---
title: "Merchants Capital Limited — Ownership Dossier"
canonical: https://whiteintel.dev/entity/040fbc65-c10e-5212-b7dd-e2a09c80a1d4
json: https://whiteintel.dev/api/public/dossier/040fbc65-c10e-5212-b7dd-e2a09c80a1d4
identifier: icij:icijol-82001018
jurisdiction: BM
risk: High
source: WhiteIntel corporate-ownership graph
---

# Merchants Capital Limited

**Type:** Company  
**Jurisdiction:** BM  
**Identifier:** `icij:icijol-82001018`  
**Risk level:** High  
**Canonical dossier:** https://whiteintel.dev/entity/040fbc65-c10e-5212-b7dd-e2a09c80a1d4  
**Structured JSON / MCP:** https://whiteintel.dev/api/public/dossier/040fbc65-c10e-5212-b7dd-e2a09c80a1d4  

## Ownership & control

### Owners / controllers

- **Appleby Services (Bermuda) Ltd.** (shareholder of) — https://whiteintel.dev/entity/f2383e29-e7ef-55e4-b77a-df6bafb40e6c
- **The Panther Trust** (beneficial owner of) — https://whiteintel.dev/entity/f41f1823-eee9-5a31-886d-6d4d03c55951

### UBO chain (walk to the ultimate owner)

A **22-step** ownership/control chain to the ultimate beneficial owner is resolved for this entity. The full cited chain unlocks with a paid API key or a one-off dossier — https://whiteintel.dev/pricing.

## Exposure (derived from the ownership graph)

**14** owners upstream in this entity's ownership/control chain are flagged — a sanctions hit or a secrecy jurisdiction — an investigative lead by resolved identity, not a legal determination. The contributing parties and the hop-by-hop path unlock with a paid API key or a one-off dossier — https://whiteintel.dev/pricing.

## Provenance

- ICIJ Offshore Leaks — https://offshoreleaks.icij.org/nodes/82001018

---

_This is the markdown-for-agents view of the WhiteIntel dossier for **Merchants Capital Limited**. Human view: https://whiteintel.dev/entity/040fbc65-c10e-5212-b7dd-e2a09c80a1d4 · Structured JSON: https://whiteintel.dev/api/public/dossier/040fbc65-c10e-5212-b7dd-e2a09c80a1d4._

_Risk levels are heuristic investigative leads, not legal determinations of beneficial ownership. Every claim carries a source; an absent edge means "not yet observed in current sources", not "does not exist"._