Well-known Montreal businessman Stephen Bronfman issued a statement on Monday morning denying any involvement in offshore tax havens.
He was one of three-thousand people listed as benefiting from placing money in offshore accounts to avoid paying taxes in Canada in the so-called 'Paradise Papers' — a leak of about 13.4 million financial records.
Queen Elizabeth is on the list. So are singers Bono and Madonna, and former prime minister Brian Mulroney.
Bronfman, an heir to the Seagram family fortune who's also a federal Liberal fundraiser, issued a statement adamantly denying any involvement.
"Stephen Bronfman is a proud Canadian and has always fully complied with all legal requirements, including with respect to taxes," the statement read. "Stephen Bronfman and his family have always conducted themselves in accordance with the highest legal and ethical standards."
Going into a cabinet meeting in Ottawa on Monday morning, prime minister Justin Trudeau and his ministers did not comment.
Complete statement from Stephen Bronfman
Stephen Bronfman has never funded nor used offshore trusts. His Canadian trusts have paid all taxes on all their income to the Canadian Government.
Stephen Bronfman states that the single loan made over a quarter century ago to the Kolber Trust was repaid 5 months later, and was on an arm's length, fully commercial basis, in full compliance with all legal requirements, including with respect to taxes.
Stephen Bronfman had no other direct or indirect involvement whatsoever in the Kolber Trust.
Stephen Bronfman and his family have always conducted themselves in accordance with the highest legal and ethical standards.
Stephen Bronfman will not make any further comment.