Memorandum in Opposition re [6] First MOTION for Order to Show Cause with Proposed Temporary Restraining Order, [3] First MOTION for Preliminary Injunction , [2] First MOTION for Temporary Restraining Order , [5] First EXPARTE MOTION Motion for Temporary Restraining Order filed by Netflix Inc.. (Attachments: # (1) Declaration of Kate Chilton, # (2) Declaration of Christian Davin, # (3) Declaration of Tom J. Ferber, # (4) Exhibit B, # (5) Exhibit C, # (6) Exhibit D, # (7) Exhibit E, # (8) Exhibit F, # (9) Exhibit G, # (10) Exhibit H)(Healy, James)
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WORLD | LATIN AMERICA
Co-Founder of Mossack Fonseca
Defends Law Firm at Center of
‘Panama Papers’
Jürgen Mossack says company at center of tax-shelter scrutiny won’t change its
ways
Offices of the Mossack Fonseca law firm in Panama City’s financial district. PHOTO: SUSANA
GONZALEZ/BLOOMBERG NEWS
By Kejal Vyas
April 7, 2016 12:49 am ET
PANAMA CITY, Panama—One of the founders of the law firm at the center of the
“Panama Papers” leak of secret documents on Wednesday defended his firm, Mossack
Fonseca, and said that he expected few changes to his business model despite world-wide
scrutiny.
In his first in-depth interview since reports of the leaked documents were published, Jürgen
Mossack said his firm did nothing wrong by selling some 240,000 shell companies
registered in low- or no-tax territories around the world.
Related Videos
The law firm, he said, works through
Euro 1.1030 -0.07% ▼Page 3 intermediaries and can’t keep track of how
the offshore entities that it sells are used.
“We’re not going to stop the services and
Panama Leader Vows to Cooperate in Wake
of Papers:00:29
Panamanian President Juan Carlos Varela spoke to
the press on Wednesday about the "Panama Papers,"
a leak of documents from Panamanian law firm
Mossack Fonseca & Co. (Photo: Getty Images)
go plant bananas or something,” the 68year-old Mr. Mossack said. “People do
make mistakes. So do we, and so does our
compliance department. But that is not the
norm.”
Mr. Mossack, sitting in an armchair on the
second floor of Mossack Fonseca’s
offices in Panama City’s financial district,
spoke just days after a group of 400
journalists from dozens of countries
Panama Papers: The Big Picture
:00 2:29
Leaked documents from a Panama law firm
implicate wealthy and famous individuals world-wide
in possible illegal use of offshore accounts. WSJ’s
Jason Bellini reports. Image: Getty
simultaneously released stories based on
leaked documents from the firm that
showed how the company created dummy
companies and offshore accounts where
the rich and powerful could secretly park
their money.
Documents obtained by the group, the
RELATED COVERAGE
• Hiding Cash Becomes a Tougher Business
• Putin: No ‘Element of Corruption’
International Consortium of Investigative
Journalists, showed that the firm’s clients
included relatives from the high reaches
of China’s government to associates of
• Cameron Had a Stake in Father’s Offshore
Fund
Russian President Vladimir Putin to the
• Iceland Shuffles Cabinet After ‘Panama
Papers’ Revelations
Assad.
• Panama Papers: A History of Tax Evasion
• Iceland Names New Prime Minister
• Scandal Claims Austrian Bank Head, Touches
Norwegian Chemical Firm
money man for Syrian dictator Bashar al-
The trove of 11.5 million individual files
were fed to a newspaper in Munich that
then shared it with ICIJ. The Wall Street
Journal hasn’t independently verified the
documents.
Panama’s president, Juan Carlos Varela,
on Wednesday night defended transparency reforms the government enacted last year and
said the media storm was casting a negative light on the country.
“The Panama Papers,” he said, “are not a problem of our country but of many countries.”
Mr. Varela said Panama would form a commission of national and international experts to
evaluate the country’s regulations governing financial and legal services. Earlier this week,
Panama’s attorney general said the office would launch an investigation into the company.
