Stephen Bronfman's explanation on Paradise Papers satisfies Canadian PM Trudeau, not Opposition

Bronfman said he had neither funded nor used any offshore trust, which Trudeau felt a sufficient explanation to be satisfied.

The top liberal completely ignored his business ties with Montreal-based investment company Claridge, which was leaked in the Paradise Papers.

Speaking about the leak of financial details, Bronfman said he had no involvement with the trust of any kind except a loan which he took 25 years ago. He said the money was repaid by him within few months.

Trudeau, while interacting with media in Hanoi, Vietnam on Wednesday, said: "We have received assurances that all rules were followed, indeed the same assurances made in the public statement released by the family, and we are satisfied with those assurances."

"We have done much in regards to tax avoidance and tax evasion, including working with international partners, but we also recognize there is much more to do and you can rest assured that Canada Revenue Agency will take very seriously its responsibility to go after everyone and anyone involved in tax avoidance and tax evasion" the PM added.

Though Bronfman's explanation has been able to satisfy Trudeau, it failed to impress the Opposition.

Conservative leader Andrew Scheer said: "We had the Canada Revenue Agency indicate that they were going to review these files and take it seriously. And then a day later, just on the word of his friend and chief fundraiser, the prime minister is basically saying that he's satisfied that there's no wrongdoing."

"We have serious concerns about who is Justin Trudeau speaking for. Is he absolving his friend and chief fundraiser of any wrongdoing in advance of any kind of review, in advance of any kind of investigation? Is he speaking for Canada Revenue? I think it's very inappropriate that he would use that type of language, and I certainly don't take him at his word on this issue," Scheer added.

New Democratic Party leader Jagmeet Singh urged the finance committee to investigation the Paradise Papers.

".......The reality is Canadians are not satisfied. Canadians expect a just and fair taxation system that — that doesn't just target everyday working Canadians, but that makes sure that everyone pays or contributes their fair share, that ensures that the wealthy, the well-connected, the powerful also contribute their fair share and that's not what Canadians feel like right now and that's why this motion is so important" Singh said hitting out at the PM.

Facing a barrage of questions from the Opposition on Monday about the Paradise Papers leak, the Liberal government on Tuesday ensured they will carry out a review on the Canadian names that have come up, media reports said.

Canadian Prime Minister Justin Trudeau said in the House of Commons: "We are fully committed to fighting tax evasion and tax avoidance."

"With respect to the Paradise Papers, the (Canada Revenue Agency) is reviewing links to Canadian entities and will take every appropriate action . . . . We will continue to work for a system that is fair," the PM added.

National Revenue Minister Diane Lebouthillier confirmed that the CRA has already initiated a review and probing the names of the Canadians present in the papers.

More than 300 Canadians whose names are present in Paradise Papers, described as the largest leak of financial data, are suspected to have used offshore tax havens to evade taxes.

The figure is slightly around 3,300.

The revelation comes from “Paradise Papers”, as the documents are being called by a collective of international journalists who after months of ferreting a clutch of records and internal communications from Bermuda's Appleby and Singapore's Asiaciti presented their findings on Sunday night.

Paradise Papers refer to a trove - 13.4 million files - of financial data leaked from two firms

The reports have shown that Canada is Applyby's one of the biggest markets after the U.S., the U.K. and China.

The data has brought number of Canadian firms and individuals under the scanner who have paid very little or almost no tax as they have received the benefits from the offshore trusts and corporations which are set up in countries.

It is said that  Bermuda firm Appleby and Singapore-based Asiaciti helped the ultra-rich & powerful move money abroad

Appleby allegedly helped clients set up offshore firms and manage bank accounts to evade taxes, manage realty, buy planes and yachts, move tonnes of money across the globe.

(Reporting by Suman Das)

Image: facebook.com/JustinPJTrudeau