The politicians gave the green light: Now is sheiken in two tax havens

the Danish parliament's Finance committee in June 2016 the green light to the state vaccinefabrik could be sold to a sheik Abdulaziz Hamad Aljomaih, even though you were warned that his company is registered in the tax haven of The British Virgin islands.

the Danish policy - 7. jun. 2020 - pm. 07:30 Fierce criticism of tax havens-sales: double standards

And since then it has sheiken taken one of the world's most notorious tax havens in the Cayman Islands in use.

reveals a review of his company AJ Vaccines accounts.

According to the recognised organisation the Tax Justice Network index, from 2019 is The British Virgin islands and Cayman Islands number, respectively, one and three, when it comes to tax havens, which helps companies to avoid paying tax.

AJ Vaccines are property of AI Vaccines Holding, which has four controlling owners. AJ Intech Sdn. Bhd., there is a register in Malaysia – and which, according to the malaysian register of companies owned by AJ Pharma Ltd. II.

AJ Pharma Ltd. II is also listed as the owner of AI Vaccines Holding. The company was register 23. december 2016 in the tax haven Cayman Islands – a short time before sheiken officially took over AJ Vaccines. It reveals documents from the companies registration office on the islands.

One of the companies - AJ Pharma Limited II - which owns the state's former vaccine production, was in december 2016 registered in the tax haven Cayman, as seen here.

the Company White Crystal Limited is also listed as the owner of AI Vaccines Holding. It is unknown where in the world it is the register. And finally, there is then the Pergola Holding Inc. Parent, which is the register in The British Virgin islands.

Skatteekspert Christian Hallum from Oxfam, IBIS wonder why politicians were not more careful.

- It is a failure, that the government will not react to it, before they approve a sale. When you see the structure, the company has with both Malaysia and the obvious tax havens, so the first ten follow-up questions in the queue, because there is much to indicate that you have selected the countries to get some tax benefits. Exactly what can not say, because there is very little transparency in these structures.

- the Problem with tax havens is not only tax reasons. Opacity also means that you don't know who in the end are the real owners, and who gets the income when they are on The British Virgin islands. It is the critical infrastructure to sell from, so it should certainly also have asked for, he says.

It is here in the bay of Camana, on the island of Grand Cayman, to sheikens company is registered. Photo credit: Shutterstock

Christen Amby, skatteekspert and a member of the tax council, also believes that sheikens structure should leave a flurry of questions.

– They are partly owned by Malaysia, which is very favourable, because there is a double taxation agreement with Denmark, so as not to pay dividend tax at home. And so do the the use of well-known tax havens, which are often used to obscure who really owns them, and what they get of the money.

– One may therefore rightly ask themselves here, what they thought of in the Finance committee, as they approved it here sale. It is very strange that they didn't get more of a handle on who they actually sold for, he says.

AJ Vaccines purchased in 2016, the state's vaccine production in the country. Photo: Linda Johansen

Sheiken has so far had a somewhat mixed blessing in Denmark. In 2017 had AJ Vaccines Holding a net profit of 443,3 million. dollars, while in 2018 was a negative result of 276,7 million. crowns.

It is also of AI Vaccines Holdings accounts, to sheiken has thought carefully about its taxation. Thus, according to the accounts spent over a million dollars on tax in 2017 and 2018.

– It is a large amount. It looks you usually do not, so there must be made some considerations, says skatteekspert Christen Amby.

Ekstra Bladet has asked a number of questions to AI Vaccines on the company's ownership structure and the beneficial owner, but they have not returned.

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