U2 frontman Bono used low-tax Maltese company to invest in Lithuanian shopping centre
U2 frontman Bono used low-tax Malta to buy a share in a Lithuanian shopping centre, according to the explosive "Paradise Papers" leak.
The mega-wealthy Irish rock star, real name Paul Hewson, invested in the Maltese company Nude Estates to buy a stake in the Ausra Mall in the town of Utena.
He ploughed £5.1m into the shopping centre shortly after it opened in 2007.
The revelation has come out after a vast leak of financial documents, dubbed the "Paradise Papers".
Bono’s spokeswoman told the : “Bono was a passive, minority investor in Nude Estates Malta Ltd, a company that was legally registered in Malta until it was voluntarily wound up in 2015.
"Malta is a well-established holding company jurisdiction within the EU.”
She added that he was also a passive, minority investor in the Guernsey company linked to the Ausra Mall.
Bono has angrily defended U2's tax arrangements in the past.
In 2006 the band moved parts of its business affairs to the Netherlands after tax breaks were capped in Ireland.
He said: "It’s just some smart people we have working for us trying to be sensible about the way we’re taxed.
"And that’s just one of our companies, by the way. There’s loads of companies."
The Queen's private estate is among the ranks of the mega-rich who are secretly investing cash in offshore tax havens, a new report has revealed.
A spokesperson for the Duchy of Lancaster said: “We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate.
“The Dover Street investment was bought in 2005 and forms only 0.3% of the total value of the Duchy.
“The Duchy's investment in Bright House is through a third party and equates to £3,208 - just 0.0006% of the Duchy’s value.
“The Queen voluntarily pays tax on any income She receives from the Duchy.”
A vast number of leaked financial documents, dubbed the "Paradise Papers" also allegedly show links between Russia and US President Donald Trump's administration.
Hundreds of individuals and companies reportedly have their overseas tax affairs laid bare in the papers, including Tory donor Lord Ashcroft.
Labour leader Jeremy Corbyn said the disclosure "proves" that "there's one rule for the super-rich and another for the rest when it comes to paying tax."
Shadow chancellor John McDonnell added: "These are deeply worrying revelations. Despite all the Government's claims of cracking down on tax dodgers, this evidence confirms that tax avoidance is clearly continuing on an industrial scale.
"Either the Prime Minister or the Chancellor needs to explain how this scandalous behaviour has been allowed to go on unaddressed for so long and what action is to be taken now."
