Pressmediaofindia
Related Articles
05-10-2021
WASHINGTON/ NEW DELHI: More than 300 Indian nationals, including veteran politicians, businessmen and crickets have been named in the Pandora Papers, an investigation uncovering financial secrets held by high-profile individuals across the world.
India’s legendary cricketer Sachin Tendulkar, business tycoon Anil Ambani, Nirav Modi’s sister, pharma billionaire Kiran Mazumdar Shaw’s husband, Congress leaders Satish Sharma and other renowned personalities have been named in the Pandora Papers leaks.
According to the Indian Express, which is part of the International Consortium of Investigative Journalists’ (ICIJ) collaborative research, of the over 300 Indians included in the papers, the offshore holdings of 60 individuals and companies were investigated.
Details of the Pandora Papers will be revealed in the coming days, said the paper.
“Evidently, Indian businessmen have been setting up a plethora of offshore trusts to project a degree of separation from their wealth and insulate their assets from creditors,” it further said.
“Individuals accused in economic offences and under investigation, have created an offshore network in tax havens like Samoa, Belize or the Cook Islands, besides larger tax havens like the British Virgin Islands or Panama,” the report said.
Tendulkar, his wife and father-in-law own an offshore company
Renowned Indian cricketer Sachin Tendulkar, his wife Anjali Tendulkar and father-in-law Anand Mehta were the beneficial owners of an offshore company named Saas International Limited in the British Virgin Islands, according to the Pandora Papers.
The offshore company was liquidated three months after the Panama Papers investigation was made public. The company remained functional from 2012 to 2016 when Tendulkar was a member of the Indian parliament.
“The average buyback price of shares of Saas International Limited is around $96,000. And as a resolution of the company dated August 10, 2007 (the day the company was formed) shows, 90 shares of the company were issued at the outset,” according to The Indian Express.
“Anjali Tendulkar got the first share certificate with 60 shares; her father got the second share certificate with 30 shares. While there are no details of buyback of the remaining shares, the value of 90 shares can be pegged at $8.6 million,” read the report.
Anil Ambani owns 18 offshore companies
Business tycoon Anil Ambani chairman of Reliance Communications and his representatives owned at least 18 offshore companies in Jersey, British Virgin Islands and Cyprus, said the daily newspaper.
Seven of these companies which were set up between 2007 and 2010, have borrowed and invested at least $1.3 billion.
Congress leader Satish Sharma
Besides the others, veteran Congress leader and former minister Satish Sharma was named in the Pandora Papers.
At least 10 of Sharma’s family members, including his wife, children and grandchildren are among the beneficiaries of the Jan Zegers Trust, said the Indian Express.
The offshore company was established in the Cayman Islands in 1995 when Sharma was the minister of petroleum and natural gas while another trust, JZ II Trust was set up in 2015 when Sharma was a member of the Indian parliament, the Indian media outlet reported. (Geo News)
