Brazilian mayor and the laundered millions

THE Mayor of Brazil's biggest city hid millions of dollars of from corrupt kickbacks in Jersey accounts in the 1990s, the Royal Court has ruled.

Former Sao Paulo mayor Paulo Maluf
Former Sao Paulo mayor Paulo Maluf

THE Mayor of Brazil's biggest city hid millions of dollars of from corrupt kickbacks in Jersey accounts in the 1990s, the Royal Court has ruled.

In a 54-page judgment the court has found that two British Virgin Island companies - Durant and Kildare - had laundered money on behalf of former Sao Paulo mayor Paulo Maluf in Deutsche Bank accounts, and has ordered them to pay back US$ 10.5 million.

They may also have to pay interest on the money, which could mount up to many millions more.

The verdict, delivered in court on Friday, is another knock to the reputation of Jersey's finance industry less than 12 months after the revelations about Jimmy Carr and others, and hot on the heels of the stories about HSBC accounts in Jersey.

Register/Log in

Enjoying Jersey’s premium content?
Simply register with us or log in below to enjoy more complimentary stories.

Registering also gives you access to Jersey’s biggest discussion forum, where you can debate the big issues of the day with fellow members. JEP Extra members will have free access to the site by registering the same email address as your JEP Extra account.

 
Thank you!

Please check your email inbox and follow the simple instructions to continue enjoying our content.

More Stories

Welcome

Do you appreciate a good story? We certainly do and that’s why Jersey’s most visited news and information website now gives you more.

Enjoy a selection of free premium stories a month, after which you can subscribe for the special introductory price of just 99p*.

JEP Extra members will have free access to the site by using the same email address you use for your JEP Extra account when asked to register.

Learn More
*Normal price 99p for the first month, then £4.99 thereafter.
Thank you!

Thanks for registering.

You can now enjoy a further three complimentary stories this month, after which you can continue enjoying unlimited access by subscribing for special launch price of 99p*

Your log-in name and password also allow you to join Jersey’s biggest comment and discussion forum.

Learn More
*Normal price 99p for the first month, then £4.99 thereafter.
Thank you!

Thanks for registering.

As a valued JEP Extra member and as part of your existing subscription we are pleased to offer you free and unlimited access to our website.

Your log-in name and password also allows you to join Jersey’s biggest comment and discussion forum.

Learn More