Pandora Papers Live News: Investigation exposes financial secrets of rich and powerful

An Express investigation into the Pandora Papers reveals how individuals and businesses are pushing the envelope to evade detection, using loopholes in the law at home and the lax jurisdiction of tax havens.

Pandora Papers Highlights: In part 5 of the Pandora papers investigation, we take a look at the offshore footprints of India-born Singapore billionaire  Arvind Tiku who was ranked by Forbes in 2021 as the 18th richest in Singapore with a net worth of $2.2 billion.

Tiku is not just another businessman. His business associates include LN Mittal, chairman of the world’s largest steel and metal company, ArcelorMittal, and Timur Kulibaev, son-in-law of former President of Kazakhstan Nursultan Nazarbayev.

The 51-year-old has established The Sai Charan Investment Holding Trust in Singapore, of which Auctus Investments Ltd, a British Virgin Islands company, is the prime investment holding vehicle with assets of $199.4 million, show records of Trident Trust, a global corporate services company headquartered in BVI.

Another figure to feature in the investigations is Radhe Shyam Saraf. Saraf, who owns a group of companies running a chain of Hyatt hotels in the country, has settled his properties in tax haven Belize through two trusts, according to the Pandora Papers.

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Indian Express’ Pandora Papers investigation Part-3: SC lawyer Harish Salve, Bharat Hotels Group on Pandora Papers list

Pandora Papers: Suris took tax haven route to hotel projects in Dubai, London

Layered ownership structures, accessed as part of Pandora Papers investigation, reveal the offshore footprints of the promoters of Bharat Hotels Group which was raided in connection with its “undisclosed foreign assets” by the Central Board of Direct Taxes (CBDT) in January 2020.

According to records of Trident Trust (BVI), a corporate service provider, investigated by The Indian Express, Bharat Hotels promoter Jyotsna Suri’s interests in hotel projects Dubai and London were held by an offshore subsidiary of Deeksha Holdings Limited, the largest shareholder (40.41%) in Bharat Hotels Limited.

An Express investigation into the Pandora Papers reveals how individuals and businesses are pushing the envelope to evade detection, using loopholes in the law at home and the lax jurisdiction of tax havens.

Pandora Papers: MGF’s Shravan Gupta owned BVI firm, JV with Emaar got $2 million

In 2007, within two years of the merger of Dubai-based Emaar and Shravan Gupta-owned MGF, a British Virgin Islands (BVI) firm invested USD 2 million in the joint venture, according to the Pandora Papers.

Gupta was the beneficial owner of a company in BVI where its Finance Ministry issued two notices after his name surfaced in the HSBC Bank (Geneva) list of Indian account holders.

A resolution on Asiatrust Limited, provided by AsiaCiti Trust, shows that in 2007, Zala Holdings Limited (ZHL), BVI, invested 2 million USD in Emaar MGF with ANI Capital Holdings India Limited, Cayman Islands. ZHL’s 100 per cent shareholding was owned by Churchill Trust, Cook Islands. Asiatrust Limited, also based in the Cook Islands, was trustee of the Churchill Trust.

Pandora Papers: Alok Industries ex-owners, top defaulters, set up offshore network

The former promoters of Alok Industries Ltd, which has now been acquired by Reliance Industries (RIL)-JM Financial ARC through insolvency proceedings, floated offshore firms, the Pandora Papers show.

Records show that between 2010 and 2014, brothers Ashok Jiwrajka, Dilip Jiwrajka, and Surender Jiwrajka set up four firms in the British Virgin Islands: Triumphant Victory Holdings Limited; Alok Worldwide Ltd; Alok International Ltd; and Alok Overseas Limited.

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