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Paradise Papers leak on money in tax havens before Indian govt celebrates Anti-Black Money Day

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Paradise Papers leak on money in tax havens before Indian govt celebrates Anti-Black Money Day

[vc_row][vc_column][vc_column_text]Two days before Narendra Modi government celebrates the first anniversary of demonetisation as Anti Black Money Day, India has emerged as the 19th out of 180 countries figuring in the Paradise Papers leak of offshore accounts in tax havens across the globe.

The names include prominent politicians and public figures and the latest revelations are said to be more serious than the April 2016 Panama Papers leak. While that leak had led to two heads of governments in other countries – Pakistan’s Nawaz Sharif and Iceland’s prime minister Sigmundur David Gunnlaugsson – losing their office, in India the matter is taking its own arduous course.

The papers name 714 Indian entities, and India’s Sun Group, which has as many as 118 offshore entities, is the second largest client of Appleby, the Berumda-based firm where majority of the records investigated are from.

There are also thousands of documents on India’s GMR Group that show an alleged attempt to avoid tax through a network of 28 offshore entities set up by Appleby.

Minister of State Jayant Sinha’s name also features in the Papers because of his past association with the Omidyar Network. There are records of offshore companies linked to BJP Rajya Sabha MP and founder of Security and Intelligence Services (SIS) RK Sinha.

Appleby’s files also revealed that when former Indian liquor magnate Vijay Mallya, who is on the run from Indian authorities at the moment, sold his United Spirits Limited India to Diageo, the latter approached a London-based law firm to implement a massive restructuring exercise aimed at simplifying the complex corporate structure Mallya had created. The documents go on to reveal that close to USD 1.5 billion of USL Holdings’ loans, which were funnelled into four subsidiary companies in the form of debt, were waived off by Diageo.

The papers, according to the report, also reveal names of Indian firms already under investigations by Central Bureau of Investigation (CBI) and the Enforcement Directorate’s (ED) in relation to various cases. Firms involved in the Sun-TV-Aircel-Maxis case, Essar-Loop 2G case, SNC-Lavalin Kerala hydroelectric scandal (which involved the now-acquitted Kerala Chief Minister Pinarayi Vijayan), and the Rajasthan ambulance scam under the CBI.

Prominent Indian corporates in the Appleby database include GMR Group, Jindal Steel, Apollo Tyres, Havells, Hindujas, Emaar MGF, Videocon, the Hiranandani Group and D S Construction.

Other leading personalities from India named in the report are veteran actor Amitabh Bachchan and corporate lobbyist Niira Radia, who figured in the Panama Papers leak in April 2016 and are in this list as well. Movie star Sanjay Dutt’s wife Manyata also features under her former name Dilnashin. The Indian Express reports that she held positions in a company registered in the Bahamas. A spokesperson for Manyata said the necessary disclosures were made to the income tax authorities.

 

Among the politicians, apart from the two Sinhas from BJP, there are names of Congress leaders as well.

The Indian Express report said a company registered by Appleby Mauritius had invested in an Indian firm that is at the centre of an investigation by the CBI and the Enforcement Directorate in connection with the Rajasthan Ambulance “scam”. One of the founders of the firm is Ravi Krishna, son of Congress leader and former Union minister Vayalar Ravi, who is also one of the founders of the company. A police complaint had earlier named former Rajasthan chief minister Ashok Gehlot, former finance minister P Chidambaram’s son Karti, and former Union minister Sachin Pilot.

The documents have revealed fresh financial links in the ongoing CBI case involving YSR Congress Chief YS Jagan Mohan Reddy, who was earlier in trouble in connection with disproportionate assets, the newspaper report said.

In addition to Vayalar Ravi, M Veerappa Moily is the other UPA minister in the limelight in connection with the Paradise Papers. According to The Indian Express, Moily’s son Harsha started a firm which received investments from subsidiaries a company linked to tax havens. Veerappa Moily was the Union minister for Corporate Affairs at the time.

