Mexican president demands probe into offshore claims

President Andres Manuel Lopez Obrador on Monday called for an investigation into more than 3,000 Mexicans, including one of his ministers, who allegedly hid assets in offshore tax havens.

The names appeared in millions of documents, known as the "Pandora Papers," leaked from financial services companies across the world and published by the International Consortium of Investigative Journalists (ICIJ).

"There must be an investigation" to see if taxes were paid, Lopez Obrador told reporters.

"It is good that this is being made transparent and that the relevant authorities will act if there are crimes to be prosecuted," he said.

Three prominent Mexican business tycoons with a combined fortune of about $30 billion are among those named in the leaked documents, media involved in the investigation reported. 

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They are mining magnate German Larrea, Modelo beer heiress Maria Asuncion Aramburuzabala and Olegario Vazquez Aldir, who heads Grupo Empresarial Angeles, according to the Spanish daily El Pais.  

According to the allegations, 25 of the Mexicans named together moved some $1.27 billion to offshore jurisdictions for the purchase of luxury goods.

Several politicians linked to Lopez Obrador appear on the list, including Communications and Transport Minister Jorge Arganis, Senator Armando Guadiana and former presidential legal adviser Julio Scherer.

Lopez Obrador criticized the media for focusing on politicians connected to him.

"There are 3,000 (names) and they come out with three," he said.

Lopez Obrador said that Arganis had acknowledged investing around $150,000 in 1998 with the US financial firm Stanford but lost the money after it collapsed in a fraud scandal.