UNITE HERE launches website revealing offshore accounts used by owners of Larco Investments

Several related entities named in Panama Papers

OTTAWA, May 18, 2016 /CNW/ - UNITE HERE Canada has launched a new website, Larco-EndTies2TaxHavens.org, detailing the use of offshore tax havens by the owners of Larco Investments, a government landlord to the Canada Revenue Agency and dozens of other government agencies.

The owners of Larco Investments, a major Canadian real estate investor, have utilized an array of offshore structures in the British Virgin Islands and Liechtenstein to hold multinational real estate assets.  Offshore vehicles affiliated with the owners' UK assets are named in the Panama Papers, as are firms serving as officers and intermediaries to offshore structures tied to a Las Vegas casino. 

Larco-EndTies2TaxHavens.org explores Larco's connections to these offshore vehicles.  Data from the Panama Papers suggests Mossack Fonseca once served as an agent for a shell corporation tied to the owners' UK assets and reveals ties to a foundation linked to the Royal Bank of Canada. 

Larco acquired a portfolio of seven federal complexes in a controversial 25-year sale-leaseback agreement with the Government in 2007.  The CRA is a major tenant in several of the buildings managed by affiliates of Larco.    

While there is no evidence of wrong-doing on the part of Larco or its owners, the purpose of the website is to provide a window into how a government partner has utilized offshore tax havens.

UNITE HERE Canada represents hospitality workers throughout the country, including workers at several properties owned by Larco.  UNITE HERE Canada supports government efforts to end the use of offshore tax havens by wealthy individuals and corporations.

SOURCE UNITE HERE Canada

Michelle Travis, [email protected], [phone]