VENTURE CAPITAL POST

The Royal Bank of Canada has released an official statement, explaining that the bank is not guilty for any illegal activities including tax evasion in connection to shell company set up as mentioned in leaked papers from Panama’s Mossack Fonseca. The bank claimed to have high standards to ensure clients would not use its services to evade tax.

The Panama Papers documents leak suggest that Ukrainian President Petro Poroshenko might be using an offshore company to evade tax. However, the president has denied such accusations, saying that he has not been managing the assets since he became president in 2014.

Panama Papers documents leak ties Argentinian President Mauricio Macri to an offshore company. In a statement in response to many accusations, President Macri revealed that he was never a stakeholder in the company, and that he was not involved in any wrongdoings in regard to that.

The history’s biggest confidential documents leak revealed Russian elites, mostly Mr Putin’s inner circles, as clients of an offshore law firm in Panama. The offshore money trail connected to Mr Putin’s allies is worth $2 billion.

China's eighth largest investment bank, Guosen Securities, has clarified on behalf of its unit that there's no default on its offshore debt. The trustee of the offshore bond Bank of New York Mellon (BNY) had earlier warned bondholders of a possible default.

The oil services company Paragon Offshore Plc filed chapter 11 bankruptcy after the announcement of debt plan. The main reason is to avoid protracted legal battles involving its former parent, Noble Corp.

Mainland listed shares in China's big five banks jumped on Monday but later pared gains, after the country issued draft regulations to introduce a bank deposit insurance scheme for the first time.

The U.S. Securities and Exchange Commission will ask a federal judge to more than double the money Texas businessman Sam Wyly must pay from $200 million to $455 million for his involvement in an offshore fraud scheme, a lawyer for Wyly said on Friday.

PMC Group sold Servi to Norweigian Ferd Capital.