NOTE: ICIJ, which sifted through the data, published the following disclaimer with regards to information provided: “There are legitimate uses for offshore companies, foundations and trusts. We do not intend to suggest or imply that any persons. companies or other entities included in the list have broken the law or otherwise acted improperly.”[/vc_column_text][vc_column_text css=”.vc_custom_1509974956858{padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;background-color: #a2b1bf !important;border-radius: 5px !important;}”]Media reports said markets regulator Sebi will look into alleged fund diversion and corporate governance lapses at various listed firms and their promoters, including those linked to Vijay Mallya, named in the leaked ‘Paradise Papers’. While some entities linked to Mallya are already being probed by Sebi and other agencies, any fresh disclosure in the leaked documents made public by ICIJ (International Consortium of Investigative Journalists) would be thoroughly looked into, senior officials said.

The disclosures about other listed firms and those associated with them or their promoters would also be looked into for any irregularities including about corporate governance and disclosure norms, the officials added. According to reports, officials maintained that mere presence of any Indian entity in an offshore tax-friendly jurisdiction may not amount to violation of laws, but non-disclosure about such entities and routing of funds to them could be ascertained only after a thorough investigation.[/vc_column_text][vc_column_text css=”.vc_custom_1509974910839{padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;background-color: #a2b1bf !important;border-radius: 5px !important;}”]

Unfazed by its leaders being named in the report, Congress hit out, demanding MoS for Civil Aviation Jayant Sinha’s resignation and registering a case against him.

Congress national spokesperson Randeep Surjewala said, “The Paradise Papers raises serious conflict of interest questions against Sinha. The government should order a probe and register an FIR against him.”

Before he was elected Lok Sabha MP from Hazaribagh in Jharkhand in 2014 and became a MoS at the Centre, Sinha was the managing director of Omidyar Network in India. Omidyar Network invested in a US company D.Light Design that has a subsidiary in the Cayman Islands. Records of offshore legal firm Appleby show Sinha served as director of D.Light Design, which he did not mention this in his declaration to the Election Commission, nor to the Lok Sabha Secretariat or the Prime Minister’s Office in 2016.

In response to the report, Jayant Sinha issued a statement: “Full details have been provided to Indian Express. These were bonafide and legal transactions undertaken on behalf of highly reputed world-leading organisations in my fiduciary role as Partner at Omidyar Network and its designated representative on the D.Light Board. All these transactions have been fully disclosed to relevant authorities through all necessary filings as required. After leaving Omidyar Network, I was asked to continue on the D.Light Board as an Independent Director. On joining the Union Council of Ministers, I immediately resigned from the D.Light Board and severed my involvement with the company. It is crucial to note that these transactions were done for D.Light as an Omidyar representative, and not for any personal purpose.”

SIS founder and BJP MP Ravindra Kishore Sinha went on a ‘maun vrat’ (vow of silence) for a week.

Meanwhile, Surjewala questioned why the government had not made public the names of people who had stashed money abroad. “The Modi government has taken no action to unearth black money stashed abroad in 41 months. They have also so far not made public names of those who have stashed black money abroad,” he said.

When asked about the names of Sachin Pilot and son of minister Vayalar Ravi coming up in the Paradise Papers related to the Rajasthan ambulance scam, he said, “CBI and ED probe has already been initiated against Sachin Pilot. Will the government order probe against all those in the list.”[/vc_column_text][vc_column_text css=”.vc_custom_1509974315647{padding-top: 5px !important;padding-right: 5px !important;padding-bottom: 5px !important;padding-left: 5px !important;background-color: #a2b1bf !important;border-radius: 5px !important;}”]International personalities:

Former Pakistan prime minister Shaukat Aziz figures in a new trove of data leaks on offshore dealings, about 18 months after the Panama Papers listed Nawaz Sharif for graft and money laundering charges that cost him his premiership.

Aziz, 68, served as Pakistan’s prime minister from 2004 to 2007.

Aziz was reported to be linked with Antarctic Trust, which was set up by him, and includes his wife, children and granddaughter as beneficiaries. Aziz had set up the trust in the US state of Delaware before becoming finance minister in 1999. He was working for financial giant Citibank at the time. The trust was not declared at any point during his stint as the finance minister or the prime minister.

The Papers revealed that US President Donald Trump’s Secretary of Commerce Wilbur Ross, who is also a billionaire, holds a stake in a shipping company called Navigator, which operates a lucrative partnership with Sibur, a Russian gas company part-owned by Vladimir Putin’s son-in-law Kirill Shamalov.

Ross’s ties to Russian entities raise questions over potential conflicts of interest, and whether they undermine Washington’s sanctions on Moscow. A Commerce Department spokesman denied any wrongdoing on Ross’ part, said media reports.

