No Offshore Company in Panama

Since 2012 the Hansgrohe Group has maintained a sales office in Panama. The main purpose of the three employees located here is to support the sales of fixtures and showerheads into Central America and the Caribbean. Due to local regulations, the sales office must submit a yearly financial statement, and of course, tax returns. To accommodate the local regulations, the local sales office is supported by the accountancy firm BDO. The mandatory legal supervision of the sales office was provided by Mossack Fonseca, one of the largest law firms in Panama. The annual fee for this service totaled about 800 US-Dollars. A business relationship beyond the aforementioned legal supervision between the Hansgrohe Group und Mossack Fonseca did not and does not exist. Immediately after the public emergence of the legal firm’s activities in the Panama Papers, the Hansgrohe Group severed all ties to Mossack Fonseca. The Hansgrohe Group’s local sales office is now being legally consulted by BDO.

Therefore, the Hansgrohe Group does not operate an offshore company in Panama, or in any other location. Its appearance in the Panama Papers is solely due to the past legal consultation for the submission of annual financial statements through the law firm Mossack Fonseca. This business relationship has been terminated by the Hansgrohe Group and does not exist anymore.

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