and gas “streams”. A stream is a contract to purchase a percentage of an oil and gas company’s production from a specific license or a field. Because they are purchase agreements, streams grant companies like FlowStream the right to purchase all or a portion of an oil or gas field’s product at a preset price, in exchange for an upfront deposit. The deposit is used by the oil and gas company selling the stream to meet funding needs.
In recent years has FlowStream has inked deals worth hundreds of millions of dollars.
DE-Tenants.org has previously reported on the French luxury real estate assets of Abdullah Bin Khalifa and his children.
Chipstead Holdings Limited
Two Al Thani royals were identified as the sole shareholders in a British Virgin Islands-based firm Chipstead Holdings Limited. The royals are Aisha Abdulrahman Ahmed T. Al Thani and Faisal Fahad Jassim M. Al Thani. Per Bloomberg, Faisal Fahad serves as the Chairman of Board of Advisers at Tembusu Partners Pte Ltd. He is also the Chairman of Qatar National Import And Export Company. For additional biographical details, see HERE and HERE.
Incorporated in the British Virgin Islands, this entity also operates in the Isle of Man where it files publically available corporate reports.
Hamad bin Khalifa Al Thani
The seventh Emir of Qatar Hamad bin Khalifa Al Thani is revealed as a shareholder in Coller International Partners IV-D, L.P. Known as CIP IV, the vehicle is a private equity fund managed by Coller Capital. The CIP IV fund closed in October 2002 with $2.6 billion in total investor commitments from over 160 global financial institutions.
Jassim bin Hamad Al Thani linked to QIA
Jassim bin Hamad bin Jassim bin Jaber Al Thani, the son of the former Qatari Prime Minister and CEO of the Qatar Investment Authority, is linked to five more firms in the Paradise Papers.
All five entities are QIA investments except for QI Regent's Park Estates Limited, which is linked to QInvest LLC, a subsidiary of Qatar Islamic Bank. Jassim Bin Hamad is the Chairman and largest shareholder (with 4.6%) of Qatar Islamic Bank.
|Senad Group Limited||27-Jul-2007||Isle of Man||33/37 Athol Street, Douglas, IM1 1LB, Isle of Man||Qatar Holding LLC; Jassim bin Hamad bin Jassim bin Jaber Al Thani; Ali Abdulla M A Al-Dabbagh (26 Jun 2012 to 29 May 2014); Omer Abdulaziz H A Al-Marwani (31 Dec 2012 to present); Navid Chamdia (5 Nov 2008 to present); Muhammad Ali Ridzwan bin Yusof (31 Dec 2012 to present); Garbara Limited|
|Beaufort Company Limited||7-Jan-2008||Isle of Man||33/37 Athol Street, Douglas, IM1 1LB, Isle of Man||Qatar Holding LLC; Jassim bin Hamad bin Jassim bin Jaber Al Thani; Omer Abdulaziz H A Al-Marwani (24 Feb 2014 to present); Garbara Limited|
|Harrods Group International Holdings Limited||18-Mar-2008||Isle of Man||33/37 Athol Street, Douglas, IM1 1LB, Isle of Man||Qatar Holding LLC; Jassim bin Hamad bin Jassim bin Jaber Al Thani; Khalifa Jassim M A Al-Kuwari (7 May 2010 to 2 Sep 2014); Ahmad Mohamed Al-Sayed (22 March 2010 to present); Hussain Ali Al-Abdulla (22 March 2010 to present); Darbara Limited; General Managers Limited|
|QI Regent's Park Estates Limited||14-Jun-2012||Isle of Man||33/37 Athol Street, Douglas, IM1 1LB, Isle of Man||Jassim bin Hamad bin Jassim bin Jaber Al Thani; Bernard Barbour (1 July 2012 to present); Nicholas Brian Achille Verardi (29 June 2012 to 4 March 2014); Sean Kevin Dowling (29 June 2012 to present); Simon Joel Harding (4 March 2014 to present); QI Regent's Park Estates Limited Trust; Darbara Limited; General Managers Limited (14 June 2012 to 29 June 2012); QInvest LLC|
|Beauchamp Company No 2 Limited||5-April-2012||Isle of Man||33/37 Athol Street, Douglas, IM1 1LB, Isle of Man||Qatar Holding LLC; Jassim bin Hamad bin Jassim bin Jaber Al Thani; Hussain Ali Al-Abdulla; Khalifa Jassim M A Al-Kuwari; Muhammad Ali Ridzwan bin Yusof; QH Property Holdings Limited|
DE-Tenants.org will continue to research the Qatar Investment Authority, a joint venture partner with Douglas Emmett Inc., and various leaders linked to the QIA.