Officers of Mossack Fonseca Inc and the firm's nominee directors

analysisA separate commercial registry-data service's copy of the registry card of Mossack Fonseca Inc lists nine 'directivos': Ana Maria Escobar, Amraj de Singh, Jose Alberto Ruiz, Diva Argelis Patiño de Donado, Leticia Montoya, Francis Perez, Cornelio McKay and the law firm Mossack, Fonseca & Co., with several names repeated. Its position column was not captured, so the office each person held, and when, is not shown; the card's representation clause says that the president represents the company and that the treasurer or the secretary may also do so. Other restatements agree on the core of the list: a company-information website names Cornelio McKay, Diva Argelis Patino de Donado, Francis Perez, Jose Alberto Ruiz, Leticia Montoya and Mossack, Fonseca & Co in the company's structure; a commercial registry-data service counts 12 related members, nine active and three inactive, and shows Francis Perez in full; a company-registry aggregator counts 13 officers whose names it hides. None of them gives positions or dates of appointment. ^{1 2 3 4}

analysisA company-registry aggregator names Mossack, Fonseca & Co as the agent of Mossack Fonseca Inc, and a separate commercial registry-data service's page for the firm shows it as resident agent ('Agente Residente') of every company visible on its free page, linking it to 643 Panamanian companies. One of the listed officers, Ana Maria Escobar, a lawyer, appeared before a Panamanian notary on 22 September 2003 as representative of Mossack Fonseca & Co. to record a change of the board of a client company; the deed was reprinted in the Official Bulletin of the Argentine province of Jujuy. A separate commercial registry-data service's name-matched pages show 1,758 company links for Escobar and 978 for another listed officer, Amraj de Singh, but it warns that its matching may combine several people; no retained record describes de Singh's work for the firm. ^{4 5 6 7 8}

analysisUsing Public Registry data compiled by a commercial registry-data service, a regional journalism network reported that Mossack Fonseca had registered at least 52,696 persons as directors of Panamanian companies up to October 2014, and that the firm's owner Jurgen Mossack himself appeared as director or subscriber of 3,664 companies. The counts for individual officers of Mossack Fonseca Inc differ by source and date, because they come from different registry compilations. For Leticia Montoya, a regional journalism network found 11,071 companies under that name, plus 758 as Leticia Montoya Moran, 8 as Leticia Moran and 60 as 'Leticia Moran y otros'; a Panamanian lawyer quoted by a Panamanian newspaper in April 2016 cited 10,967 companies created by the firm; a commercial registry-data service counts 10,850 organisations and 61 related directors. For Francis Perez, described by a Panamanian newspaper as a clerk of the firm, that newspaper gave 10,544 companies, a regional journalism network 10,667 and a commercial registry-data service 10,462 organisations. A separate commercial registry-data service's name-matched pages show 23,224 links for Montoya and 23,046 for Perez, but it matches by full name and warns that it may combine several people, so these links are not a count of directorships. ^{1 2 3 4 5 6}

analysisA regional journalism network also counted Diva Argelis Patino de Donado among the most frequent directors of companies formed by the firm, with 4,665 companies up to October 2014, and Cornelio McKay and Jose Alberto Ruiz among the twenty most frequent, with 2,310 and 2,164 companies. A separate commercial registry-data service's name-matched pages give 2,924 links for Patiño, 7,176 for McKay and 4,908 for Ruiz, with the same warning that its matching may combine several people. ^{1 7 8 9}

analysisJournalists who worked from the leaked records describe five of these officers as nominee directors supplied by the firm. A Chilean investigative news outlet reported in April 2016 that, for a company the firm registered in Panama in 1987 for a Chilean client, Mossack Fonseca supplied a nominee ('pantalla') board of José Alberto Ruiz, Diva Argelis Patiño, Leticia Montoya, Francis Pérez and Cornelio McKay, 'all executives of the firm', and that Montoya and Pérez still sat on it in 2016; the company concerned is a client company, not Mossack Fonseca Inc. A German newspaper reported that Montoya had acted as director of several tens of thousands of companies over the decades, of almost 3,200 shell companies in 2012, and had served as a nominee director since the early 1980s; the newspaper's book says she had worked for the firm since October 1981. Montoya told the newspaper by telephone that she knew nothing specific about the companies she headed and did not answer a written request. Since the publications, a Chilean investigative news outlet noted, the firm had defended itself by saying that the checks it ran before taking on new clients were rigorous and far exceeded Panamanian standards. ^{1 2 3}

analysisAccording to a German newspaper, the service cost about $150 a year per director and company, and the firm usually appointed three nominee directors; the journalists' book puts the client's price at about $450 a year for the three, while a Panamanian newspaper, citing a lawyer and an internal document published by the investigative journalism consortium, reported $150 a year per company, so the two newspapers describe the unit of the charge differently. The book describes the system as resting on three forms found by the thousand in the leak, the nominee director's declaration to follow the true owner's instructions, a general power of attorney given to the owner and an undated resignation letter, and says the firm usually had its nominee directors sign blank documents. A television news outlet reported blank documents signed by two employees used as directors, including an undated resignation letter. In a general statement to a German newspaper the firm denied offering structures designed to hide the identity of true owners and said its services always rested on legally recognised arrangements used by all providers in the industry; in February 2015 it told the same journalists that anyone receiving a power of attorney over one of its companies was first screened through World-Check. ^{4 2 3 5}

analysisThe book adds that the nominee directors were employed not by the firm itself but by Mossfon Executive, a Panamanian company formerly called International Outsourcing with about twenty employees in 2013, one of more than 200 'satellites' of the group; it does not say whether the officers of Mossack Fonseca Inc were among them. Another Panamanian newspaper reported that Bufete MF & Co. used a series of its own corporations as subscribers or officers of new companies: in a 2005 deed Leticia Montoya acted for Dulcan Inc and another employee for Winsley Inc, both sharing the firm's address in the Arango Orillac building; the newspaper noted that such networks are lawful under Panama's Law 32 of 1927 and are probably found at other firms in the same business. A German newspaper also reported from the leaked records that the firm repeatedly offered clients, for a five-figure sum, a real person to appear as a company's owner in place of the true beneficial owner; the stand-in the newspaper names is a private individual and is not named here, and the firm denied ever offering this service. ^{3 6 2}

analysisIn May 2016 a Panamanian newspaper reported that Leticia Montoya, whom it described as an employee of the firm and an officer of about 3,000 of its Panamanian companies, appeared in every Mossack Fonseca company on the DGI list of fee arrears, Mossack Fonseca Inc among them, and that Ramón Fonseca Mora and Jürgen Mossack appeared as officers in most of those companies; the article does not say which. On 2 April 2026 a registry entry recorded the departure of nine office-holders of Mossack Fonseca Inc, including its president, treasurer, secretary and resident agent; the free restatements do not name them. A commercial company-information service now describes the company as dissolved and a company-information website as inactive, and no later reinstatement appears in the retained records. ^{1 2 3}