Calls grew Monday for an end to the financial secrecy that has allowed many of the world’s richest and most powerful people to hide their wealth from tax collectors. The outcry came after a report revealed the way that world leaders, billionaires and others have used shell companies and offshore accounts to keep trillions of dollars out of government treasuries over the past quarter-century, limiting the resources for helping the poor or combating climate change. The report by the International Consortium of Investigative Journalists brought promises of tax reform and demands for resignations and investigations, as well as explanations and denials from those targeted. The investigation, dubbed the Pandora Papers, was published Sunday and involved 600 journalists from 150 media outlets in 117 countries. Read: Leaked records open a 'Pandora' box of financial secrets Hundreds of politicians, celebrities, religious leaders and drug dealers have used shell companies or other tactics to hide their wealth and investments in mansions, exclusive beachfront property, yachts and other assets, according to a review of nearly 12 million files obtained from 14 firms located around the world. “The Pandora Papers is all about individuals using secrecy jurisdictions, which we would call tax havens, when the goal is to evade taxes,'' said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy in Washington. The tax dodges can be legal. Gabriel Zucman, a University of California, Berkeley, economist who studies income inequality and taxes, said in a statement one solution is “obvious’’: Ban “shell companies — corporations with no economic substance, whose sole purpose is to avoid taxes or other laws.’’ “The legality is the true scandal,'' activist and science-fiction author Cory Doctorow wrote on Twitter. “Each of these arrangements represents a risible fiction: a shell company is a business, a business is a person, that person resides in a file-drawer in the desk of a bank official on some distant treasure island.'' The more than 330 current and former politicians identified as beneficiaries of the secret accounts include Jordan’s King Abdullah II, former U.K. Prime Minister Tony Blair, Czech Republic Prime Minister Andrej Babis, Kenyan President Uhuru Kenyatta, Ecuador's President Guillermo Lasso, and associates of both Pakistani Prime Minister Imran Khan and Russian President Vladimir Putin. Some of those targeted strongly denied the claims. Oxfam International, a British consortium of charities, applauded the Pandora Papers for exposing brazen examples of greed that deprived countries of tax revenue that could be used to finance programs and projects for the greater good. “This is where our missing hospitals are," Oxfam said in a statement. “This is where the pay-packets sit of all the extra teachers and firefighters and public servants we need." The European Commission, the 27-nation European Union’s executive arm, said in response to the revelations that it is preparing new legislative proposals to enhance tax transparency and reinforce the fight against tax evasion. The Pandora Papers are a follow-up to a similar project released in 2016 called the “Panama Papers" compiled by the same journalistic group. The latest bombshell is even more expansive, relying on data leaked from 14 different service providers doing business in 38 different jurisdictions. The records date back to the 1970s, but most are from 1996 to 2020. The investigation dug into accounts registered in familiar offshore havens, including the British Virgin Islands, Seychelles, Hong Kong and Belize. But some were also in trusts set up in the U.S., including 81 in South Dakota and 37 in Florida. The document trove reveals how powerful people are able to deploy anonymous shell companies, trusts and other artifices to conceal the true owners of corrupt or illicit assets. Legally sanctioned trusts, for example, can be subject to abuse by tax evaders and fraudsters who crave the privacy and autonomy they offer compared with traditional business entities. Shell companies, a favored tax evasion vehicle, are often layered in complex networks that conceal the identity of the beneficial owners of assets — those who ultimately control an offshore company or other asset, or benefit from it financially, while other people’s names are listed on registration documents. The report said, for example, that an offshore company was used to buy a $4 million Monaco apartment for a woman who reportedly carried on a secret relationship with Putin. While a beneficial owner may be required to pay taxes in the home country, it’s often difficult for authorities to discover that an offshore account exists, especially if offshore governments don’t cooperate. A Treasury Department agency working on new regulations for a U.S. beneficial ownership directory has been debating whether partnerships, trusts and other