Panamanian law firm Mossack Fonseca is at the center of the massive document leak involving the world's rich and powerful. (Photo : Getty Images)
The law firm central to the Panama Papers controversy has publicly apologized to a Chinese state-owned bank to reinforce its business in Asia after the huge leak of financial data in April.
Reuters reportedly saw a letter of apology from Mossack Fonseca for a Shanghai-based bank whose financial information was among the leaked data last month.
According to the outlet, the letter was a response to queries on the Chinese money lender's compliance with global standards that have been shaded with doubt due to the Panama Papers leak.
Mossack Fonseca in Asia
"If the unauthorized illegal leaks from Mossack Fonseca company servers have created any inconvenience for (the bank) and your clients, we wish to once again apologize," the undated letter stated.
Citing a spokesperson from Mossack Fonseca, Reuters said that the emergence and continued expansion of the unauthorized revelation of the information "deepened confusion" about the nature of its business.
"As such, we are routinely speaking to our clients and other related parties that have questions to explain that . . . nothing in the illegally obtained cache of documents suggests we have done anything wrong or illegal," the spokesperson who was not named said in an emailed statement to Reuters.
The spokesperson further explained that despite the massive leak, they plan to pursue their business in China and the rest of Asia under the leadership of their new regional general manager for Asia, Maria Mercedes Sadowski, who took the position in Jan. 2016.
Panama Papers
Since the emergence of the controversial papers, China has limited coverage and online searches of the "Panama Papers" within its borders.
According to one of the reports compiled by The News, the controversial leak paved the way to New Zealand to be named the "prime place for the rich to hide money" because it is now considered a "tax haven."
"The papers have shone spotlight on how the world's rich take advantage of offshore tax regimes," the report stated, adding that "Mossack Fonseca ramped up its interest in using New Zealand as one of its new jurisdictions in 2013, actively promoting the South Pacific nation as a good place to do business due to its tax-free status, high levels of confidentiality and legal security."
Of course, the nation's leader dismissed this notion and noted that "New Zealand is barely ever mentioned [in the Panama Papers]," adding that it is merely a "footnote" in the documents.
