In one of the biggest leaks of financial documents of all time, the secret wealth and assets of many wealthy individuals, including several Indians, have come to light, according to The Indian Express. Called the Pandora Papers, these documents were made public on Sunday and shed light on the assets and finances parked in offshore companies by the wealthiest individuals around the world, including Sachin Tendulkar, Jackie Shroff and Anil Ambani etc from India. These leaks are deemed as the most voluminous, with nearly 12 million files in total from 14 companies that describe various information and details of ownership of 29,000 offshore companies and Trusts. Moreover, these offshore companies are mostly based in Panama, Monaco, Dubai, Switzerland and Cayman Islands. Several years ago, a similar leak, called the Panama Papers was uncovered and made public which also shed light on various wealthy individuals around the world and their offshore assets.
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Here are some important facts about the latest Pandora Papers leak:
1. The investigation of these papers is being carried out by the International Consortium of Investigative Journalism (ICIJ), which also investigated the Panama Papers and published thorough reports time after time. It consists of personnel from various news agencies from around the world.
2. In the Indian context, over 300 wealthy people, which includes those accused of economic offences, former members of Parliament and those under the radar of investigation agencies have come up. These include 6 former ministers.
3. The Pandora Papers show that corporate lobbyist Niira Radia is a “do not contact client” of corporate service provider firm Trident Trust Company BVI, which has been conducting her offshore transactions through London-based Sanjay Newatia, a former Credit Suisse banker, according to the Indian Express.
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4. One of the most prominent names is Anil Ambani, who has reportedly siphoned off $1.3 billion dollars in 18 offshore companies despite declaring bankruptcy in a UK court, the Indian Express – which is a part of the ICIJ – reported.
5. Often, the dealings were done through a family member or a close associate, without naming the actual individual, making them the indirect owner of the offshore company. For example, the sister of fugitive Nirav Modi had set up a trust just a month before the diamantaire fled the country.
6. Moreover, John Shaw husband of Biocon founder Kiran Mazumdar Shaw had set up a trust with keys to a person who was banned by Sebi for insider trading.
7. Cricket legend Sachin Tendulkar’s name surfaced again, initially appearing in the Panama Paper leaks of 2016. He along with his family were reportedly beneficiaries of an offshore entity set up in the British Virgin Islands. The assets were liquidated in 2016 after Panama papers leak. The assets are reportedly worth USD 8.6 million.
8. Bollywood actor Jackie Shroff’s name was also surfaced after as being the prime beneficiary of a trust set up in New Zealand by his mother-in-law. The trust has a Swiss bank account. It also owned an offshore company registered in the British Virgin Islands.
9. Meanwhile, Pakistani news outlet The Dawn reported that names of several close aides of current Prime Minister Imran Khan surfaced including cabinet ministers and their families, secretly own companies and trusts holding millions of dollars.
10. At least 10 family members of Congress politician Satish Sharma – who died earlier this year –including his wife Sterre, children and grandchildren are among the beneficiaries of a trust, the Jan Zegers Trust — a declaration Sharma never made to the Election Commission while filing poll nomination papers.
