Legendary electronic music trio Swedish House Mafia has been named in the Pandora Papers, an explosive leak of offshore financial data.
Published by the International Consortium of Investigative Journalists, dozens of politicians, billionaires, celebrities and business leaders are implicated in the cache of 11.9 million leaked documents. They uncover dozens of sensitive financial deals, secret bank accounts and controversial tax infrastructures, leading to a global struggle by the world’s elite to mitigate the consequences.
According to a report by the Swedish national public television channel SVTSwedish House Mafia established a company in the British Virgin Islands to manage ownership of several recordings released by the group, as well as the name and logo. The entity reportedly 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 an asset advisor to form the entity, SHM Holdings Ltd., in 2009. SVT reports. The advisor allegedly made it on behalf of the band’s members, Axwell, Sebastian Ingrosso and Steve Angello, through a separate company called Marsham LLC, which originated on Nevis, a small island in the Caribbean Sea.
It is important to note that Swedish House Mafia is not currently under investigation for tax evasion or financial misconduct, and their involvement in the Pandora Papers debacle does not necessarily incriminate its members. A spokesperson for the band confirmed the existence of the offshore entity in an email to: SVT, but claimed that the scheme — including its partnership with the wealth advisor — ended in 2013, despite it reportedly only operating in 2017.
“(There were) questions as to whether the construction could be seen as a way to hide assets, so to speak, which could be detrimental to the SHM brand,” the spokesperson said, adding that the purpose of the entity “was not to evade tax.”
Swedish House Mafia is in the midst of a vigorous comeback campaign, recently announcing their first music festival appearance of 2021 and a high-profile collaboration with The Weeknd. Prior to the release of “It Gets Better” in July 2021, the trio hadn’t released any new music since the groundbreaking 2012 song. Until now album. The group eventually broke up after the conclusion of the 2013 expansive One last tour before reuniting for a memorable performance at the 2018 edition of Ultra Music Festival in Miami.