Pandora Papers, an offshore tax expose recently revealed Sachin Tendulkar, Anil Ambani, Kiran Mazumdar Shaw and others who appeared in the document. The magnitude of the expose is covered across 11.9 million files that came from 14 offshore service providers. The prominent Indians used tax haven countries across the world to dump their assets away from all government intervention and scrutiny.
The Pandora Papers have been dubbed as the biggest tax and financial expose done in the history of investigative journalism. Earlier in 2017, Panama Papers stirred the world where it named hundreds of people who went to lengths to channel their capital away from scrutiny.
Details
“Pandora’s Box” is a metaphor which signifies a series of alarming consequences that arise after curiosity gets over someone and they chose to “open the box”. While the term comes from Greek Mythology, it has again been made relevant thanks to a new investigation.
With hundreds of financial investigative journalist’s constant efforts, a new report has been compiled – Pandora Papers. Much like the Pandora’s Box, the revelation can cause drastic consequences in the lives of those who appear in the report.
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The Facts of the Matter
Cricket legend and Member of Parliament Sachin Tendulkar is amid new tax-related controversy.
Reportedly, Sachin Tendulkar and members of his family were BO (Beneficial Owners) of an off shore company called Saas International Limited.
Interestingly enough, after the Panama Papers leaked the names of several prominent people involved in tax-related fraud, Saas International Limited was directed to be liquidated.
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Sachin’s Attorney’s Dismisses Claims
Indian Express, which was officially asked to take part in reviewing the Pandora Papers, contacted Sachin on the matter mentioned above. Soon, Mr. Tendulkar’s attorney responded by dismissing all the claims made in the Pandora Papers.
“We reiterate that the investment by Mr. Tendulkar has been legitimately made through banking channels from India and has been declared to the income tax authorities. Further, the amount of Rs 60 crore as quoted by you is grossly incorrect, but regardless, all amounts received by Mr. Tendulkar on liquidation of the investment have also been declared in his tax returns,” the attorney was quoted by an Indian Express report.
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Bankrupt Anil Ambani, Biocon’s Kiran Mazumdar Shaw Also Appear
The story of Anil Ambani’s bankruptcy is known to most who are interested in the world of finances. For the unversed, earlier in 2020, Anil Ambani submitted to a London Court that his net-worth was zero and that there were no assets in any entity.
However, the new Pandora Papers have cited as many as 18 offshore companies owned by Anil Ambani and his associates.
Further, Kunal Kashyap, a man who was barred by the SEBI from trading in stock market was revealed to be the trust protector of “The Deanstone Trust”.
Incidentally, the trust was set up by Glentec International, which is owned by Mr. John McCallum Marshall Shaw, husband of Biocon chief Kiran Mazumdar Shaw.
What Other Explosive Revelations Are Made in Pandora Papers?
The exclusive leak reveals a complicated web of offshore companies, shell bank accounts, slew of riches in form of beach houses, yachts, artwork, and people involved in the thick of it.
Influential people associated to the leak includes Sachin Tendulkar, Anil Ambani, Shakira, Jordan’s King Abdullah II, Pakistan Prime Minister Imran Khan’s cabinet members and more.
What is Pandora Papers Report All About?
Pandora Papers is an investigative leak brought about by the International Consortium of Investigative Journalists. The ICIJ over the course of years got and reviewed as many as 11.9 million leaked files.
For the review of the report, as many as 600 journalists from across the world tracked down the leaks, and compiled the report.
So is Pandora Papers report similar to Panama Papers?
Yes and no. While both the reports contain names of some influential figures involved in questionable financial activities, they are different in one major way.
The Pandora Papers comes after Panama Papers leak came about, because of which countries were forced to have tighter financial regulations. The Pandora Papers show how new businesses have been using tax haven countries where they set up trusts to stash their capital away from scrutiny.
