Spectator on facebook

Spectator on facebook

Slovak money-laundering company from Panama Papers was founded by Borec

The Latem Trading company which became high-profile after leaked information from the Panama Papers revealed that it helped with tax-dodging and money laundering, was co-founded by former Justice Minister Tomáš Borec.

Former justice minister Tomáš Borec(Source: SME)

He claims he learned about the shady deals only from media.

The Aktuality.sk. website was the first to break the story. Since 2009 the owner of Latem trading is tax advisor Gustaaf David Poelen whose consultancy company Infintax closely cooperated with Panama lawyers from the Mossack Fonseca company. Poelen made for his clients transfers through Latem Trading which were meant to keep secret the origin of untaxed or defrauded money.

Poelen and Borec are neighbours in Bratislava: Latem Trading resides at Poelen’s flat which is in the same set of apartments as ex-justice minister, in a block of flats on Šulekova Street, the Sme daily wrote on May 26.

Recently, Aktuality.sk in cooperation with the Czech Centre for Investigative Journalism found – from the documents of the Bratislava I District Court – that Borec took part in several general meetings of Latem Trading. The legal agency Borec & Bohunský allegedly cooperated with Latem Trading also during the second reign of Prime Minister Robert Fico and his Smer party (2012-2016). In 2008, Borec represented Poelen at the general meeting, while in 2012 the general meeting of Latem Trading took place in the offices of Borec & Bohunský.

When Borec became justice minister and his commercial activities were suspended, the legal agency Borec & Bohunský continued to cooperate with Latem Trading, Aktuality.sk alleged.  

"Apart from founding the company and some formal steps concerning the inscription in the Trade Registry, I did not do any other activity,” Borec claims, as quoted by Sme. He adds that he does not remember the first meeting with Poelen but he was allegedly approached by the Dutchman as a lawyer.

Until recently, the former minister did not know about the money laundering and tax dodging through accounts of Latem Trading, nor about the businesses of Poelen. He does not cooperate with the Dutchman and his companies anymore, but it is not clear since when. 

Topic: Corruption & scandals


Top stories

When the state can’t keep a secret

A selective leak has tarnished President Kiska’s reputation. But he must continue to speak out about corruption.

President Andrej Kiska

Bratislava bus station is moving into Bottova Centrum Photo

If the temporary station gets all the construction approvals, it may start operation on October 1.

The future temporary bus station on Bottova Street in Bratislava

Austria launches random checks close to Slovakia’s borders

Refugees are using new smuggling routes, according to the Austrian minister.

Illustrative stock photo

Foreigners: Top 10 events in Bratislava Video

Tips for the top 10 events in the capital between September 22 and October 1, plus regular services in different languages, training, temporary exhibitions and highlights of the year.

The Distinguished Gentleman’s Ride 2017