PARADISE PAPERS: Paul Martin Family Offshore Holdings Have Skyrocketed

Another former Liberal Prime Minister seems linked to the Paradise Papers.

Every day seems to bring new revelations about the efforts of the elites to move as much business as possible offshore.

Even those who Canadians expected loyalty from – former leaders of our country – seem unwilling to pay the same tax rates they subject the rest of us to.

Now, it’s former Liberal Prime Minister Paul Martin – and specifically his family’s offshore holdings – that are facing scrutiny.

According to a recent report, “The offshore holdings of former prime minister Paul Martin’s family have proliferated in the years since he left public office, documents from the Paradise Papers show. In fact, Canada Steamship Lines, Martin’s former shipping empire that he left to his sons in 2003, is one of the “largest clients” of the offshore law firm at the heart of the huge leak, according to an email exchange between firm managers in 2015.”

Apparently, the taxes in the offshore Barbados tax haven were too high, so many CSL subsidiaries shifted from Barbados to Bermuda – where there are no taxes at all.

The report lists the following CSL subsidiaries as being incorporated in tax havens:

  • A series of companies under the title FB Shipping, including Barbados-incorporated FB Shipping (III) Inc., FB Shipping (VI) Inc. and FB Shipping (X) Inc., which appear to own and register individual CSL vessels.
  • CSL Management Ltd., incorporated in Bermuda in 2012.
  • CSL Africa SL Ltd., incorporated in Bermuda in 2013.
  • CSL Tecumseh LP, formed in Bermuda in 2013.
  • IC Holding Ltd., incorporated in Barbados in 2004 but moved to Bermuda in 2012.

Even when Martin tiredly controlled “Canada Steamship Lines,” the company used the flag of war-torn Liberia. So, Martin used Canada to brand his company, but used a foreign flag and incorporated it in a tax haven – all to avoid paying Canadian taxes.

Since then, his former company has taken even more steps to avoid the taxes that are paid by the rest of us. And all the while, the Liberals tried branding Canadian small businesses as tax cheats and tax-avoiders, while their elitist friends and former PM’s were moving stuff offshore.

It’s a total disgrace, and it is destroying the last remnants of trust and credibility that once existed in our government system.

Spencer Fernando

Photo – YouTube

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