The legendary Swedish House Mafia electronic music trio has been named in the Pandora Papers, an explosive offshore financial data leak.
Published by the International Consortium of Investigative Journalists, the cache of 11.9 million leaked documents involves dozens of politicians, billionaires, celebrities and business leaders. They expose dozens of sensitive financial deals, secret bank accounts and controversial tax infrastructures, leading to a global rush of the global elite to mitigate the fallout.
According to a report by the Swedish national public television channel SVT, Swedish House Mafia has formed a company in the British Virgin Islands to manage the ownership of various recordings released by the band, as well as their name and logo. The entity is said to have owned the rights to “Don’t You Worry Child” and “Save the World”, two of the band’s most popular songs.
Swedish House Mafia retained the services of a wealth advisor to create the entity, SHM Holdings Ltd., in 2009, SVT reports. The advisor is said to have created it on behalf of band members Axwell, Sebastian Ingrosso and Steve Angello through a separate company called Marsham LLC, originally from Nevis, a small island in the Caribbean Sea.
It is important to note that the Swedish House Mafia is not currently under investigation for tax evasion or financial embezzlement, and their involvement in the Pandora Papers debacle does not necessarily criminalize its members. A spokesperson for the band confirmed the existence of the offshore entity in an email to SVT, but claimed the deal, including affiliation with the wealth advisor, ended in 2013 when it would have operated until 2017.
“(There were) questions about whether the construction could be seen as a means, so to speak, of concealing assets, which could come at the expense of the SHM brand,” the carrier said. word, adding that the purpose of the entity “was not to escape tax.”
Swedish House Mafia is in the midst of a vigorous comeback campaign, recently announcing its first music festival appearance in 2021 and a prominent collaboration with The Weeknd. Prior to the release of “It Gets Better” in July 2021, the trio had not released any new music since the 2012 seminal. Until now album. The group finally broke up after the conclusion of the expansive 2013 program. One last tour before coming together for a memorable performance at the 2018 Ultra Music Festival in Miami.