In what is described as the world’s biggest insider leak, German daily Suddeutsche Zeitung obtained the data from an anonymous source and shared it with the International Consortium of Investigative Journalists (ICIJ), which reviewed it with some 370 reporters from over 70 nations.

While the Panama Papers detail complex financial arrangements benefiting the world’s elite, they do not necessarily mean the schemes were all illegal.

Their findings showed that Deng Jiagui, who is married to Xi’s elder sister Qi Qiaoqiao, became sole director and shareholder of two British Virgin Islands (BVI) firms registered in 2009 when Xi was on the Communist Party’s Politburo Standing Committee. ICIJ said the two firms were dormant when Xi assumed power in late 2012. Offshore firms or bank accounts offer benefits like anonymity but are seen as vehicles for money laundering and tax evasion.

Najib could face a backlash with data showing his second son Mohd Nazifuddin’s involvement with two BVI firms. “There may be questions about whether they had dealings with the government in a less-than-transparent manner,” said Wan Saiful Wan Jan, head of Malaysian policy think-tank Ideas.

The documents have led to embarrassment for figures like Iceland Premier Sigmundur Gunnlaugsson who faces calls for resignation after revelations of his wife’s dealings in an offshore haven. There have been accusations from Russia of a plot to destabilise the country. Lionel Messi is planning to sue a Spanish newspaper for defamation after the footballer was linked to tax evasion projects in the Panama Papers leak.

“That clearly shows foreign investments have not been affected,” Sycip said.

Sycip added that he had great respect for the Anti-Money Laundering Council (AMLC) and Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.

“It’s not only for what he has done in the Philippines but compared to any other central bank governor, he has done a fantastic job,” he said.

Asked whether he would support calls to ease the bank secrecy law to better combat money laundering, Sycip said he would advocate for “whatever Tetangco feels is good for the country because he has done so well for us now.”

Sycip said that he was also hoping that the Filipino nation would elect an “honest” president this May in order to continue attracting foreign investments.

Sycip, who is turning 95 this year and still advises many of the country’s biggest corporations long after retiring from local accounting giant SGV that he co-founded, hasn’t picked any presidential candidate to support.

The SGV founder said he already knew Sen. Grace Poe and her father Fernando Poe Jr., who had consulted him when he ran for president two elections ago. Sycip said he also knew Mar Roxas very well. He noted that he would like to meet Davao City Mayor Rodrigo Duterte to discuss his advocacy and education agenda.

“I’d like to meet Duterte. I recently got an inquiry from Duterte through his intermediary,” he said.

As a personal advocacy, Sycip has set aside all the funds he could afford—totalling $1 million to date—to help educate poor people, working with the likes of Synergeia Foundation and the microfinance group Card Inc. led by Jaime Aristotle Alip.

Typically, for business service firms that expand outside of Manila end up having big operations in Cebu. But in the case of SGV, he said SGV now had a bigger office in Davao than in Cebu.

“They say that the businessmen in Davao are all for Duterte and if they are caught speeding, they have to pay (fine for violating speed limit),” he said.

As far as leadership was concerned, Sycip said that based on the experience of Singapore under the city-state’s former President Lee Kuan Yew, “western democracy may not be the best for emerging market countries.”

“We have all the freedoms we might say but in terms of per capita income everyone has passed us except Laos and Cambodia. Even Vietnam will pass us,” he said.

Asked whether he thought someone like Duterte could be a Lee Kuan Yew, Sycip—who personally knew the late Singaporean leader—said the latter was not just tough but likewise very bright. He said he didn’t know much about Duterte, except that he had a law degree, but hinted he was wary about him declaring he had so many wives and girlfriends.

When investors ask him about Philippine elections, Sycip said he would tell people that the local elections were “better” than the US elections, which he said were harder to understand. “I ask them not to worry about the elections in that sense,” he said.

“As long as you have an honest President you will get investments,” he said.

After the Marcos dictatorship was toppled in 1986, Sycip said Cory Aquino was herself honest but being away for so long, didn’t have enough good people to appoint to her Cabinet. “She wasn’t successful as many of the people put in her Cabinet didn’t have integrity.”

In the case of President Aquino, Sycip said he was not aware of the President giving in favors or accepting bribes to approve a project. He said this was “unusual” compared to the stories that had come out before Aquino’s term, he said.

Many of the reforms undertaken during the outgoing administration, he said, would not likely be reversed after the May elections. However, he said he would wish for more decentralisation of power in the country.

“China’s investments here are expected to create 24,786 jobs with a large portion of the proposed projects still ongoing,” he told Abdul Khalid Samad (Amanah-Shah Alam).

He said the largest investment was in the base metal manufacturing sector amounting to (8 billion ringgit), followed by electrical and electronics (3.5 billion ringgit), non-metal ore (738 million ringgit), textile and textile products (556 million ringgit) and forged metal (157 million ringgit).

On direct investment, Ahmad said 191 projects with investments of 6 billion ringgit are now operational, creating 20,587 jobs.

“China’s efforts to increase its investments in Malaysia showed its confidence in the country’s economy.

“This has been very encouraging as investments in 2009 were worth 162 million ringgit and had increased to 4.75 billion ringgit in 2014.

“Despite the effects of the US dollar in the economy and a drop in commodities and oil prices that affected the global economy, China invested a total of 1.87 billion ringgit here last year,” he said.

Ahmad also confirmed China’s investment in 1Malaysia Development Bhd’s power generation and property development projects.

He said China General Nuclear Group announced that it will set up its headquarters here by investing over 8 billion ringgit.

On Malaysia’s investment in China, Ahmad said that 10 local companies had invested 24.36 billion ringgit there so far.

US$1 = 3.88 ringgit