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What are the Panama Papers?
The files show how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax.
In one case, the company offered an American millionaire fake ownership records to hide money from the authorities. This is in direct breach of international regulations designed to stop money laundering and tax evasion.
It is the biggest leak in history, dwarfing the data released by the Wikileaks organisation in 2010. For context, if the amount of data released by Wikileaks was equivalent to the population of San Francisco, the amount of data released in the Panama Papers is the equivalent to that of India.
Who is in the papers?
There are links to 12 current or former heads of state in the data, including dictators accused of looting their own countries.
More than 60 relatives and associates of heads of state and other politicians are also implicated.
The files also reveal a suspected billion-dollar money laundering ring involving close associates of Russia's President, Vladimir Putin.
Also mentioned are
Brother-in-law of China's President Xi Jinping;
Ukraine President Petro Poroshenko;
Argentina President Mauricio Macri;
The late father of UK Prime Minister David Cameron
Three of the four children of Pakistan's Prime Minister Nawaz Sharif
The documents show that Iceland's Prime Minister, Sigmundur Gunnlaugsson, had an undeclared interest linked to his wife's wealth. He has now resigned.
The scandal also touches football's world governing body, Fifa.
Part of the documents suggest that a key member of Fifa's ethics committee, Uruguayan lawyer Juan Pedro Damiani, and his firm provided legal assistance for at least seven offshore companies linked to a former Fifa vice-president arrested last May as part of the US inquiry into football corruption.
Indians in Panama Papers list:
Amitabh Bachchan - Big B's official statement reads, "I do not know any of the companies referred to by Indian Express - Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the above stated companies. It is possible that my name has been misused. I have paid all my taxes including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with law, including remittances through LRS, after paying Indian taxes. In any event the news report in Indian Express does not even suggest any illegality on my part."
Aishwarya Rai - Actress Aishwarya Rai Bachchan, was also director and shareholder of an offshore company, along with members of her family, before it was thought to have been wound up in 2008, according to the newspaper.The media adviser of the former Miss World winner has rejected the documents as “totally untrue and false”.
Adani elder brother - The Adani Group today said media reports linking its Chairman Gautam Adani to offshore entities in 'Panama Papers' is a "deliberate" attempt to draw his name to mislead readers and "mischievously sensationalising the matter".
Reacting to the report, the group issued a statement saying Vinod Adani, elder brother of Gautam, whose name was also mentioned, has been a non-resident Indian (NRI) for about 30 years and has own established businesses outside India.
Niira of 'Radia tapes' fame features on Panama Papers list
The list also Includes -
- KP Singh, owner of DLF
- Vinod Adani, Gautam Adani’s elder brother
- Shishir Bajoria, promoter of SK Bajoria Group
- Anurag Kejriwal, former chief of the Delhi unit of Loksatta Party
- Iqbal Mirchi, late Mumbai ganglord etc.
Currently, Gautam runs Avantha Group, which controls Ballarpur Industries Limited (BILT) and Crompton Greaves, while Karan owns EICL Limited, along with Greaves Cotton and Premium Transmission.
Both the brothers set up a private foundation each in Panama. Gautam set up Charlwood Foundation in July 2005. His wife was said to be the principal beneficiary, while he retained the right of nominating any person as principal beneficiary. The entity has filed its returns as recently as 2015. Meanwhile, Karan set up Nikom International Foundation in October 2005. He appointed himself as advisor with similar powers. His foundation was taken off the books on February 3, 2015.
Anurag Kejriwal
The politician and former Delhi president of the Lok Satta party is said to have three offshore entities and two foundations. Mossack Fonseca’s records show him to be a director in 3 offshore entities in British Virgin Islands. He also floated at least two private foundations in Panama and is seen as holding power of attorney of another BVI company.
Kejriwal is a director in BVI-based Newington Group Trading Ltd, Nedstar Commercial Ltd and Krims Investments Inc. He also holds power of attorney with all rights in another company called Biscay Overseas Ltd, also registered in BVI.
His family floated two private foundations — The Nedstar Foundation and The Pruak Foundation. Anurag and his wife Uttara are primary beneficiaries of both the foundation.
Ashwani Kumar Mehra
The owner of Mehrasons Jewellers owns seven offshore entities across Bahamas and British Virgin Islands.
His wife, sons and daughters in law are also directors in two of these firms. Meanwhile, PTC Limited is said to be shown as a secretary or a shareholder in other companies.
Satish Govind Samtani, Vishlav Bahadur and Harish Mohnani
Satish, Vishlav and Harish are shown as directors in two offshore companies in British Virgin Islands - Design & Quality Ltd and Trileon Limited.
Design & Quality Limited, registered in December 2008, will be shut down on April 30, 2016. Trileon Limited, with Bahadur and Samtani as directors, was closed down in 2012.
Gautam Seengal
Gautam Seengal owns an offshore entity in Jeff Morgan Capital Limited. It is located in the British Virgin Islands. Records show that he registered two offshore entities in his name and solicited advice for opening others for his clients.
“I do not have any relation with these companies and, in fact, they belong to my father. After a family division, I am no longer part of these companies,” he told the newspaper.
Prabhash Sankhla
This retired Madhya Pradesh government employee is a director in Lotus Horizon SA, which was incorporated in July 2012 in Panama.
"I am only an honorary director in this company. I have not paid a single paisa and I am not involved in their business. I will reply accordingly if I get a notice," he said.
Vinod Ramchandra Jadhav
The chairman of Pune-based Sava Healthcare is listed as a director or shareholder in several offshore firms, mostly set up in British Virgin Islands between 2010 to 2015.
They include Sava Portfolio Holdings Limited, Easycall Holdings Ltd, STF Portfolio Holding Limited, RIM International Corp and MaplePharm Holdings Inc. Liquidation proceedings have been initiated for at least two of these entities, The Indian Express reported.
"All our global companies and directorships and relevant incomes are declared to RoC (Registrar of Companies), Income Tax and RBI as needed every year. But the same were not declared in last year’s amnesty scheme since it was applicable for companies or individuals which didn’t declare their foreign assets," he told in response to the newspaper.
Ranjeev Dahuja, Kapil Sain Goel
Both Dahuja and Goel were directors of Bealls International Corp, a company set up in the British Virgin Islands in June 2012.
Records from the law firm show both of them having equal shareholding of 5,000 shares each.
The company later closed down in October 2013.
Vivek Jain
He was also a shareholder in Radiant World Holdings, which was registered in Hong Kong in 2011. This company is listed as a shareholder of Sacvinam in a document dated December 2, 2011.
Jackie Chan - Hong Kong film star Jackie Chan has also been revealed to have at least six companies represented by Fonseca’s firm, though he too may have used the companies legitimately for business purposes rather than for tax avoidance.
After eleven million documents were leaked from the law firm Mossack Fonseca, observers are wondering why the company’s roster of tax dodgers and money launderers does not seem to include more American citizens.
Who is the odd person out from this list: Ayad Allawi, King Salman bin Abdulaziz, Bashar al-Assad, David Cameron, Sigmundur Davíð Gunnlaugsson, Mauricio Macri, Lionel Messi, Sheikh Khalifa bin Zayed al-Nahyan, Marianna Olszewski, Petro Poroshenko, Vladimir Putin?
The International Consortium of Investigative Journalism, a non-profit organisation based in Washington, said the cache of 11.5 million records features over 500 Indians linked to offshore firms. A team fromThe Indian Expressundertook an 8-month long investigation into the data leak.
Around 140 political figures from over 50 countries – including 12 current or former heads of state – are part of this probe.