The Paradise Papers have exposed investments of a Russian firm in social networks Twitter and Facebook along with scores of other smaller transactions of similar nature.

The Paradise Papers also revealed that as much as £10 million of Queen Elizabeth II’s private money was invested offshore, in the Cayman Islands and Bermuda, through the Duchy of Lancaster, which is one of the sources of revenue for the crown and is responsible for handling investments on behalf of the Queen’s £500 million private estate.

It was also revealed that Canadian Prime Minister Justin Trudeau’s top fundraiser and senior advisor Stephen Bronfman, heir to the Seagram fortune, moved some $60 million to offshore tax havens with ex-senator Leo Kolber.

Three former Canadian prime ministers – Brian Mulroney, Paul Martin and Jean Chretien –have also been linked. Huffington Post quoted the Canadian Revenue Agency as saying it will investigate any evidence that crops up against Canadian nationals in the Paradise Papers.[/vc_column_text][/vc_column][/vc_row]

India News

Parliament Winter Session to be held from November 25 to December 20

Kiren Rijiju, Parliamentary Affairs Minister affirmed that the government’s proposal to convene both Houses of the Parliament (Lok Sabha and Rajya Sabha) during this period was sanctioned by President Droupadi Murmu.

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Parliament Winter Session to be held from November 25 to December 20

The Parliament Winter Session will commence from November 25 and will conclude on December 20. The winter session will take place two days after the announcement of Maharashtra and Jharkhand Assembly election results.

Kiren Rijiju, Parliamentary Affairs Minister affirmed that the government’s proposal to convene both Houses of the Parliament (Lok Sabha and Rajya Sabha) during this period was sanctioned by President Droupadi Murmu.

Notably, the upcoming Winter Session will be the observance of Constitution Day on November 26, commemorating the 75th anniversary of the adoption of the Indian Constitution. Reportedly, the event will be celebrated in the Central Hall of Samvidhan Sadan in New Delhi, with members of both Houses gathering to honour the country’s foundational document.

Taking to X, Kiren Rijiju said that the President, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Winter Session, 2024 from 25th November to 20th December, 2024 (subject to exigencies of parliamentary business). The Union Minister added that on 26th November, 2024 (Constitution Day), 75th Anniversary of the adoption of Constitution, the event would be celebrated in the Central Hall of Samvidhan Sadan.

In this session, raging discussions are expected to be held around two key legislative proposals: The Waqf (Amendment) Bill, 2024 and One Nation, One Election.

Previously, Union Home Minister Amit Shah had stressed on the importance of the Waqf (Amendment Bill), asserting that it would be addressed in the winter session. Addressing an election rally in Gurugram, the Home Minister said that they will resolve The Waqf Board law in the next session of the Parliament.

At present, a Joint Parliamentary Committee(JPC) is holding marathon meetings across various states to engage with stakeholders and address their concerns and build a consensus on the contentious bill.

Reportedly, the Centre might also look to introduce One Nation One Election Bill which will ensure simultaneous polls for Lok Sabha and state assemblies.

Prime Minister Narendra Modi during his Unity Day speech in Gujarat, said that the One Nation, One Election proposal, which aims to synchronise all elections in the country either on a single day or within a specific time frame, will be cleared soon and will become a reality.

The Prime Minister said that they are now working towards One Nation One Election, which will strengthen India’s democracy, give the optimum outcome of India’s resources and the country will gain new momentum in achieving the dream of a developed India.

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Kerala High Court quashes charges against director Sreekumar Menon in complaint filed by actor Manju Warrier

The court also noted a significant delay in the actor’s report of the alleged incident involving obscene language.

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Kerala High Court quashes charges against film director Sreekumar Menon in complaint filed by actor Manju Warrier

In a significant development, the Kerala High Court has quashed all charges against film director Sreekumar Menon in a case filed by renowned South Indian actress Manju Warrier. The criminal case lodged in 2019, alleged stalking and harassment by Sreekumar Menon against Manju Warrier.

Justice S. Manu, who presided over the case, found insufficient evidence to support the charges pressed against the film director. The charges included stalking under Section 354D of the Indian Penal Code (IPC), using obscene language under Section 294(b) of the IPC, and criminal intimidation under Section 509 of the IPC.