business entities should be included. Transparency advocates say they must or else criminals will devise new types of paper companies for slipping through the cracks. Read:Pandora says laboratory-made diamonds are forever International bodies like the G7 group of wealthiest nations and the Financial Action Task Force have begun initiatives in recent years to improve ownership transparency, but the efforts have moved at a modest pace. Pointing to the secrecy behind many of the tax dodges, some critics are calling for a global wealth registry that would make sham investments in shell companies public, embarrassing politicians or celebrities worried about their reputations. In the U.S., the House passed legislation this summer that would require multinational corporations to publicly disclose their tax payments and other key financial information on a country-by-country basis. Anti-money laundering and corporate transparency measures were tucked into legislation funding the Defense Department; it has yet to be implemented by the Treasury Department. The Biden administration is also pushing for U.S banks to be required to report customers’ account information to the IRS as part of the $3.5 trillion economic and social spending package before Congress. Treasury Secretary Janet Yellen and other officials say it’s an important way to prevent tax dodging by wealthy individuals and companies, but it has raised fierce opposition from banking industry groups and Republican lawmakers, who maintain it would violate privacy and create unfair liability for banks. Tax havens have already come under considerable scrutiny this year. In July, negotiators from 130 countries agreed to a global minimum tax of at least 15% to prevent big multinational corporations from minimizing taxes by shifting profits from high- to low-tax jurisdictions such as Bermuda and the Cayman Islands. Details of the plan by the Paris-based Organization for Economic Cooperation and Development, have yet to be worked out; it's supposed to take effect in 2023. And while the plan would cover huge multinational corporations, it would not include the shell companies and other entities behind the schemes described in the Pandora Papers.

More often than not, the story of entrepreneurship is associated with young people. It’s like a dream story of a fresh mind finding a magic idea that transforms the world around for the better. But how much of that has to be the case always? Truth is, there are numerous examples of people finding success late in life. Some even go beyond to outshine so much that they achieve almost legendary status. Here’s our take on 10 business icons who started late in life. These heroic people defined that age as nothing more than just a number. Legendary entrepreneurs who started after 35 Ray Kroc The word fast food and McDonalds goes so much hand in hand that in some parts of the world, they are almost inseparable. As the global leader in the fast-food chain, McDonald’s has brought a paradigm shift in the food culture across the globe. But the story of McDonald’s didn’t start until Ray Kroc was 51 years old. From being a mixer salesman to founding a multi-billion-dollar food chain, it all started with Ray Kroc’s fascination with the McDonalds brother’s burgers. Kroc saw an immense opportunity in the California-based business. Using his several decades of sales expertise, Kroc turned McDonald's into what it is today. A global brand of 400,000 employees, an annual turnover of over 22 billion, and a name that’s close to every foodie's heart. Read Some Inspiring Women Entrepreneurs in Bangladesh in Diverse Sectors Reid Hoffman The story of Reid Hoffman is of a chance entrepreneur. Being a Stanford graduate, he was well set to be an academician of Ivy league standards. However, he ended up at Apple computers as part of their eWorld project. This is where Hoffman first got an insight into the earliest version of social media. But he had to wait till 35 to achieve what he has created today. Over the years, Hoffman worked on several social networking ventures. However, none of them saw the expected result. But based on his previous failures and a chance need for a professional networking opportunity, LinkedIn was born. Today Reid Hoffman is worth 3.2 billion dollars. Read The World's 10 Self-made Youngest Billionaires in 2021 Stan Lee Anyone who’s into movies has heard of Marvels. You don’t even have to be a movie fan to know about them, as they are one of the largest comic booksellers in the world. And it all started with the illustrations of a 39-year-old man back in 1961. Stan Lee, together with Jack Kirby has created, what is now the epicenter of pop culture and superhero genre craze. Credited as the father of Marvel Comics, Stan Lee helped create a multi-billion-dollar empire that has achieved worldwide hype and recognition. Read Mukesh Ambani no longer among world's