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Reggaetone star Daddy Yankee the latest celebrity linked to the Panama Papers

April 6, 2016  |  Posted by: JammedUp Staff
Reggaetone star Daddy Yankee the latest celebrity linked to the Panama Papers

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Reggaeton star Daddy Yankee is the latest celebrity linked to the infamous “Panama Papers,” the document leak that has exposed some of the world’s rich and powerful use of off-shore shell companies to hide their money.

The International Consortium of Investigative Journalists (CPI) released the 11.5 million documents leaked from the Panamanian law firm Mossack Fonseca. According to People En Español, Daddy Yankee’s real name of Ramon Luis Ayala appears in Daddy Yankee’s real name Ramon Luis Ayala appears on the list.

Reps for the Puerto Rican entertainer has come out and vehemently denied the allegations in a released statement.

“We reject the accusations that our client has any links with this journalistic investigation, It is a false misrepresentation that we have some relationship with the firm Mossack Fonseca, either directly or indirectly,” the statement read.

According to the CPI, Ayala appears at the center of a corporate network, which was allegedly assigned the rights to transfer $350,000 in funds the singer made from a concert in Peru to an offshore bank account.

The documents suggest the network of Ayala’s corporations oversaw the transfer payments with the eventual aim of concealing the final beneficiary of the transactions so the funds wouldn’t get linked to Daddy Yankee.

The CPI also claims there are discrepancies between revenue earned from merchandising and album sales by Daddy Yankee and the yearly financial reports created by his corporations submitted to the State Department of Puerto Rico.

“The reports also present numerical inconsistencies and irregularities,” the CPI added.

The Panama Papers has implicated other famous celebrities, sports stars, drug lords, bank robbers along with powerful heads of state including the likes of Russian President Vladimir Putin, Argentinian soccer star Lionel Messi, Spanish director Pedro Almodovar and actor Jackie Chan have all been linked.

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