The Kerala High Court also noted a significant delay in the actor’s report of the alleged incident involving obscene language. The complaint, which was filed in 2019, mentioned an altercation that supposedly occurred in Dubai in December 2018. Furthermore, the Court pointed out that Section 188 of the CrPC mandates seeking Central Government permission for prosecuting offenses committed outside India.

The final report also included a charge under Section 120(o) of the Kerala Police Act. However, the High Court observed that this offense is non-cognizable, meaning the police cannot initiate a case without specific permission. Since the other charges were deemed unsustainable, the Kerala High Court ruled that prosecution solely under this section would not hold validity.

The case stemmed from a petition filed by Manju Warrier with the Kerala State Police Chief in 2019. The petition alleged stalking and harassment by Sreekumar Menon. Subsequently, the petition led to the registration of an FIR at the Thrissur East Police Station. 

Both film director Sreekumar Warrier and actor Manju Menon have enjoyed successful careers in the Malayalam film industry. Their collaboration on the film Odiyan, starring Mohanlal, marked Sreekumar Menon’s directorial debut. 

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Will not contest any election in future, have to stop somewhere: Sharad Pawar hints at retirement

The NCP leader said that he is not in power, and his tenure in the Rajya Sabha has one-and-a-half years left.

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Will not contest any election in future, have to stop somewhere: Sharad Pawar hints at retirement

Nationalist Congress Party (NCP) senior leader Sharad Pawar, 83, today hinted at retirement as he said he may not contest any more elections after his Rajya Sabha term ends in 18 months.

Sharad Pawar who formed the NCP in 1999 is widely regarded as the grand old man of Maharashtra politics. The veteran politician was speaking at his family stronghold of Baramati in western Maharashtra, which will see a Pawar vs Pawar contest in the November 20 Assembly election.

Addressing a rally, the NCP leader said that he is not in power, and his tenure in the Rajya Sabha has one-and-a-half years left. He continued that he will not contest any election in future, and that he will have to stop somewhere. He also thanked the voters of Baramati for making him an MP and MLA a staggering 14 times overall. Notably, a potential close of a nearly six-decade-long political career comes as the NCP and its allies – the Congress and the Uddhav Thackeray-led Shiv Sena group – contest this month’s election.

In this election, the fight for Baramati is being seen as a referendum on Sharad Pawar’s continuing influence over voters, since it sees his grandnephew, Yugendra Pawar, do battle against his nephew Ajit Pawar, whose led the rebellion last year that forced the NCP to split.

NCP leader Ajit Pawar is a five-time MLA from Baramati but, in each of his earlier wins, he had the backing of his uncle’s party. This will be the first assembly election in which he contests under his own banner.

The result of the election for the Baramati Lok Sabha seat, where the people voted overwhelmingly for Sharad Pawar’s candidate, his daughter Supriya Sule, underlines Ajit Pawar’s task at hand.

Speaking at Baramati, Sharad Pawar said that he holds no grudge against Ajit Pawar, adding that he led the people there for 30 years. However, he also said that it is time for him to prepare a young and dynamic leadership, which can take over for the next 30 years, apparently referring to Yugendra Pawar’s future position.

The veteran politician continued that he is not seeking votes, acknowledging that voters have always been magnanimous with all Pawar family members. He added that however, now they have to look ahead at the future.  

Notably, Sharad Pawar’s retirement from electoral politics has been circulating for some time now, and was raked up again in January by nephew Ajit Pawar, who had fought against and forced a split of his uncle’s party, leading the rebels into an alliance with the Bharatiya Janata Party and a faction of the Shiv Sena that had earlier broken away from Uddhav Thackeray.

At that time, Ajit Pawar hit out at Sharad Pawar for not sticking to a 2023 resolution to step down from the party’s top post. He said that some people simply refuse to retire. He continued that people should stop after reaching a certain age, but some are not ready, even after turning 80. Referring to his uncle, Ajit Pawar said that this person is not ready to retire.

Responding to this jab, Sharad Pawar said that he is neither tired nor retired, echoing late former Prime Minister Atal Bihari Vajpayee’s remarks. He questioned who they were to tell him to retire, adding that he can still work.

Last year in May, while the NCP was battling its internal crisis, Sharad Pawar announced his resignation as party boss. However, the announcement was unanimously rejected by top leaders. A few days later, he withdrew his resignation.

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