Mr. Mossack and the head of legal affairs for his law firm, Sara Montenegro, said in thePage 4 hourlong interview that they welcomed further regulations and scrutiny of their business.
They noted, however, that they had yet to be contacted directly by local authorities.
“At this point in time I would say there shouldn’t be repercussions,” Mr. Mossack said, “but
I wouldn’t say that there won’t be any.”
Mossack Fonseca’s business of selling offshore companies grew exponentially since the
firm’s founding in 1977. It is mostly a volume game, Mr. Mossack and Ms. Montenegro
said, because the cost of registering companies in jurisdictions like the British Virgin
Islands and Seychelles is low. Shell companies can be bought for a few hundred U.S.
dollars. Law firms also charge another annual fee of around $1,000 to be listed as a
registered agent for their client.
The offshore companies, have plenty of legitimate uses, Mr. Mossack said, including
avoiding paying double taxes, and providing privacy and protection from rogue regimes and
criminals.
Experts on tax havens, though, say that Panama is among the most secretive countries and
has held back cooperation with countries pushing for more transparency in the movement
of money.
On Wednesday, French Finance Minister Michel Sapin said he asked the Organization for
Economic Cooperation and Development to put Panama back on a list of noncooperative
tax haven countries, noting that the country has failed to make progress on information
exchange since it was taken off that list in 2012. Panamanian authorities promised to fight
against the effort.
Mr. Mossack, whose father was a German soldier in World War II and moved to Panama
with his family when he was 13, said his company is making some adjustments, reducing its
overseas franchises, being more selective with clients and investing in better cybersecurity.
The documents from his company, he said, were stolen by a hacker. Mr. Mossack said it
was only in recent weeks that he was notified of the security breach, after clients began
receiving calls from journalists involved in the Panama Papers investigation.
Mossack Fonseca said it is improving due diligence practices and has a team of 26 lawyers
digging through its files to review clients that have worked with the company for years. Ms.
Montenegro said that any irregularity in registration information can lead to a termination
of the relationship. She said in recent years they have been letting go of about 80 clients a
year with their improved due diligence.
“The only crime that has been proven here is the violation of privacy,” said Ms.
Montenegro, referring to the hacking.
Mr. Mossack said the intermediary banks that his firm works with—and who represent the
final recipients of the shell companies—should have been doing better reviews of their
clients.Page 5 “Our brand needs to be protected,” Mr. Mossack said. “We feel the best way to protect the
brand is by doing things ourselves and not rely on others.”
—José de Córdoba and Santiago Pérez in Mexico City contributed to this article.
Write to Kejal Vyas at kejal.vyas@wsj.com
Appeared in the April 7, 2016, print edition as 'Founder Defends ‘Panama’ Firm.'
S HOW C ONVER S AT ION
(69 )
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Case 3:19-cv-01618-JBA Document 20-6 Filed 10/17/19 Page 1 of 7
EXHIBIT D
PDF Page 3
Case 3:19-cv-01618-JBA Document 20-6 Filed 10/17/19 Page 2 of 7
Subscribe
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Life & Arts
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WSJ. Magazine
DOW JONES, A NEWS CORP COMPANY
DJIA 26790.36 -0.10% ▼
Nasdaq 8057.09 0.00% ▲
U.S. 10 Yr 0/32 Yield 1.732% ▼
Crude Oil 53.33 -2.50% ▼
WORLD | LATIN AMERICA
Co-Founder of Mossack Fonseca
Defends Law Firm at Center of
‘Panama Papers’
Jürgen Mossack says company at center of tax-shelter scrutiny won’t change its
ways
Offices of the Mossack Fonseca law firm in Panama City’s financial district. PHOTO: SUSANA
GONZALEZ/BLOOMBERG NEWS
By Kejal Vyas
April 7, 2016 12:49 am ET
PANAMA CITY, Panama—One of the founders of the law firm at the center of the
“Panama Papers” leak of secret documents on Wednesday defended his firm, Mossack
Fonseca, and said that he expected few changes to his business model despite world-wide
scrutiny.
