Earlier this week more than 1.5 million confidential documents were leaked that revealed how wealthy individuals the world over were hiding their money through off-shore companies. Referred to as the ‘Panama Papers’, the documents named several high-profile individuals who were stockpiling their money abroad with the help of Panama law firm Mossack Fonseca, including former Fiat chairman and CEO of Ferrari Luca Cordero di Montezemolo.
di Montezemolo is one of Italy’s most high-profile businessmen and currently serves as the chairman of Italian airline Alitalia. The Panama Papers showed he was the head of a Panama-based company called Lenville set up in 2007. While the use of offshore companies is not illegal, some individuals implicated in the Mossack Fonseca investigation were found be involved with illegal activities such as drug trafficking and tax evasion.
di Montezemolo said he does not currently own any off-shore company and said that the off-shore accounts were related to “proposals by my financial consultants about investments that were never made,” according to Canada’s CTV.
“I can therefore confirm that I don’t own any off-shore company, or any foreign account, and above all, I have done nothing wrong,” he said in a statement,
Other high profile people named in the Panama Papers investigation Mauricio Macri, the President of Argentina, David Cameron, the Prime Minister of the United Kingdom and King Salman of Saudi Arabia.