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Mr. Boxing YYC: Donny Lalonde and the Panama Papers scandal

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Canadian boxer Donny Lalonde wants to get something off his chest.

Those who remember Lalonde are well aware of his self-made start in boxing which attracted the likes of Dave Wolf.

Wolf moulded a masterpiece in boxing with the guidance of Ray ‘Boom Boom’ Mancini, reminiscent of Charley Goldman’s creation called Rocky Marciano.

Lalonde deserves for his boxing career to be told. It spawned a world title and a record of 41-5-1 with 33 KOs. He nearly pulled off the upset against one of the greatest of all-time, ‘Sugar Ray’ Leonard, made millions of dollars and got out happy and healthy.

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However this piece is not about boxing — it’s about Lalonde’s entanglement with the Panama Papers scandal a few years back.

This article was prompted privately to me by the champ himself. My only prior connection to ‘The Golden Boy’ is that I fought on one of his undercards in 1986.

Since he is Canadian boxing royalty, he deserves this platform to share his side of things. This contact actually reminds me of the story of The Lion and The Mouse. If you don’t know it, Google it. Mr. Boxing YYC is laying down forgotten knowledge.

Briefly, the scandal was this …

The Panama Papers was stolen private client/lawyer documents that detailed financial and private info from thousands of off-shore entities held at a Panamanian law firm and leaked by an anonymous source to another with an agenda to discredit people and justify the use of stolen property. They pointed to several global elites including prime ministers, presidents, and, of course, a small player such as Lalonde.

Now, using methods to avoid taxes is not illegal, but tax evasion is. Laws are written that you’re allowed certain structures and write-offs in place to legally pay less tax, such as business expenses, mortgage interest on rental property and so on.

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It’s important to look beyond the headlines.

According to Lalonde, the documents he holds are much different than what was leaked.

So let’s hear it directly from the champ.

“I turned a $2-million net worth made from boxing in the late 80s into $6.4 million by 1998 in real estate. CRA froze my accounts with a claim that was contested and later changed to another claim. I continued to offer back-up documents disputing the claims in the Panama Papers, but it was rejected and incorrectly reported by the media.

“As of July, 2003, I was no longer a Canadian resident and was in compliance with all tax laws abroad. After losing everything and having accounts frozen from 1998-2003 fighting CRA, I didn’t have the resources to continue. With only a Grade 9 education, I relied on lawyers and accountants to take care of my finances and, of course, file my taxes.

“The Panama Papers stories regarding my Canadian real estate dealings were 100% incorrect. Every project I did in Canada features to this day a thriving community. I then moved into opportunities in Costa Rica which were risky and also were affected by the crashed economy worldwide.

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“Several people lied on camera stating they gave me money to invest for them, and they received nothing. One in particular (claimed) he gave me (funds) and received nothing in return. He actually gave the company I worked for $12,000 and was given part ownership in a 150-acre property. (Another investor) says she and five friends invested their ‘retirement’ money and will have to figure out how to live after being duped by me. They sued the company and possibly included my name, although I was never served, and rightfully as the company didn’t complete its obligations to them after I left. The current owner and former partner didn’t have a famous name to attack, so they picked mine.”

“He paid them most if not all of what they were granted by the courts. They have no money out of pocket and can securely retire in spite of the crisis, which wasn’t reported by Panama Papers writers. I offered to provide documentation of all deals made, but no one listened.

“There’s others as well, but you get the point.

“People invested their money out of country, which they have the legal right to do, and sometimes markets change. There’s no guarantee on any investment with any reasonable rate of return. Another important fact is I sold my interest in one project by 2012 and gave my shares away in another. When I resigned from the company, the land, adding up to over 900 acres, transferred to my former partner, and it’s still there. Most buyers were either given money back or the land transferred, which, like anyone who buys property, it’s up to them to do with as they wish, as the projects are all ongoing.

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“I’m good friends with Brad Berkenfeld, who wrote the book Lucifer’s Banker. Brad has documented evidence that could help our governments recover billions in stolen funds. I stand behind whistle-blowing, which is the objective of Brad and the Panama Papers. I expected both sides of a story that defame people, that the media would validate statements but was denied.

“Brad has many billions more to turn over to governments, including Canada, and 15,000 more names that the US DOJ chooses to ignore. The Canadian government won’t even listen to Brad, let alone look at his list of names and facts, but they’ll do this to me.”

So after receiving this info then following up with a phone call, the champ just wants one final message put out as it was a deal he says that saw everyone lose, including him.

“I just want people to know I’m sorry they suffered by waiting for the market to return in Costa Rica as I have. I’m sorry my name was connected to an experience we all didn’t get the results desired. I did my very best in handling the projects.”

-So in the meantime and in-between time, that’s it another edition of Mr. Boxing YYC-

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