Supporting investigative journalists to uncover cross-border corruption and write about asset recovery
The unknown fate of ill-gotten Egyptian money in the British Virgin Islands
By Osama Al-Sayyad, Ahmed Eid, Menna Ayman & Alexandre Brutelle
Seven years on from the January 25 uprising we uncover that the offshore company Pan World Investments, which should be compliant with EU freezing terms, has changed its registered agent after the Panama-based law firm Mossack Fonseca was fined for failing to identify Alaa Mubarak as the beneficial owner of the company.
Pan World Investments was struck off the British Virgin Islands (BVI) companies list in 2016, leaving its assets in peril.
The dissolution of Pan World violates sub-point “B” from the first subject in the EU freezing order, which forbids transfers, adjustments, usage or dealing in any way that makes changes to quantities, location, ownership, possession or its nature.