Offshore Leaks Record

Ecuador · Pandora Papers

Guillermo Lasso: offshore leaks and what happened next

Investigated, no charges The National Assembly rejected removal proceedings in December 2021 and referred the matter to oversight bodies, and no charge against Lasso over the Pandora Papers was reported in the sources reviewed.3

Being named in a leak is not evidence of wrongdoing, and owning an offshore company can be legal. Each record sets out what was reported, the person's response, and what official action, if any, followed.

What was reported

ICIJ reported that in December 2017, three months after Ecuador banned public officials from holding assets in tax havens, Lasso moved two offshore companies from Panama foundations into South Dakota trusts.1

Response

Lasso said his past use of offshore entities was legal and legitimate and that he complies with Ecuadorian law, ICIJ reported.1

What happened afterwards

  1. Investigation opened, National Assembly of Ecuador, Oversight CommissionA report by Oversight Commission chair Fernando Villavicencio concluded that Lasso had complied with the law and was not a shareholder, beneficial owner or director of any tax haven company since registering as a candidate, and recommended archiving the complaint, Vistazo reported. A rival report by the Constitutional Guarantees Commission said he breached the 2017 ban.2
  2. No action reported, National Assembly of EcuadorThe Assembly rejected a motion to begin removal proceedings by 51 votes to 77 and instead passed a resolution urging Lasso to appear and asking the Comptroller, the Prosecutor's Office, the tax authority and other bodies to review his accounts and declarations, El Comercio reported.3

Sources

  1. ICIJ, Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak (3 October 2021)
  2. Vistazo, Guillermo Lasso no tiene empresas en paraísos fiscales, según informe de Fernando Villavicencio (12 November 2021)
  3. El Comercio (Ecuador), Asamblea rechaza destituir a Lasso, pero pide comparecencia (7 December 2021)