Britain's youngest billionaire accused of tax evasion in the Paradise Papers

In the past 2 days, information about the leak of "Paradise Dossiers" has become the focus of discussion in the British media when the youngest billionaire in this country Hugh Grosvenor is also suspected of tax evasion.

Hugh Grosvenor is currently the boss of the Grosvenor Group, which owns a huge fortune worth "half London". Photo: The Guardian
Hugh Grosvenor is currently the boss of the Grosvenor Group, which owns a huge fortune worth "half London". Photo: The Guardian

According to reporters in the UK, Hugh Grosvenor, 26, is the only son of Mr. Gerald Cavendish Grosvenor, 7th Duke of Westminster of the Grosvenor family. Hugh is currently the boss of Grosvenor Group, which owns a huge fortune worth "half London" when the group's real estate, including most of Belgravia and Mayfair, two areas are expensive. most in London, 67,000 hectares of land in the British countryside and a lot of great value real estate in the US, Canada, Australia, Japan, Hong Kong (China). The group also invests in Bermuda.

According to documents from the Bermuda-based law firm Appleby and information obtained from British firms, the Grosvenor Group has unscrupulously managed £9.5 billion of inheritance money from seven generations. of the Grosvenor family of dukes in 2016. The Grosvenor dukes are British citizens and must comply with the tax regulations under British law. Accordingly, they are obliged to pay 6% of the total value of the assets held for a period of 10 years each time. However, it seems that not all of the Grosvenor family assets are managed domestically. As of 1999, about half of the shares of a Grosvenor Group subsidiary operating in North America and Australia were managed by companies in tax havens.

Previously, Queen Elizabeth II was also accused of being involved in the "Paradise Papers" leak. The Guardian (UK) reported that Queen Elizabeth II's Duchy of Lancaster estate has invested millions of pounds in an investment fund on Cayman Island. A portion of the money was also invested in BrightHouse, a financial institution accused of making illegal loans. According to the newspaper, the Duchy of Lancaster estate used private foreign investment funds commonly used by British investors to evade taxes. However, a spokesman for the Duchy of Lancaster estate insists they only invest in trusted funds, all of the estate's investments are fully audited and legal, and they know nothing. about the investment in BrightHouse. And Queen Elizabeth II pays taxes on the income that the Duchy of Lancaster brings to her.

The "Paradise Papers" published by the International Consortium of Investigative Journalists (ICIJ) include about 13.4 million documents, mainly from Appleby, a law firm with offices in Bermuda and other locations. These documents were initially obtained by the German newspaper Suddeutsche Zeitung and then shared with ICIJ and partner media. world 1 year ago.

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