Sophie Ryan is online editor for the Business Herald

Panama Papers: Mexican tycoon hid money in NZ

A Mexican businessman with close links to the Mexican President set up a series of shell companies worth millions of dollars in New Zealand, according to leaked documents belonging to Panama-based law firm Mossack Fonseca.

Mexican businessman Juan Armando Hinojosa Cantú, described as Mexican President Enrique Peña Nieto's "favorite contractor", was one of the many global elite named in the Panama Papers, a massive leak of documents exposing the world of offshore financing this week.

The International Consortium of Investigative Journalists obtained the cache of 11.5 million records from Mossack Gonseca and released the information this week.

Mexican magazine Proceso reported Hinojosa and his wife set up shell companies on behalf of family members in New Zealand, then "donated" millions of dollars to the shell companies.

New Zealand has been linked to another government scandal revealed in the Panama Papers leak. A Maltese Government minister was revealed to hold a trust in New Zealand, where no tax would be paid.

New Zealander Ian Taylor is listed as the director of thousands of companies identified as shell companies and was the subject of inquiries by ABC's Four Corners.

- NZ Herald

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