TAIPEI (CHINA POST/ASIA NEWS NETWORK) - No Taiwan politicians are among the 90 Taiwan passport holders whose names were found in the massive trove of leaked files from the Panama-based offshore law firm Mossack Fonseca, according to an initial report released by CommonWealth Magazine on Wednesday (April 6).

The magazine identified actor and singer Nicky Wu as one of the Taiwanese found to have set up offshore firms in the Panama Papers. According to the database, Wu used the firm Horizon Sky Technology Limited to co-operate with Hong Kong-based Sun Entertainment Culture Limited.

Local media outlets put Wu's worth at more than NT$1.7 billion.

The Chinese media reported that in late March, mainland Chinese-listed online video company Beijing Baofeng Technology acquired a 60-per cent stake in Straw Bear, a media company founded by Wu in 2003, for 3.1 billion yuan.

Wu said via his agent on Wednesday that he has always complied with regulations in his dealings and that his company is a legally registered firm.

CommonWealth is the only media outlet from the Chinese-speaking world to have been invited by the International Consortium of Investigative Journalists (ICIJ) to go through the Panama Papers.

The documents reveal how some of the world's leaders, top politicians, business people, superrich, star athletes and their families employed complex ways to exploit offshore tax havens.

Not all dealings in the Panama Papers are illegal or unethical. The ICIJ has pointed out on its website that "there are legitimate uses for offshore companies, foundations and trusts".