Super Fund used firm at centre of 'Paradise Papers' leak

Substantial amounts of money from The Duchy Of Lancaster have been invested through funds in companies such as BrightHouse which has come under fire for exploitation of vulnerable customers

'One rule for the rich,' says Corbyn after Paradise Papers exposes powerful and wealthy

It appears there are also small investments in rent-to-buy retailer BrightHouse and Threshers off-licences.

The comments came after the treasure trove of Paradise Papers laid bare the hidden wealth of financial giants including the Queen and several global political players.

The records show that as of 2007, the queen's personal estate invested in a Cayman Islands fund that in turn invested in a private equity company that controlled BrightHouse, a United Kingdom rent-to-own firm criticised by consumer watchdogs and members of Parliament for selling household goods to cash-strapped Britons on payment plans with interest rates as high as 99.9 percent.

The Queen does not manage the Duchy of Lancaster's investments, which are decided by a council, and pays tax voluntarily on any income.

Around £10 million ($22m) of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC reported.

The spokesperson of the Duchy was quoted saying in the report, "The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants".

A number of firms were targeted for investment, including Vision Capital Partners, a private equiry firm which had purchased BrightHouse two-months prior.

The Duchy's investment in BrightHouse, meanwhile, totals 0.0006% of the Duchy's value.

The Duchy, which is worth more than 500 million pounds, said that it received no tax advantages from investing offshore.

The Duchy also invested around US$7 million in the Jubilee Absolute Return fund, which invests in hedge funds.

At the center for the leak, explains the Guardian, is the law firm Appleby which has "outposts in Bermuda, the Cayman Islands, the British Virgin Islands, the Isle of Man, Jersey and Guernsey".

"It undermines every one of us here who pays our taxes honestly and diligently".

He made the comment after he was specifically asked whether he wanted the Queen to apologise over her offshore investments.

In addition, it is noted that in these investments, there is nothing illegal, as there is no evidence that the Queen does not pay taxes. However, it raises questions about whether the British monarch should be investing in offshore finance.

TJN is calling on Britain's head of state to use her weekly meeting with the Prime Minister to "push for three specific measures", to wit; all British territories make their company ownership registers fully available to public online search at no cost; all British territories require registration and publication of information concerning trusts; the Prime Minister accepts full responsibility for the activities of British secrecy jurisdictions and requires them to automatically share information on offshore trusts with the relevant authorities of all countries across the world.

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