EC Village Verification

Uganda lost US$400m to lobbyists during the negotiations involving oil companies and the government.

According to the Panama Papers that on Monday unearthed dubious offshore financial dealings, a company EagleOnline can’t disclose as yet because of legal implications, wanted to sell a prospective oil field in Bunyoro Kingdom reportedly paid Mossack Fonseca to help it avoid $400m in taxes in Uganda.

That’s more than the Uganda’s annual health budget and the law firm apparently did this by simply changing the company’s tax haven.

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The International Consortium of Investigative Journalism has already detailed the offshore holdings of a dozen current and former world leaders, as well as businessmen, criminals, celebrities and sports stars.

But the Washington-based outlet has also released a video that shows the ‘victims of the Panama Papers’.

The documents revealed how law firm Mossack Fonseca helped clients to save money using off-shore tax havens (none of it was illegal).