Only days after the Panama Papers were made public, Prime Minister Justin Trudeau pledged to root out Canadians using offshore havens to evade taxes. The CRA investigation was prompted by the Panama Papers leak of 11.7 million documents from the offshore law firm Mossack Fonseca. Yang’s company in the BVI, Sinoenergy Oil Investment, made eight electronic transfers during the month of June 2016 for $305 million to his company in Calgary, Calgary Sinoenergy Oil Investment Corp, the documents allege. Yang is linked to three offshore corporations in the Panama Papers, all in the British Virgin Islands. Another oil company Yang is affiliated with, Sequoia Resources Corp, declared bankruptcy in March with debts of over $21.3 million, according to bankruptcy documents.

Source: thestar May 04, 2018 00:33 UTC