In his first in-depth interview since reports of the leaked documents were published, Jürgen
Mossack said his firm did nothing wrong by selling some 240,000 shell companies
registered in low- or no-tax territories around the world.
Related Videos
The law firm, he said, works through
Euro 1.1030 -0.07% ▼
PDF Page 4
Case 3:19-cv-01618-JBA Document 20-6 Filed 10/17/19 Page 3 of 7
intermediaries and can’t keep track of how
the offshore entities that it sells are used.
“We’re not going to stop the services and
Panama Leader Vows to Cooperate in Wake
of Papers
0:00
1:29
Panamanian President Juan Carlos Varela spoke to
the press on Wednesday about the "Panama Papers,"
a leak of documents from Panamanian law firm
Mossack Fonseca & Co. (Photo: Getty Images)
go plant bananas or something,” the 68year-old Mr. Mossack said. “People do
make mistakes. So do we, and so does our
compliance department. But that is not the
norm.”
Mr. Mossack, sitting in an armchair on the
second floor of Mossack Fonseca’s
offices in Panama City’s financial district,
spoke just days after a group of 400
journalists from dozens of countries
Panama Papers: The Big Picture
0:00 2:29
Leaked documents from a Panama law firm
implicate wealthy and famous individuals world-wide
in possible illegal use of offshore accounts. WSJ’s
Jason Bellini reports. Image: Getty
simultaneously released stories based on
leaked documents from the firm that
showed how the company created dummy
companies and offshore accounts where
the rich and powerful could secretly park
their money.
Documents obtained by the group, the
RELATED COVERAGE
• Hiding Cash Becomes a Tougher Business
• Putin: No ‘Element of Corruption’
International Consortium of Investigative
Journalists, showed that the firm’s clients
included relatives from the high reaches
of China’s government to associates of
• Cameron Had a Stake in Father’s Offshore
Fund
Russian President Vladimir Putin to the
• Iceland Shuffles Cabinet After ‘Panama
Papers’ Revelations
Assad.
• Panama Papers: A History of Tax Evasion
• Iceland Names New Prime Minister
• Scandal Claims Austrian Bank Head, Touches
Norwegian Chemical Firm
money man for Syrian dictator Bashar al-
The trove of 11.5 million individual files
were fed to a newspaper in Munich that
then shared it with ICIJ. The Wall Street
Journal hasn’t independently verified the
documents.
Panama’s president, Juan Carlos Varela,
on Wednesday night defended transparency reforms the government enacted last year and
said the media storm was casting a negative light on the country.
“The Panama Papers,” he said, “are not a problem of our country but of many countries.”
Mr. Varela said Panama would form a commission of national and international experts to
evaluate the country’s regulations governing financial and legal services. Earlier this week,
Panama’s attorney general said the office would launch an investigation into the company.
Mr. Mossack and the head of legal affairs for his law firm, Sara Montenegro, said in the
PDF Page 5
Case 3:19-cv-01618-JBA Document 20-6 Filed 10/17/19 Page 4 of 7
hourlong interview that they welcomed further regulations and scrutiny of their business.
They noted, however, that they had yet to be contacted directly by local authorities.
“At this point in time I would say there shouldn’t be repercussions,” Mr. Mossack said, “but
I wouldn’t say that there won’t be any.”
Mossack Fonseca’s business of selling offshore companies grew exponentially since the
firm’s founding in 1977. It is mostly a volume game, Mr. Mossack and Ms. Montenegro
said, because the cost of registering companies in jurisdictions like the British Virgin
Islands and Seychelles is low. Shell companies can be bought for a few hundred U.S.
dollars. Law firms also charge another annual fee of around $1,000 to be listed as a
registered agent for their client.
The offshore companies, have plenty of legitimate uses, Mr. Mossack said, including
avoiding paying double taxes, and providing privacy and protection from rogue regimes and
criminals.