top 10 richest billionaires Chaleo Yoovidhya We can guarantee you that this is the least known name on this list. But wait till you find out what he founded. Chaleo Yoovidhya was born in a poor farmer family and lived most of his life as a farmer. This was until he moved to Bangkok to start his own pharmaceutical company called TC Pharmaceuticals. He specialized in a rejuvenating tonic drink. It wasn’t until he had a chance encounter with Australian businessman Dietrich Mateschitz that his life changed forever at the age of 61. Now you might be thinking what’s so fascinating about a tonic drink? Well, that’s because it's Redbull. Read  IT sector creating more billionaires in China: report Henry Ford Ford motors are known for their iconic cars which have impressed generations of customers. However, the start of the company wasn’t how you’d expect it to be. Henry Ford ran away from home at the tender age of 16 and started working as a mechanist. His fascination with cars leads him to found Ford motors at the age of 40. What soon followed was automobile history. It was estimated that he had a net worth of near 200 billion dollars. Read COVID-19 Enterprise Response Fund  launched for entrepreneurs Peter Thiel Peter Thiel is another genius mind to come out of Stanford University. A graduate of law, Thiel didn’t enjoy much the legal works as he did as an investor. It's his innate passion and foresight in investing that made him into what he is today. He was the co-founder of widely acclaimed payment gateway Paypal and served as its CEO until it was sold in 2002 to eBay. But his genius stroke was yet to be made until he invested in Facebook. Thiel is widely regarded as the first professional investor to invest in Facebook, a move that made him a billionaire over time. Read F-commerce entrepreneurs rising significantly: Palak Jack Ma Jack Ma is the leading example that you don’t have to be tech-savvy to make it big as an entrepreneur. The story of Ma is a truly fascinating one, considering he failed his high school entrance exam twice and got rejected for different jobs over 30 times. It wasn’t until he was 35 when he founded “China Yellow Pages”, which saw rapid success. However, that’s not where Ma’s story ends. He then went onto finding Alibaba, the global leader in B2B and B2C sales. Ma is currently worth over 28 billion dollars. Read KOICA unveils multi-component cooperation aimed at youth entrepreneurship Robert Noyce Robert Noyce is another glaring example of a lesser-known founder of something so well known; it will have you rubbing your eyes. If you are reading this article from a windows laptop, it's almost certain that it's powered by Intel. And Robert Noyce was an intricate part of the foundation of Intel. Coming from a humble background, Noyce worked on several ventures before stumbling upon Intel. He was 41 years old when he, along with Gordon Moore founded Intel back in 1968. He was estimated to be worth over 3.8 billion dollars. Read Humayun bats for women entrepreneurs at SME Foundation event Donald Fisher The story of Donald Fisher is an interesting one. It was the summer of 69 when Donald went through a little clothing crisis of not being able to find a pair of jeans to fit him. His wife Doris Fischer reluctantly decided to take the matter into her own hands and made a pair for her husband. What followed from there on was a complete takeover of the fashion market and GAP became what it is today, a multi-billion-dollar fashion line. Donald was 40 when he decided to start GAP along with his wife as the co-founder. Read Covid: A catalyst for women entrepreneurship in Bangladesh! Harland David Sanders Most prominently known as Colonel Sanders, this man had nothing to do with the military. What he did, however, shaped the modern food industry alongside McDonald’s. After a series of misfortunes, Sanders found himself selling fried chicken in a service store in Kentucky using a secret recipe that he devised himself. After the place burned down in a fire accident, Sanders moved to a nearby motel to start his restaurant. And that was how the global brand of KFC was born. Today they serve in over 18 thousand restaurants across 118 different countries. What's truly fascinating about all this is that Colonel Sanders was 62 years old when he founded KFC. A true example of glorious late achievements. Read Energy Investment: Entrepreneurs want arrangements for easier partnership with foreign companies Bottom Line So far, we have mentioned some highly successful people who started their business or company late in life. These entrepreneurs are the shining example that you don’t need much beyond will and dedication to make it big. So, if you are thinking of giving up on your ideas, think again. Who knows, you might also become a late-blooming success story. Read Greatest Business Movies for Entrepreneurs: Inspiration to Start Something New