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Pandora papers: King of Jordan's property empire reportedly worth over $100 million

WION Web Team
New DelhiUpdated: Oct 04, 2021, 02:58 PM IST
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Photograph:(Reuters)

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Pandora papers have reportedly revealed that King Abdullah II has spent decades gathering an international luxury property empire worth over $100 million, ranging from the clifftops of Malibu, California, to Washington DC and on to central London’s most exclusive postcodes

Recent documents show that Arab's longest-serving current monarch has disguised his ownership of properties through series of offshore firms.

Pandora papers have reportedly revealed that King Abdullah II has spent decades gathering an international luxury property empire worth over $100 million, ranging from the clifftops of Malibu, California, to Washington DC and on to central London’s most exclusive postcodes.

As per the records shared by the International Consortium of Investigative Journalists with the Guardian, the BBC and other media outlets around the world, Abdullah has disguised his ownership through a series of offshore companies incorporated in the British Virgin Islands (BVI).

The multimillion-dollar properties were acquired as US economic and military aid to Jordan quadrupled.

The most expensive of the king’s purchases revealed in the Pandora papers is a vast clifftop property on California’s Malibu coast. 

It is described as a “resort hotel-like mega-mansion”, which contains 26 rooms.

Pandora papers reveal that it was bought by Abdullah in August 2014 for $33.5 million. This is estimated to be a record price for property in the area. 

The king then acquired the two neighbouring properties. In the previous two years, Abdullah had acquired three condominiums in Washington DC for a total of $13.8 million.

He has also secretly acquired a portfolio of seven luxury UK properties, including three in Belgravia, London. The UK properties are estimated to have a current market value of about £28m million. 

Also, the UK was sending up to £100 million a year in bilateral aid to Jordan during much of the time covered by the papers.

The Guardian quoted Abdullah's lawyer as saying, “HM [His Majesty] has not at any point misused public monies or made any use whatsoever of the proceeds of aid or assistance intended for public use … HM cares deeply for Jordan and its people and acts with integrity and in the best interests of his country and its citizens at all times.”
Hours before the launch of Pandora papers, Jordan blocked the ICIJ website. 

As a response, The Royal Hashemite court also issued a statement that the published media reports "included inaccuracies and distorted and exaggerated the facts."

"It is no secret that His Majesty owns a number of apartments and residences in the United States and the United Kingdom. This is not unusual nor improper. His Majesty uses these properties during official visits and hosts officials and foreign dignitaries there," read the statement. It further claimed that the properties have not been publicised out of security and privacy concerns. This is not out of secrecy or an attempt to hide them. 

Also, companies were registered in external jurisdictions to manage and administer the properties and to ensure strict compliance with all relevant legal and financial obligations, says the statement. "The cost of these properties and all related expenditures have been personally funded by His Majesty. None of these expenses have been funded by the state budget or treasury," read the report.