Experts on tax havens, though, say that Panama is among the most secretive countries and
has held back cooperation with countries pushing for more transparency in the movement
of money.
On Wednesday, French Finance Minister Michel Sapin said he asked the Organization for
Economic Cooperation and Development to put Panama back on a list of noncooperative
tax haven countries, noting that the country has failed to make progress on information
exchange since it was taken off that list in 2012. Panamanian authorities promised to fight
against the effort.
Mr. Mossack, whose father was a German soldier in World War II and moved to Panama
with his family when he was 13, said his company is making some adjustments, reducing its
overseas franchises, being more selective with clients and investing in better cybersecurity.
The documents from his company, he said, were stolen by a hacker. Mr. Mossack said it
was only in recent weeks that he was notified of the security breach, after clients began
receiving calls from journalists involved in the Panama Papers investigation.
Mossack Fonseca said it is improving due diligence practices and has a team of 26 lawyers
digging through its files to review clients that have worked with the company for years. Ms.
Montenegro said that any irregularity in registration information can lead to a termination
of the relationship. She said in recent years they have been letting go of about 80 clients a
year with their improved due diligence.
“The only crime that has been proven here is the violation of privacy,” said Ms.
Montenegro, referring to the hacking.
Mr. Mossack said the intermediary banks that his firm works with—and who represent the
final recipients of the shell companies—should have been doing better reviews of their
clients.
PDF Page 6
Case 3:19-cv-01618-JBA Document 20-6 Filed 10/17/19 Page 5 of 7
“Our brand needs to be protected,” Mr. Mossack said. “We feel the best way to protect the
brand is by doing things ourselves and not rely on others.”
—José de Córdoba and Santiago Pérez in Mexico City contributed to this article.
Write to Kejal Vyas at kejal.vyas@wsj.com
Appeared in the April 7, 2016, print edition as 'Founder Defends ‘Panama’ Firm.'
S HOW C ONVER S AT ION
(69 )
WHAT TO READ NEXT...
REVIEW & OUTLOOK
Opinion | Make Dishwashers That
Clean Again
RISK & COMPLIANCE JOURNAL
Financial Adviser Pleads Guilty to
Facilitating Bribes in Ecuador
CIO JOURNAL
Drugmaker to Test Machine
Learning to Prevent Drug
Shortages
PDF Page 7
Case 3:19-cv-01618-JBA Document 20-6 Filed 10/17/19 Page 6 of 7
LETTERS
BEST OF THE WEB
Independent of The Wall Street Journal newsroom
MANSION GLOBAL ARTICLE
Opinion | Our Kurdish Allies
Shamefully Abandoned
ECONOMY & POLITICS
CNN says President Trump needs
to denounce this ‘vile and horrific’
video or he would be tacitly
endorsing violence
Opinion | The Bidens Concede
A 1,086-Acre Estate in the Heart
of Connecticut’s Rural Litchfield
County
MOST POPULAR VIDEOS
MOST POPULAR ARTICLES
1.
Why Investors Shouldn't
Overestimate U.S.-China
Partial Trade Deal
1.
Opinion: Trump Wins
Every Democratic
Debate
2.
Los Angeles Wildfire
Forces Thousands to
Evacuate
2.
Drawn by the Salary,
Women Flock to
Trucking
3.
Opinion: Focus on
Substance, Not Process,
of Whistleblower
Allegations
3.
SoftBank Seeks WeWork
Control Via Financing
Package
4.
Four Reasons Why
Turkey's Move Into
Syria Is So Disruptive
4.
‘I’m Out’: PG&E
Blackouts Stagger
Californians
5.
How Confidential
Documents Get Stored at
the White House
5.
Islamic State Affiliates
Break Free From Camp
in Syria
BACK T O T OP «
The Wall Street Journal
English Edition
Subscribe Now
WSJ Membership
Customer Service
Tools & Features
Ads
More
WSJ+ M embership Benefits
Customer Center
Emails & Alerts
Advertise
About the Newsroom
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Guides
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M y News
Place a Classified Ad
Corrections
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