U2 frontman Bono said on Monday he is "distressed" by leaked documents showing he invested in a Lithuanian shopping centre which may have broken tax rules, but welcomed reporting on the issue.
The Irish singer owns a stake in a Maltese company that bought the mall via a Lithuanian holding company in 2007, according to the so-called Paradise Papers leaks reported by the BBC and the Guardian newspaper.
The enterprise, in the Lithuanian city of Utena, is now under investigation for possible tax avoidance, after it allegedly avoided paying £41,500 ($54,500, EUR47,000) in local taxes using an unlawful accounting technique, they reported.
Bono - whose real name is Paul David Hewson - was "extremely distressed if even as a passive minority investor... anything less than exemplary was done with my name anywhere near it", he said in a statement obtained by the BBC and the Guardian.
The singer said he had been "assured by those running the company that it is fully tax compliant", they reported. "The fact is, I welcome this reporting," he added, calling for public registries in offshore tax centres.
The revelations stem from a trove of documents leaked from a Bermuda-based law firm, Appleby, and reported by the US-based International Consortium of Investigative Journalists (ICIJ) through partner media outlets around the world.
Bono, a well-known activist in the fight against Aids in Africa, has received international recognition in recent years for anti-poverty advocacy through his "One" charitable organisation.
"I take this stuff very seriously. I have campaigned for the beneficial ownership of offshore companies to be made transparent. Indeed this is why my name is on documents rather than in a trust," he added.
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Sole survivors
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World Cup League Two
Results
Oman beat Nepal by 18 runs
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Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
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When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
West Asia rugby, season 2017/18 - Roll of Honour
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