Presidential Election 2016
It's another scandal for Hillary Clinton, but this time it's one of her supporters under fire!
The newly leaked Panama Papers have uncovered signs that a billionaire who has donated more than $15 million to the Clintons may have dodged taxes by setting up an offshore company with a notorious Panamanian law firm.
Haim Saban is an Israeli philanthropist who has a net worth of almost $4 billion. Saban built his fortune from entertainment, launching the "Power Rangers" TV franchise and holding a large stake in Univision.
Saban is also a close friend to both Bill and Hillary Clinton. He and his wife Cheryl have donated $3.5 million to Clinton's current presidential campaign and $12 million to the Clinton Foundation.
There is nothing inherently wrong with creating offshore accounts, but critics have said it raises questions about what someone could be hiding.
According to the leaked documents, the 72-year-old philanthropist established side businesses in offshore tax havens with help from Mossack Fonseca, the firm at the center of the Panama Papers data leak. These companies include Saban S.A., a company set up in the British Virgin Islands in 1998, and Saban Ventures Corp. registered in the Seychelles in 2008.
Fox News reported that Saban "sold his share of the Fox Family cable channel to Disney for a capital gain of $1.5 billion. He signed off on a deal to create $1.46 billion in phony investment losses in order to, as he told the Senate, 'save money on taxes.'"
Saban's lawyer and investment advisors then faced criminal sanctions, something Saban avoided by paying "$250 million in back taxes to the IRS to settle the issue."
Clinton has promised that she would "close corporate tax loopholes and make the most fortunate pay their fair share."
Saban has declined to comment on the reports.