Dollar banknotes - Sputnik International, 1920
Pandora Papers
The Pandora Papers is the biggest trove of leaked offshore data, comprising 11.9 million files "exposing" the alleged secret wealth and dealings of the world's richest and most powerful. The documents were released by the International Consortium of Investigative Journalists (ICIJ).

Montenegrin President and His Son Use Offshore Companies to Hide Property, NGO Says

© AFP 2022 / SAVO PRELEVIC Montenegro's Prime Minister Milo Djukanovic (R) shakes hands with NATO Secretary General Jens Stoltenberg after a joint press conference in Podgorica, October 2015
Montenegro's Prime Minister Milo Djukanovic (R) shakes hands with NATO Secretary General Jens Stoltenberg after a joint press conference in Podgorica, October 2015 - Sputnik International, 1920, 04.10.2021
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BELGRADE (Sputnik) - Montenegrin President Milo Djukanovic and his son Blazo created an extensive network of legal entities in at least five countries, through which they have secretly managed their capital and businesses, the Network for Affirmation of the NGO Sector (MANS) said on Monday, referencing the Pandora Papers.

"Milo and [his son] Blazo Djukanovic signed secret management agreements in 2012, hiding behind an intricate network of affiliated companies from the United Kingdom, Switzerland, the British Virgin Islands, Panama and Gibraltar. The son of the Montenegrin president took advantage of this network", the NGO said.

On 21 June 2012, Milo and Blazo Djukanovic founded the Victoria Trust and Capecastel Trust in partnership with CM Skye 2 (PTC) Limited, registered in the British Virgin Islands, the Pandora Papers showed, as reported by MANS. Montenegro does not allow trusts, and they are typically opened in offshore destinations to hide the real owners of the property, the NGO said.
After its foundation, the network of companies began to develop and expand to other countries, according to the investigation.
In September 2021, Djukanovic admitted that he had founded one of these legal entities, but claimed that he had done so when he held no government post. He said he had transferred the company to his son as soon as he became prime minister at the end of 2012.
© AFP 2022 / LOIC VENANCEThis photograph illustration shows a woman's shadow cast on the logo of Pandora Papers, in Lavau-sur-Loire, western France, on October 4, 2021
This photograph illustration shows a woman's shadow cast on the logo of Pandora Papers, in Lavau-sur-Loire, western France, on October 4, 2021 - Sputnik International, 1920, 04.10.2021
This photograph illustration shows a woman's shadow cast on the logo of Pandora Papers, in Lavau-sur-Loire, western France, on October 4, 2021
However, the published documents indicate that the relationship between President Djukanovic and the offshore companies continued well after 2012, the NGO said.
Djukanovic's Democratic Party of Socialists has since called the investigation a "fabricated scam". At the same time, Montenegrin Prime Minister, Zdravko Krivokapic, supported the investigation and urged the country's law enforcement agencies to launch a probe into the matter.
On Sunday, the International Consortium of Investigative Journalists published leaked information on the alleged financial secrets of over 35 current and former world leaders, as well as more than 330 politicians and officials from various countries. The data is contained in some 11.9 million documents from 14 financial services companies around the world.
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