Pandora Papers: Inside Zimbabwean tycoon Billy Rautenbach’s offshore family trust

Records from a massive offshore data leak have provided the most detailed account yet of buccaneering mining and fuel magnate Billy Rautenbach’s family empire.

With the assistance of Singapore-based trust specialist Asiaciti and other advisers, by 2015 Noon was the settlor of the family’s Bonsai Business Trust which owned a non-tradeable family investment fund listed on the Singapore Exchange (SGX). The main assets of the fund were intercompany loans (at punitive interest rates) repayable by Rautenbach’s businesses in Zimbabwe.

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