Pandora Papers, The pandora papers are 11.9 million leaked documents that were published by the international Consortium of Investigative Journalists beginning on October 3 2021. Explore the offshore financial dealings of Arthur Tugade, Dennis Uy, and many other Philippine power players in the Pandora Papers.

A report on a global investigation led by the International Consortium Of Investigative Journalists. (ICIJ), claimed that the Transportation Secretary Arthur Tugade kept details of his investment in an offshore company out of his annual wealth declaration for many years while in public office. Tugade on Tuesday denied the accusations and any wrongdoings, as claimed by the aforementioned journalism organization.

Tugade first held public office as president of Clark Development Corp. under the Aquino administration in 2012. He quit the Aquino government in 2016 to help the presidential campaign of his law school classmate, Rodrigo Duterte, and eventually became one of the first ones to be named to Duterte’s Cabinet, as transportation secretary.

Esquire Philippines, Magazine.

According to Esquire Magazine, Philippines: Tugade has not declared Solart Holdings Limited as a business interest in any of the Statements of Assets, Liabilities and Net Worth (SALN) he has filed since becoming a public official.

He has disclosed “offshore investments” worth P57 million as assets every year since 2012, but no details about these investments have been declared, except these were acquired in 2003.

“As an appointed public servant, I have taken an oath to uphold transparency, honesty, integrity and good governance,” — . “These are cherished values that I personally believe in, and I have made it a lifelong commitment to sustain and carry around myself.”

Former Transportation Sec. Arthur Tugade

Wala po akong tinatago, at sasagutin ko ang anumang paratang at katanungan in appropriate forums and manner.

Former Transportation Sec. Arthur Tugade

These documents were given by Rappler and PCIJ by the non-profit International Consortium of Investigative Journalists (ICIJ), which resulted into a worldwide investigative journalism with more than estimated 600 journalists in 117 countries.

Tugade and his children are listed as majority shareholders of Solart Holding Company, a British Virgin Island company that appears to have been in operating condition since at least 2007.

According to Trident documents, the offshore account was allegedly shaped to supplement the revenue of the Tugade family’s businesses under Perry’s Group of Businesses. Assets valued at $1.5 million (P75 million) were noted, but it is unclear whether the funds were transmitted to Solart.

Tugade argued that it was legal. when he is completely aware of the fact that it was completely reckless and unlawful.

“It is a legitimate attempt to grow our financial portfolio like what any astute and judicious entrepreneurs would do to diversify their investments. We decided to have a portion of our savings invested outside the Philippines, which is valid and legal.”

Former Transportation Sec. Arthur Tugade

Tugade said he consistently and publicly disclosed the ownership of “offshore investments” in his Statements of Assets Liabilities and Net Worth (SALN) from 2012 to 2020. “In the said period, the account barely moved.” said Arthur Tugade.

Dennis Uy is a businessperson involved in importation, and logistics, gas importation, telecommunications company and other industries. Uy donated P30 million to the campaign of the former populist president Rodrigo R. Duterte. He was later appointed as presidential adviser for sports. Dennis Uy has also been serving as honorary consul to Kazakhstan since 2011.

Pandora Papers leaked more than 11.9 documents relating to politicians who are involved in using offshore accounts, including the famous political russian figure Vladimir Putin. The said exposé was first done by International Consortium of Investigative Journalism (ICIJ), which was soon followed by Philippine Consortium of Investigative Journalism (PCIJ) and Rappler.

Chelsea Logistics and Holdings Corp.’s prospectus, which was authored prior to its initially public offering, stated that Chelsea procured three tank vessels from China Shipbuilding and Exports Corp. (CSEC), one each in 2011, 2013, and 2014. The three ships cost a total of $48.3 million. Chelsea’s disclosures did not reveal that Uy also owns CSEC.

Uy is listed as the beneficiary of China Shipbuilding and Export industries Corp., a British Virgin Islands (BVI) firm founded in 2016.

In Overseas Management Company (OMC) Trust Limited archives, he is also identified as a board member of Pacific Rider Limited. Pacific Rider is yet another BVI company that was founded in January 2017. Uy’s company, Udenna Management and Resources Corp., is listed as Pacific Rider’s primary stockholder.

UPDATE: We are still contacting both figures in order to get their response in relation with the blog. As soon as possible, we are likely to send them a letter, in order to inform them that we are curious to see their response in relation with the written political exposé.