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Music and film magnate David Geffen implicated in Panama Papers leak

on April 05, 2016, 9:45pm

The International Consortium of Investigative Journalists made waves on Sunday when they published a massive leak of confidential documents dubbed the Panama Papers. The documents allegedly detail the offshore bank accounts of some of the world’s richest and most powerful individuals, many of whom have been accused of using tax havens to hide their assets. Among the prominent names attached to the leak are FIFA, the worldwide soccer association, and Iceland’s Prime Minister Sigmundur David Gunnlaugsson, who succumbed to political pressure and stepped down on Tuesday.

Relatively few Americans have been named in the Panama Papers, but one of them is a name music fans will likely recognize. According to McClatchy reporter Kevin Hall (via International Business Times), music and entertainment mogul David Geffen is among the individuals implicated in the leak.

“Americans really would be doing this not to hide from taxes, but to hide money they got in other ways that perhaps are less legal,” Hall explained. “It’s not the average rich guy it’s the rich guy who’s really doing something wrong who seems to be in this data.”

Geffen has been a powerhouse in Hollywood since founding Asylum Records in 1970. He went on to also found Geffen Records and DGC Records. These labels are associated with some of the most prominent acts in music, including The Eagles, Bob Dylan, Elton John, Nirvana, and dozens of others.

He’s also a co-founder of DreamWorks SKG alongside Steven Spielberg and Jeffrey Katzenberg.

It’s worth noting that having such an account isn’t necessarily illegal, and McClatchy’s report couldn’t be independently confirmed by Consequence of Sound.

McClatchy mistakenly noted that singer Tina Turner was part of the Panama Papers before clarifying that she was part of a 2015 investigation of private Swiss banking.

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